China’s real estate agents may have time on their hands as sales slow
Things are getting quiet on the mainland as authorities continue to step up enforcement of home sales restrictions in a crackdown first launched in late June. During September home sales fell by 3.6 percent in terms of floor space, marking the third time that sales have declined this year. While home prices edged upwards, investment by developers also slowed during the month. Enthusiasm seems to be ebbing in Hong Kong as well, a land sale in the New Territories attracted just three bids. Keep reading for today’s roundup of news from around Asia.
Home Sales Volumes Fall in China as Crackdown Keeps Buyers Away
Growth in China’s real estate investment eased in September and home sales fell for the first time since April, as developers dialed back expansion plans amid economic uncertainties and as additional curbs on speculative investment kicked in.
A cooling market could increase the downside risks to the world’s second-largest economy, which faces broader headwinds including an intensifying trade war with the United States. Read more>>
China’s Smaller Cities Led Prices Upward in September
China’s new home prices increased at a firm pace in September, supported by gains in smaller cities and showing the market remained resilient despite pressures from softer investment, a slowing economy and government curbs on the sector.
Average new home prices in China’s 70 major cities rose 0.9 percent in September from a month earlier, Reuters calculated from official data published on Saturday, slower than the previous month’s reading of 1.4 percent, which was the fastest growth in two years. Read more>>
Site in HK’s Tuen Mun Draws Just Three Bids
A small plot of land in the New Territories has received the poorest response since Hong Kong’s government resumed land sales in 2010, in the latest sign the world’s priciest property market is on the wane.
The city’s Lands Department said it had received three bids from developers for the parcel of residential land in Tuen Mun after the tender closed at noon on Friday. No government land sale has received fewer bids in the last eight years. Read more>>
Regus Sues WeWork Over HQ Trademark
HQ has long been used as casual shorthand for headquarters, but the term is at the heart of a trademark infringement lawsuit between the world’s two biggest providers of flexible office space.
IWG, through two Texas-based subsidiaries, has filed a lawsuit against WeWork in Dallas federal court, claiming WeWork’s new business line, HQ by WeWork, infringes on a 28-year-old trademark registered to HQ Network Systems, which Regus acquired in 2004. Read more>>
Vanke Spins Off Commercial Property Management Unit
Mainland developer China Vanke has launched a standalone sub-brand for its commercial property management services, as part of its management division, Vanke Service Co.
Zhu Baoquan, Chief Executive Officer of Vanke Service, announced the launch of the standalone sub-brand at the recent 4th China Property Management and Innovative Development Forum in Shenzhen, Guangdong Province, China. Read more>>
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