Credit System Aims to Tighten Housing Policy Enforcement – and more of Today’s China Real Estate Links | March 12, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• New Credit System Aims to Tighten Housing Policy Enforcement

  China intends to set up a unified social credit code system based on resident ID card numbers and codes for organizations and institutions in a move to crack down on corruption, State Councilor Ma Kai said Sunday at the first session of the 12th National People’s Congress (NPC).

  Ma said the key goal is to prevent people from circumventing laws that restrict real estate ownership by surreptitiously registering multiple ID numbers.

  “The government needs to take the lead in upholding the authority of the constitution, to act lawfully, and use legal measures to deepen reform, promote development and maintain stability,” said Ma.

• Australia Sees New Policies Increasing Chinese Purchases of Homes

  NEW laws in Australia and China may potentially boost local housing markets, with Chinese investors given more incentive to look down under for their next property purchase.

  This month, the Chinese government announced a proposal to step up the enforcement of capital gains tax on home sale profits and also to increase deposit sizes for those buying second properties.

• Parents look to educate, invest overseas

  Chinese parents are starting to send their children abroad to study at much younger ages, and are increasingly investing in property overseas for the child to live in, sometimes as a way for the whole family to immigrate.

  Thousands of parents attended the 2013 China International Education Exhibition Tour in Chaoyang district at the weekend, in which 400 schools and education organizations from over 20 countries participated.

  Many parents said they want their child to go abroad both to study English and learn about Western culture, and because they are worried about the standard of the Chinese education system. Some said they would like to send their child away for primary education.

• Greenland Group Snatches Sydney Apartment Tower for AU$100 million

  The Chinese developer Greenland Group has secured Sydney’s tallest apartment tower project after it bought the Sydney Water Board site from Brookfield Asset Management for a reported $100 million.

  The Canadian company paid just over $140 million for the old Water Board site in 2007 securing approval for the $200 million development

  The site occupies half a city block with three street frontages in the emerging residential precinct at 115 Bathurst Street, which has stage one development approval for more than 400 apartments over 60 levels, and 11 basement levels of car parking.

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