Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
China Jan-July Property Investment Growth Slows to 4.3%
Growth in China’s real estate investment slowed to 4.3 percent in the first seventh months of this year from a year ago, while the area of property sold rose an annual 6.1 percent, official data showed on Wednesday.
The property investment news is a bad omen for China’s economic growth, which has stalled as weak overseas demand cut into exports and industrial production, prompting the People’s Bank of China to devalue the yuan on Tuesday. Read more>>
Foreign Investor Crackdown ‘A Farce’, Says Top Sydney Agent
Veteran Mosman real estate agent Robert Simeon has called the latest government announcement of a crackdown on foreign investors a “farce and a complete waste of time”, adding the number of illegal purchases is bigger than ever.
“It’s nothing more than a PR stunt and a distraction. It’s been done for feel-good cuddles,” Mr Simeon said in response to federal Treasurer Joe Hockey’s latest announcement that foreign owners of six properties in Sydney, Perth and Brisbane had 12 months to sell their homes, with another 462 cases under investigation. Read more>>
China’s Property Market Likely to Continue Recovery, Says NDRC
China’s top economic planner said on Monday that the property market was likely to continue to improve in the second half of this year, a good sign for the struggling economy.
A year-long slump in the housing market has dragged on the world’s second-largest economy, which is widely expected to clock its worst performance in a quarter of a century this year. Read more>>
China Real Estate Sales Climb as Stock Market Slides
China’s big property developers saw sales jump in July, as realtors said some investors sought refuge from the mainland’s $4 trillion stock market rout by pulling their money out of shares and putting it into bricks and mortar.
As the Shanghai and Shenzhen bourse indices slid 14 percent in July, extending a June valuation slide triggered by economic jitters, monthly sales at 18 firms surveyed by Reuters showed double-digit percentage gains in price and volume compared with a year ago. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for more news as it happens.
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