Here is a list of the day’s latest China real estate news collected from around the web:
- China home prices rise for 3rd month in August-survey
Average home prices in China’s 100 big cities edged up for the third straight month in August though the pace of increases slowed, a private survey showed, suggesting that government calls to maintain strict controls on the property market are working. Average home prices rose 0.2 percent to 8,738 yuan ($1,400) per square metre in August, moderating from July’s month-on-month increase of 0.3 percent, the China Real Estate Index System (CREIS) said on Monday. In China’s top 10 cities, including Beijing and Shanghai, average home price rose 0.5 percent from July, but were down 1.5 percent from a year ago, the survey showed.
- Insight: China’s steel traders expose banks’ bad debts
China’s banks are coming after the country’s steel traders, hauling executives into court to chase down loans that some traders said they didn’t initially need and can’t now repay. The heavy push to recover the loans is another sign of strain on China’s financial system at a time when the country’s leaders are contemplating another round of stimulus to boost the economy, and when banks are worried about bad debts piling up.
- Real Estate Developer Shanghai Zendai H1 Net Up 419%
Shanghai Zendai Property Limited (sehk:0755) recently released its interim report, recording profit attributable to shareholders of HKD 562 million, swelling 419% from HKD 108 million a year earlier. However, its turnover in the reporting period was only HKD 464 million, sliding 65%, due to strict control on the real estate market and radical expansion of the company.
- Chinese media claim Tishman Speyer is withdrawing from China
Tishman Speyer, often referred to as “American’s No.1 real estate enterprise”, has begun to transfer two units of land held in Shanghai, the Information Times reported. Analysts believe that foreign capital starting to withdraw from China’s real estate market is a microcosm of China’s larger economic picture, and shows foreign investors’ pessimistic expectations for the future performance of China’s property market.