China’s property sector recovered in 2016 following a surge in credit
Rising land costs, combined with a return in investor confidence lead to a 24 percent jump in loans to China’s property sector during the first six months of the year. Overseas, however, the mainland’s principal sovereign wealth fund suffered a setback, losing nearly 3 percent on its portfolio in 2015, while down in Singapore, a sliding housing market may have bottomed out. Read on for all these stories and more.
China Property Loans Grow 24% in 2016
Loans to the real estate sector grew fast as the property sector continued to recover, data from the central bank showed Thursday.
By the end of June, financial institutions in China had lent 23.94 trillion yuan (3.6 trillion U.S. dollars) to the property sector, up 24 percent year on year, according to a report from the People’s Bank of China. Read more>>
China’s Sovereign Wealth Fund Suffered -2.96 % Return in 2016
China’s sovereign wealth fund China Investment Corp (CIC) reported a negative 2.96 percent return on its overseas portfolio last year, the worst since 2011, the fund said on Friday.
Sluggish global economic recovery, big fluctuations in the global financial market and increasingly fierce competition in the investment industry made 2015 “a challenging year” for the fund, said Ding Xuedong, chairman and CEO of CIC. Read more>>
SG Home Prices Seen Reaching Bottom
Early signs of a bottoming-out in the private residential market surfaced in official quarterly data on Friday, indicating that the declines in the prices of private non-landed homes have eased, and HDB resale prices stayed flat in the second quarter.
A rebound in resale transactions may also be setting the stage for prices to stabilise, market watchers say. But a convincing price recovery is unlikely to take place yet, given pockets of weakness in the market. Read more>>
CapitaLand Mall Trust to Invest $412M in SG Project
A new S$560 million ($412 million) integrated development designed as a “lifestyle destination” will take shape in three years at the site of Funan DigitaLife Mall, which shut its doors on July 1.
The mixed-use complex will comprise two office towers, serviced residences and retail stores to complement the revitalised Civic and Cultural District, its owner CapitaLand Mall Trust (CMT) said yesterday. 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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