Here is a list of the day’s latest China real estate news collected from around the web:
Chinese developers fell by the most in a week in Shanghai trading after the People’s Daily reported that the government may raise taxes on ownership of properties.
A gauge tracking Shanghai-listed developers declined 1.3 percent at the noon break, as Beijing Capital Development Co. tumbled 1.7 percent to 5.27 yuan. China Vanke Co. (000002), the biggest real estate company listed on mainland exchanges, dropped 3.4 percent to 8.79 yuan in Shenzhen, heading for its biggest drop since July 19.
SM Prime Holdings Inc., the umbrella firm for the SM Group’s property businesses, is introducing its “lifestyle cities” concept in the world’s second largest economy, China. The company will put up residential towers adjacent to shopping malls in the medium term, its top official said.
“With the consolidated group, we can really go to China for residential projects already. Before, it’s only malls,” SM Prime president Hans Sy told reporters on the sidelines of the Philippine Stock Exchange’s Bell Awards Tuesday. The conglomerate can now penetrate the Chinese property market as one company, Sy said.
In May, mall and banking giant SM Investments Corp., the investment vehicle of the country’s richest man Henry Sy, announced the merger of its real estate businesses, creating the most valuable property firm in Southeast Asia.
Most Chinese stocks fell after a manufacturing gauge declined and on speculation the government will announce property curbs. A rally for energy shares almost erased a loss of as much as 1.3 percent for the benchmark index.
China Vanke Co. and Poly Real Estate Group Co., the nation’s two biggest developers, slid at least 3 percent. New China Life Insurance Co. dropped the most since September after Zurich Insurance Group AG sold its entire stake. Air China Ltd. (601111) paced gains for carriers for a second day. PetroChina Co. and Yanzhou Coal Mining Co. led a rally for oil and coal companies.
Gaw Capital Partners, a Hong Kong-based private equity real estate company, has bought the Waterside House in London for a group of South Korean investors, as interest in overseas properties from Asia grows.
Gaw Capital is a co-investor and will manage the property being used by Marks & Spencer Group Plc as its headquarters, the company said in an e-mailed press release today. The statement didn’t identify the other investors and the amount paid for the building. Reuters reported the buyers paid about $321 million, citing a person with direct knowledge of the transaction.
The central government has consolidated its scattered property registries under a single agency, a move seen as instrumental to a host of major policy objectives from controlling the property market to cracking down on official corruption.
In a meeting chaired by Premier Li Keqiang, the State Council decided yesterday to give the Ministry of Land and Resources overall authority over the registration of land, buildings, prairies, forests and coastal waters.
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