Evergrande First-Half Underlying Profit Rises 23% on Home Sales – and more of Today’s China Real Estate Links | August 27, 2013

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

• Evergrande First-Half Underlying Profit Rises 23% on Home Sales

  Evergrande Real Estate Group Ltd. (3333), China’s biggest developer by sales volume, said first-half underlying profit rose 23 percent as it sold more properties.

  Earnings excluding the revaluation of investment properties rose to 4.66 billion yuan ($761 million) compared with 3.78 billion yuan a year earlier, the company said in a Hong Kong stock exchange statement today. Revenue rose 13 percent to 42 billion yuan.

  Evergrande’s earnings rose after the company raised prices in April and sold the most properties by area among Chinese developers in the first half, according to China Real Estate Information Corp., a property data and consulting firm.

• Beijing limits house prices on auctioned land

  The first land auction under new rules set by the Beijing municipal government for self-use residential housing started on Wednesday. There are specific rules on the types of homes and prices built on this land. 

  The land lot which has come under the hammer is located in Beijing’s Chaoyang district. According to the new rules put forward by the municipality, more than 20 percent of the total building area will be turned into public rental houses, while the rest will be earmarked as commercial residential properties.

  However, whatever price the land will be tagged, developers will only be able to sell the properties for 22 thousand yuan per square meter, which is roughly 20 percent lower than the area’s average. In addition, the size of each apartment should be within 90 square meters.

• Ascott Group to Open New Citadines Project in Hangzhou, China

  CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract to manage its first Citadines Apart’hotel in Hangzhou. Scheduled to open in late 2014, the 100-unit Citadines Intime City Hangzhou will be Ascott’s 11th Citadines Apart’hotel in China. The serviced residence will further reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China with about 9,300 apartment units in 52 properties across 20 cities.

  Mr Kevin Goh, Ascott’s Managing Director for North Asia, said: “Citadines Apart’hotel, which provides independent travellers with flexible services to suit their lifestyle needs, has been enjoying very healthy occupancy since we launched it in China in 2006. We see great potential in expanding our Citadines brand in China and have so far added three more Citadines Apart’hotels in Guangzhou, Nanjing and Hangzhou in 2013.”

• China economy showing clear signs of stabilisation-stats bureau

  China’s economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government’s 2013 growth target of 7.5 percent, the state statistics bureau said on Monday.

  The issue of local government debt also remained under control, the National Bureau of Statistics said at a briefing organised by the foreign ministry that may have been aimed at allaying global concern about China’s slowdown.

This list is updated daily, so tune in again tomorrow for more up to date information.

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