Here is a list of the day’s latest China real estate news collected from around the web:
The first residential project of Philippine real estate developer Ayala Land Inc (ALI) in mainland China has felt the pinch of the move to cool an overheated property market in the world’s second biggest economy.
Jaime Ysmael, ALI chief financial officer, said the company completed early this year half of the planned 19-tower project in the Tianjin Eco-City when the original agreement called for the development of all the towers at the same time.
Sales have yet to breach 50 percent, way below ALI’s target, Ysmael said.”
More property developers have forecast profit hikes for the first half of the year, despite a cash crunch that sent interbank borrowing costs to a record high in June.
As of Friday, 35 property developers had issued performance reports for the first half, with 21 companies showing climbing year-on-year profits, according to data from the Shanghai and Shenzhen stock exchanges.
China Vanke, the country’s largest developer by market value, on Thursday announced that it realized 83.67 billion yuan ($13.58 billion) in sales in the first half, up 33.79 percent year on year.
China’s economic growth dropped to 7.5 percent in the second quarter of this year, analysts predicted in an AFP survey ahead of fresh GDP figures Monday, projecting a further slowdown for the world’s second-largest economy.
The median figure from a poll of 10 economists is a further deceleration from the already slowing 7.7 percent recorded in the first three months, as concerns mount over the Asian powerhouse.
China and the United States are likely to start formal talks on a bilateral investment treaty (BIT), as Chinese foreign direct investment continues to increase dramatically in both the US and other parts of the world.
The prospect of a BIT has been a key topic as senior economic and trade officials from the world’s two largest economies sat down in Washington over the past two days for the 5th round of the annual China-US Strategic and Economic Dialogue.”