Sunac China Says Sales Rising 11 Percent to $8.2 Billion – and more of Today’s China Real Estate Links | October 22, 2013

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

• Sunac China Says Sales Rising 11 Percent to $8.2 Billion

  Real estate Sunac China Holdings Ltd. expects home sales to rise at least 11 percent this year from last year amid strong demand from rich buyers.
  The developer’s home sales will exceed 50 billion yuan ($8.2 billion) this year as it focuses on mid-to-high-end properties in major cities including Beijing and Shanghai, Chairman Sun Hongbin told reporters in Suzhou, a city west of Shanghai, on Oct. 17. The Tianjin-based homebuilder in January forecast sales of 45 billion yuan for 2013.

• Expanded Property Tax May Be Announced in November

  Industry watchers said Saturday that the central government is likely to expand a long-awaited property tax nationwide after the Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee, which will start in November, a further move to control the over-heated property market and to diversify tax resources.

  “A long-term and comprehensive macro-control mechanism including property tax and affordable housing construction will possibly be released after the Third Plenary Session of the 18th CPC Central Committee,” Nie Meisheng, director of the Chamber of Real Estate of the All-China Federation of Industry and Commerce, was quoted by Securities Daily newspaper as saying Saturday.

• China Housing Sales Jump as Demand Defies Gov’t Curbs

  China’s home sales jumped 34 percent in September from the previous month, as the government refrained from adding to property curbs, emboldening buyers.

  The value of homes sold climbed to 691.1 billion yuan (USD113 billion) last month from 514.6 billion yuan in August, based on the difference between the National Bureau of Statistics data for the first three quarters of the year and the first eight months. Housing sales in the first nine months surged 34.5 percent to 4.54 trillion yuan from a year earlier, according to the data.
  The government in March stepped up a three-year campaign to cool the housing market by ordering the central bank to raise down-payment requirements for second mortgages in cities with excessive cost gains.

• Developer Jingrui Pays Dividend Almost 2x Profit Ahead of IPO

  Shanghai-based developer Jingrui Holdings, which plans to list in Hong Kong, paid its co-chairmen and other shareholders a 372.6 million yuan (HK$473.6 million) interim dividend for the six months to June, about eight times more than last year’s whole-year dividend, according to its listing prospectus.

  The interim dividend was almost double the developer’s 197.7 million yuan net profit it made in the six-month period.

• Chinese homebuyers flocking to Silicon Valley

  The influx of well-heeled homebuyers from Asia has San Francisco Bay Area real-estate companies competing for a lucrative and growing slice of the region’s residential market.

  “It has gotten big enough to where people are starting to pay attention to it,” said James Yang, an agent with the Sereno Group in Palo Alto, Calif. “If you read the Chinese newspapers or listen to Chinese radio, there are ads from Bay Area real-estate agents trying to reach out to that demographic.”

• Former Shanghai Ghetto District to Become China Hedge Fund Hub

  Shanghai’s Hongkou district was home before the country’s Communist revolution to thousands of often stateless immigrants fleeing Hitler that lived in what was called the Jewish ghetto.   Landmark pre-war buildings in the area such as Broadway Mansions and the Astor Hotel are still standing, open as tourist spots and represent fairly well-preserved throwbacks to another era of the storied city’s history.

  Since China launched its economic reforms in the 1980s, Hongkou has lacked the success of Shanghai’s wealthier areas such the Lujiazui financial district located directly across from it on the other side of the Huangpu River that divides Shanghai into two halves. The Hongkou government on Friday took a step toward catching up with the opening of the Shanghai Hedge Fund Zone.

• Raffles Hotels & Resorts Announces New Hotel Planned for Shenzhen

  Raffles Hotels & Resorts today announced the addition of a new hotel in Shenzhen, the economic centre of southern China. Raffles Shenzhen will open in 2018 occupying the top floors of an 80-storey tower in the new One Shenzhen Bay development. Raffles Shenzhen is set to be the new icon for the city, setting new standards of luxury and service – as do all of Raffles Hotels & Resorts’ ten hotels around the world.

  Developed by Parkland Real Estate Development Co. Ltd, One Shenzhen Bay will have a gross floor area of approximately 470,000 square metres – combining office space, luxury residences, high-end commercial space, and the 338-metre tall signature tower that will be home to Raffles Shenzhen.

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

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