Here is a list of the day’s latest China real estate news collected from around the web:
China’s new home prices in December jumped by the most last year even as the country’s biggest cities tightened property controls to moderate price gains.
The average price rose 12 percent from a year earlier to 10,833 yuan ($1,789) per square meter (10.76 square feet), SouFun Holdings Ltd., the nation’s biggest real estate website owner, said in an e-mailed statement yesterday based on a survey of 100 cities. Prices climbed 0.7 percent from November.
Property investment will be less of a driver for the broader mainland economy this year, despite the central government’s strong urbanisation push, economists said.
Property investment accounted for 15.8 per cent of the mainland’s gross domestic product in the first three quarters of last year, a record high and a big jump from the 5 per cent contribution in 2000.
The total debt of local governments in China has soared to nearly $3 trillion as the country’s addiction to credit-fueled growth has deepened in recent years, according to the findings of a long-awaited report released on Monday by the central auditing agency.
Workers repair drainage pipes on a Beijing street. Such infrastructure works across the country have been financed by debt.
In the report, which is likely to further raise concerns about China’s debt problem, the National Audit Office found that local governments across the country had accumulated 17.89 trillion renminbi, or $2.95 trillion, worth of debt obligations as of the end of June.
Growth in China’s factories slowed slightly in December with the official Purchasing Managers’ Index (PMI) dipping to 51.0, but the figure confirmed views that the world’s second-largest economy showed resilience at the end of the year.
Economists polled by Reuters had expected the official PMI, published by the National Bureau of Statistics, to ease to 51.2 from November’s 51.4.
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