Here is a list of the day’s latest China real estate news collected from around the web:
The Poly Real Estate Group, China’s second-largest property developer, on Monday reported a net profit surge of 29.2 percent for last year.
The developer’s net profits amounted to 8.44 billion yuan ($134.6 million) in 2012, according to an annual report filed to the Shanghai Stock Exchange that was released after the market closed.
Greentown China Holdings Ltd, a major mainland property developer listed in Hong Kong, said that its 2012 net profit totaled 4.85 billion yuan ($772.12 million), up 88.4 percent year-on-year, according to a statement from the Hong Kong stock exchange.
Its earnings per share were 2.57 yuan, up 63.7 percent year-on-year, while its net asset-liability ratio was down from 2011’s 148.7 percent to 49 percent by the end of 2012.
Beijing Capital Land Ltd. (2868) and Greentown China Holdings Ltd. (3900) are offering the first dollar- denominated bonds from China’s real estate developers in two weeks. Debt risk in the Asia-Pacific region rose.
Beijing Capital is marketing a perpetual note to yield in the high 8 percent area, a person familiar with the matter said, asking not to be identified because the details aren’t set.
Steel reinforcement-bar futures fell for the second time in three days in China as banks began implementing measures to prevent a housing bubble, which may cut demand for the material used in construction.
The contract for October delivery fell as much as 1.1 percent to 3,868 yuan ($623) a metric ton on the Shanghai Futures Exchange and was at 3,879 yuan at 10:07 a.m. local time.
China does not regard its property market as a pillar sector for its economy, according to an official with the country’s economic planner.
Zhu Zhixin, deputy director of the National Development and Reform Commission, made the remark Sunday in response to the widespread misunderstanding of the importance of the housing market.
He was speaking at the ongoing China Development Forum held in Beijing.