Man tried for killing Shanghai broker over real estate deal – and more of Today’s China Real Estate Links | August 7, 2012

Here is a list of the day’s latest China real estate news collected from around the web:

• Man tried for killing Shanghai broker over real estate deal

  A MAN who complained that he lost 3 million yuan (US$483,870) when selling his house is facing trial for killing a broker. The broker persuaded him to sell his house before China’s real estate market boomed, Qingpu District People’s Court said yesterday. Xu Lei, 38, the defendant, started building a house in Xujing Town in Qingpu after acquiring a plot of land in 2003.

• Curb rumors sink China property stocks

  Concerns about China’s real estate market pushed stock exchanges in Shanghai and Shenzhen into loss territory Thursday as investors began to worry that the government would soon introduce new measures to restrict property sales in the country. The Shanghai Composite Index dropped 12.18 points, or 0.57 percent, to close at 2,111.18; while the Shenzhen Component Index declined 170.35 points, or 1.86 percent, to finish at 8,995.62.

• Mainland developers to offer dim sum bonds in HK – Morgan Stanley

  Real estate developers on the Chinese mainland are offering privately sold bonds in the Hong Kong market as they seek alternative sources of financing. After early reservations, Hong Kong investors have begun to respond well to mainland developers’ offers of dim sum bonds – which are bonds denominated in renminbi and issued in Hong Kong – according to the newspaper The Economic Observer, citing a source from the financial services company Morgan Stanley.

• Property Inspection Teams Enforcing China Real Estate Curbs

  When many Chinese cities saw a rebound in the price of new real estate projects in June, China’s State Council, or cabinet, decided to send eight teams to inspect the implementation of property regulation policies by local authorities. Now the teams are undertaking inspections in 16 cities and provinces around the country. In Shanghai, an inspection team has randomly selected a project from the city’s real estate catalog for further investigation. Guo Qingping, head of the team, talks about what they are focusing on during the inspections.

• Cheung Kong profit slumps on China property weakness

  Hong Kong property developer Cheung Kong said Thursday its first-half net profit slumped 54 percent from a year ago, due partly to falling income from property sales. The cornerstone of billionaire Li Ka-shing’s business empire said its net profit for the six months ended June 30 fell to HK$15.46 billion ($1.99 billion) from HK$33.26 billion a year earlier.

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