Here is a list of the day’s latest China real estate news collected from around the web:
China’s Poly Real Estate Group, the country’s second biggest property developer by market capitalisation, said its 2012 net profit rose nearly 30 percent, adding to signs that the sector is recovering.
Beijing-based Poly Real Estate said in an unaudited earnings statement late on Sunday that last year’s net profit rose 28.7 percent to 8.4 billion yuan ($1.35 billion), thanks to rising sales.”
An expansion of the real estate tax to cover more cities in China may be difficult to roll out, said Wang Kang, chief accountant of the country’s State Administration of Taxation, according to the Shanghai Securities News Monday.
China’s taxation ministry is “still studying” which cities might adopt a property tax, the report quoted Mr. Wang as saying at a forum. An expansion of the tax would be a huge undertaking so wider discussion on the issue is needed, he added, without specifying a timeline.
The total value of private investable assets in China reached more than 73 trillion yuan ($11.6 trillion) in 2012, up 14 percent on the previous year, according to a recent report by Boston Consulting Group and China Construction Bank Corp.
By the end of 2012, the number of Chinese high-net-worth individuals (HNWI) — those with investable assets of more than 6 million yuan — will reach 1.74 million, an increase of 17 percent from the end of 2011. That growth, however, is much slower than the 38 percent growth from 2009 to 2011, according to the report.