Here is a list of the day’s latest China real estate news collected from around the web:
A subsidiary of China Resources Group, the Hong Kong-listed Chinese conglomerate embroiled in corruption allegations, has been accused of theft and illegal asset transfers in a previously unreported case involving British investors in the Chinese resort island of Hainan.
Executives of Bloom World, a subsidiary of the China Resources group that employs 400,000 people and boasts assets worth more than $120bn, are alleged to have forged documents in order to illegally transfer land in 2011 out of a company controlled by Keith Darby, a British real estate developer and former steeplechase jockey.
Shares in Xinhu Zhongbao, the flagship of Hangzhou billionaire Huang Wei, rose for a second day at the Shanghai Stock Exchange today after the company announced plans to raise nearly $900 million for two real estate projects in Shanghai.
Xinhu Zhongbao gained 1.9% today after rising 8% last Friday when the details were disclosed. Trading had been in the shares had been suspended since July 8 in connection with the announcement. Xinhu Zhongbao plans to sell new shares to finance the projects. The total investment will reach $2 billion.
China’s economic momentum has been faltering, but economists’ forecasts and early data releases for July suggest growth stabilized last month.
China watchers are anxiously awaiting official data on growth, inflation and lending that come out later this month. However, high frequency indicators released earlier than the official figures show that July’s performance wasn’t the disaster some bears have been waiting for. Reading the tea leaves, economists reckon industrial production leveled out, loan growth slowed down after a marked tightening of banks’ liquidity conditions, and inflation edged up.
MALAYSIA is now high on the list of China’s 7th largest property developer to extend its international footprint, with the transformation of a piece of Iskandar Malaysia to become a waterfront development fronting Singapore.
In a recent trip to Guangdong organised by Country Garden Holdings Co Ltd, the contingent of media members from both Malaysia and Singapore were brought on a whirlwind trip across the province, with the priority to have a first hand look at the company’s projects in China.
CHINESE households were less confident about the country’s economy due to slower growth in both business activity and people’s income, a survey showed today.
The China Wealth Index, compiled by the Bank of Communications to gauge sentiment among Chinese households, stood at 120 in July, down from 128 in May and the lowest level so far this year. A reading above 100 still means optimism.
Guoco Group (sehk:0053) announced its 65%-held Guoco Land (China) is selling a real estate arm and a plot of nearly 300,000-square meter land in Nanjing City at CNY 1.518 billion.
Net assets value of the to-be-sold reaches about CNY 1.018 billion. The transaction will generate about CNY 500 million proceeds for the group that will be used for seize other investment opportunities.
Shares of real estate development companies surged yesterday, with the sector recording a 2.3-percent gain across the board, propelled by the government’s plans to release idle land plots reserved for public use.
In an effort to stimulate growth and improve the government’s fiscal condition, the Ministry of the Interior is reportedly reviewing 338 urban development plans across Taiwan, and is poised to release approximately 4,000 square meters of land for new projects. Land owners and local governments are expected to be the greatest beneficiaries of the move.