NYC’s comptroller may have some questions for Vanke boss Wang Shi
New York authorities want a closer look at how the title was changed for a Chinese-invested project in Manhattan, and Hong Kong’s Henderson Land denies rumours that it’s selling off a portfolio of properties. Plus, a mainland developer sees its profits stumble and Shenyang wants you to dip into your mom’s pension to buy a house. Read on for all the details.
NYC Investigating Vanke’s Manhattan Property Deal
City Comptroller Scott Stringer is looking into a 2015 city land deal that paved the way for the sale of Rivington House to China Vanke, Slate Property Group and Adam America Real Estate Group.
Stringer is looking into agreement the city made with the Allure Group, a for-profit nursing home operator, to lift deed restrictions on the 150,000-square-foot property at 45 Rivington Street on the Lower East Side. Read more>>
Henderson Said to Put Non-Core Assets on the Block
Henderson Land Development said it was in an ongoing exercise for the group to dispose of non-core assets but emphasised it was in no hurry to sell down the investment portfolio.
The company’s comments came after market talk that it has released 30 properties for sale with an indicative price of HK$68 billion, about 10 per cent lower than previously. Read more>>
Agile Property Net Profit Fell 67.6% in 2015
Guangdong developer Agile Property said on Wednesday that net profit fell 67.6 per cent to 1.39 billion yuan (HK$1.66 billion) on higher land costs and foreign exchange losses, despite an increase in revenue.
The company said it expects margins to improve this year on better sale prices after disposal of low-margin projects. Read more>>
Shenyang Wants You to Borrow From Your Mom’s Pension to Buy a Home
China’s northeastern rust-belt city of Shenyang might let young homebuyers use money in their parents’ housing funds as down payments to ease the city’s housing glut.
The idea, floated by Shenyang mayor Pan Liguo at the Boao Forum for Asia on Wednesday, comes just weeks after the city introduced and then immediately scrapped a controversial plan to allow zero down payments for property purchases by fresh college graduates. Read more>>
Deconstructing the Real Impact of China’s Housing Boom
Here is one of the best papers on the Chinese economy I’ve read in a long time–and I read a lot of papers on the Chinese economy.
Currently in draft, “A Rebalancing Chinese Economy: Challenges and International Implications” is a systematic explanation of most of the big macro questions about China. The authors are Guonan Ma, an eminent Chinese economist recently retired from the BIS, and Ivan Roberts and Gerard Kelly of the Reserve Bank of Australia. Read more>>
China to Stop Foreign Place Names at the Border
There is a Vancouver Forest in Beijing, a Thames Town in Shanghai and an Oriental Yosemite in Dalian, China.
China’s suburbs have been filling up lately with housing developments whose names and architectural styles are meant to evoke the United States, Europe, Canada, Australia, anywhere but China. And the authorities don’t like it. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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