Citic Group, the state-owned financial conglomerate, is planning to spin off its real estate unit in an initial public offering in order to raise funds for expansion.
Speaking at the National People’s Congress, Kong Dan, Citic chairman, said the real estate share of the group’s business – which stood at 5% of total net profit in [...]
According to a message posted on its web site, the Ministry of Land and Resources will now require a down payment of 50% for land purchases.
The down payment must be paid within a month of signing the purchase contract. Bidders must also pay a 20% deposit on the minimum price of the land involved in [...]
Property prices in China rose 10.7% year-on-year in February, according to new figures released by the National Bureau of Statistics.
While prices continued to rise, overall sales growth of residential properties appears to be slowing: Sales volumes grew 37% in the first two months of the year, from growth rates of more than 50% at the [...]
State-owned China Everbright Holdings will exercise caution when it comes to investing in the domestic property sector due to market volatility, according to the investment firm’s chief executive Chen Shuang.
Chen said that rapidly rising property prices were also a threat to the market and in some areas were “frightening.” He believes an [...]
Property prices in 70 large and medium-sized Chinese cities rose 9.5% year-on-year in January, the National Development and Reform Commission announced.
It is the eighth consecutive month in which prices have risen after real estate stimulus measures were introduced in late 2008. On a month-on-month basis, property prices rose 1.3% in January from December, down slightly [...]
On Monday, Bank of China ordered its subsidiary branches to enforce an “overall hike” in interest rates on new loans provided to property developers.
The China Banking Regulatory Commission last week called for greater supervision of the property market, and at a meeting on Monday Bank of China’s leaders told their credit managers that “in principle” [...]
Beijing has told banks to clamp down on third mortgages by raising interest rates and demanding larger down payments, according to a person with knowledge of the matter.
The banking regulator also warned lenders about “hot money” entering the property market and told them to stop granting loans to developers found to [...]
Shanghai’s mayor Han Zheng wants to build budget housing to be sold for 50% less than the market price near the site of the intended Disneyland amusement park.
“I must stress that we don’t expect housing prices around the Disneyland project to be too high,” Han said.
Land close to Disney theme parks is [...]
The Shanghai Urban Planning, Land and Resources Administration said the local government will have the right to reclaim plots of land left idle for two years without compensating developers.
Developers will be asked to register with local land bureaus if they have land that is not being built on or if they have not started construction [...]
Banks lent out $14.58 billion in new mortgages in Shanghai in 2009, a 1,600% increase from the previous year.
Of the total, US$5.7 billion went to buyers of new properties and $8.88 billion to those buying second-hand properties, according to the People’s Bank of China. Average prices of Shanghai homes rose 68% from 2008. The increase [...]
