Some of China’s biggest real estate agencies have gotten in trouble for providing downpayment loans
Authorities in Shanghai have suspended mortgage business for banks and real estate agencies granting downpayment loans, while down in Hong Kong developers are turning to commercial as the residential market continues to slide. Meanwhile, the Chinese government hopes that farmers will buy up excess housing stock and much more – if you just keep reading.
Shanghai Decides Against Re-Staging The Big Short in Eastern China
Shanghai authorities are getting serious about reining in subprime-style loans in the city’s housing market – and property brokerages are feeling the brunt of the crackdown.
The city’s banking regulator has temporarily suspended mortgage business for seven bank branches — as well as business between commercial banks and six property agencies — for at least one month after investigators found misconduct in their housing loan operations. Read more>>
Hong Kong Developers Focus on Commercial Projects as Housing Slides
Hong Kong’s major property developers are speeding the sale of their non-core properties in a bid to lift revenue after investors’ demand shifted away from domestic-housing market due to increased risk, industry experts said.
Chinachem Group, Sino Land, Sun Hung Kai Properties and Wheelock & Co are the latest developers to sell or to tout their car parks, office, retail and industrial buildings in an effort to cash in on sharp price rises over the past couple of years. Read more>>
China Hopeful That Farmers Will Solve Housing Overstock Problem
China’s plan to reduce the stock of unsold properties in lower-tier mainland cities by increasing demand from rural migrants has started yielding positive results, according to a Chinese property expert.
In some smaller cities, buyers including farmers and migrant workers have accounted for as much as 70 per cent of the total sales, said Chen Sheng, dean of the mainland-based China Real Estate Data Academy, a unit of the China Real Estate Association under the Ministry of Construction. Read more>>
NY Mayor Tried to Pull the Plug on Vanke’s Manhattan Deal
Top city officials worked frantically to undo the deal that lifted the deed restriction on 45 Rivington Street on the Lower East Side and paved the way for its $116 million sale.
Deputy Mayor Alicia’s chief of staff James Patchett reportedly wrote the Allure Group in late February pressing the company to accept a refund of the $16.1 it paid the city to lift the deed restriction, the New York Post reported, citing a source familiar with the correspondence. Read more>>
China’s Juwai Signs Deal to Promote Japanese Homes
Shanghai-based real estate portal Juwai.com and Japan’s property engine SUUMO.JP, operated by Recruit Sumai Company, Ltd. Have launched a partnership targeted at enabling Chinese property buyers to find and purchase Japanese real estate.
SUUMO.JP claims to be amongst the largest real estate web portals inJapan by customer reach, with JP¥83.9 billion ($753.68 million) in annual sales. It is designed as a multi-channel platform to help users make their housing choices via online sites, free magazines, commercial magazines, face-to-face and online consulting services. 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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