Property tycoon Ren Zhiqiang, an influential microblogger with more than 16 million followers on his Chinese Weibo, slammed China’s state broadcaster in a recent post as “the dumbest pig on earth”.
Ren published his blunt analogy after CCTV, in a programme aired last week, accused China Vanke, the country’s largest homebuilder by sales, of owing more than 4.4 billion yuan in unpaid land appreciation tax (LAT) as of 2012. LAT is a levy that was introduced in 1994 by the government on profits realised from the transfer of property.
In the three months since China announced it would host this year’s Apec summit in Beijing, preparations have been well under way at Yanqi Lake, a popular tourist destination in the outskirts of the capital.
On an islet in the lake in Huairou district, an hour’s drive northeast of the city centre, construction of a retreat is nearing completion. The retreat will include a conference centre, a waterfront luxury hotel and 12 VIP villas.
One of Sabah’s premier resorts is beginning the new year with a change of ownership after Singapore Exchange-listed property developer GSH Corp Ltd has acquired a 77.5% stake in Sutera Harbour Group Sdn Bhd, the owner and operator of the Sutera Harbour Resort here.
GSH, through two of its wholly-owned subsidiaries Ocean View Ventures Pte Ltd and Ocean View Point Pte Ltd, is also acquiring two separate land parcels totalling nearly 10ha within the 154ha Sutera Harbour property for future luxury condominium development.
China’s resolve to quicken economic reforms will push its frothy housing market nearer the brink of a crash, with the bubble expected to burst this year in some cities that are already suffering oversupply, economists said.
The spreading of the anti-graft campaign, interest rate liberalisation and a likely expansion of property taxes to other cities could cumulatively be the last straw, they warned.
“Fang,” which means “house” in Chinese, made the top Chinese character of the year as real estate plastered the news in 2013.
At the beginning of the spring season, for example, the State Council announced five regulations to control housing prices. By the end of the summer, housing prices were constantly setting records in top-tier cities. Ordos, on the other hand, joined the ranks of the country’s ‘ghost towns.’
Growth in China’s services sector fell to a four-month low in December as business expectations dropped, a government survey showed, adding to evidence that the world’s second-largest economy lost steam into the close of 2013.
The official purchasing managers’ index (PMI) for the non-manufacturing sector dropped to 54.6 in December from November’s 56, the National Bureau of Statistics said on Friday.
Wanting to be an architect since the age of 5, Gene Schnair’s passion today is to pursue the most interesting architectural projects globally. As managing partner and president of Skidmore, Owings & Merrill’s (SOM) San Francisco office, that passion has been fulfilled in more than 150 skyscrapers and low-rises in China, with another 150 or so in the pipeline.