China Home Prices Rise at Record Rates in Four Major Cities – Today’s China Real Estate Links | October 23, 2013

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

• China Home Prices Rise at Record Rates in Four Major Cities

  China’s four major cities saw record rise in new home prices in September, stoking fears of a housing bubble.

  Prices in Beijing, Shanghai, Shenzhen and Guangzhou saw their biggest jump since the government changed its calculation method in January 2011.

  Property remains a popular investment choice in China and prices have now risen for nine months in a row.

• Developer Glorious Property on the Brink of HK$3b Privatisation

  Shares in Shanghai-based developer Glorious Property were suspended from trading in Hong Kong yesterday because of a possible privatisation bid estimated to be worth HK$3.1 billion.

  Four years after the mainland developer listed in Hong Kong, Glorious Property requested a halt in the trading of its share yesterday morning because majority shareholder Zhang Zhirong was considering making a buyout offer to independent shareholders, it said in a statement filed to the Hong Kong exchange.

• French Retailer Galeries Lafayette Returns to China After 15 Years

  AFTER shutting down its first China store 15 years ago, French upmarket department store operator Galeries Lafayette returned with a bang with a new store in Beijing on Friday to cash in on China’s growing army of the wealthy.
  The European retail giant has formed a 50-50 joint venture with Hong Kong fashion brand management company I.T. to run the Beijing store, which cost 42 million euros (US$57.46 million) and took three years to build.

• China Stocks Fall Most in Week, Led by Property Firms

  China’s stocks fell the most in almost a week, led by developers, as surging home prices spurred speculation the government may tighten property curbs. Smaller companies tumbled on concern valuations are excessive.
  Poly Real Estate Group Co. (600048) and Gemdale Corp. (600383) paced declines for property companies. Software maker Neusoft Corp. slid 7 percent and a measure of technology shares dropped the most among 10 industry groups after valuations jumped to the highest since January 2011. The ChiNext index of small companies tumbled 3.6 percent. Developer Tianjin Songjiang Co. rallied 10 percent after the China Securities Journal reported the city is very likely to gain approval for a free-trade zone.

• The Conference Board Leading Economic Index for China Rises Again

  The Conference Board Leading Economic Index® (LEI) for China increased 0.9 percent in September. The index stands at 271.8 (2004 = 100), following a 0.8 percent increase in August and a 1.4 percent increase in July. Four of the six components contributed positively to the index in September.

  Says Andrew Polk, resident economist at The Conference Board China Center in Beijing: “Relatively strong credit expansion in September along with a bounce back in real estate activity helped to support LEI growth this month.

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

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