Beijing pre-owned home deals slump by 70% – and more of Today’s China Real Estate Links | April 10, 2013

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

• Beijing pre-owned home deals slump by 70%

  Pre-owned home transactions in Beijing tumbled by almost 70 percent in the first week after the municipal government announced detailed measures to cool the property market, industry statistics showed on Monday.

  “Most buyers and sellers have adopted a wait-and-see attitude after the local government announced its property rules, leading to a drop in property transactions,” said Hu Jinghui, the vice-president of 5i5j Real Estate.

  “Very few sellers have cut prices to seal a deal.”

• Property tycoon doubts real estate measures

  One of China’s leading property tycoons, Ren Zhiqiang, the chairman of Hua Yuan Real Estate Group, has questioned the consistency of China’s latest market regulations and whether they will be able to rein in the country’s skyrocketing house prices.

  Attending the Boao Forum for Asia, Ren said the measures had failed to keep China’s property price at a reasonable level while hurting the market’s autonomy.

• Boao Forum Warns of China’s Shadow Banking and Debt Crisis

  A debt crisis could be looming for China, according to experts at the Boao Forum on Sunday. While the Eurozone crisis has taken center of stage in the past several years, some warn that skyrocketing local government debt in China has created a quote “alarming phenomenon.”

  Hu Shuli, the editor-in-chief of Chinese business magazine Caixin, made that assessment during the Boao’s opening day in southern Hainan province. Hu said China’s shadow banking system is fueling local government debt, and called for an independent institution to assess government’s ability to service debts.

This list is updated daily, so tune in again tomorrow for more up to date information.