Michael Cole

China may announce a long-term property policy plus a home-purchase tax in October.
State-owned investment house China International Capital Corporation warns heavy economic development reliance on land transactions will harm economic productivity in the long run.

The central government may announce a long-term mechanism to stabilize the property market in October, China Business Journal reported.

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Gemdale Properties and Investment Corp (0535) yesterday said it has purchased six projects from its parent for HK$1.27 billion.
The six sites in five cities – Shenyang, Xian, Ningbo, Tianjin and Beijing – have a combined gross floor area of 1.5 million square meters and will be developed into residential properties.

The purchase price will be paid in shares to the parent company, Gemdale Corp.

Each share will be issued at 96 HK cents, or a discount of 9.43percent to Friday’s closing price.

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Chinese real-estate companies advanced in New York after the biggest increase in new home prices since 2011 boosted the industry’s outlook. Huaneng Power International Inc. (HNP) tumbled the most in four years.
The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S. was little changed at 96.4 yesterday as 24 companies rose and 29 fell. SouFun Holdings Ltd. (SFUN), China’s biggest property market information website, jumped 11 percent.

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