Here is a list of the day’s latest China real estate news collected from around the web:
China Bans New Government Buildings in Waste Crackdown
China banned government departments, Communist Party agencies and state-owned companies from constructing new office buildings for five years as the country seeks to cut wasteful spending.
The ban includes construction for purposes of training, meetings and accommodation, the government said in a statement on its website yesterday, calling for resources to be spent instead on developing the economy and improving public welfare.
Developer China Fortune Land Sees Profit Jump of 40.4%
Wang Wenxue isn’t as well-known outside of China as press-savvy Beijing billionaire real estate developers such as Zhang Xin from Soho China or Wang Jianlin from Wanda Group. But Wang Wenxue, whose main business is also headquartered in Beijing, is no slouch when it comes to wealth and growth.
Shares in his Shanghai-listed China Fortune Land Development have gained more than 80% in the past year, and edged up another 1.4% in today after the company announced a big earnings gain for the first half of the year. Net profit rose 40.4% to 1.77 billion yuan, or $288 million in the first half amid brisk business at new projects, the company said. Revenue in first six months up 98.5% to 8.8 billion yuan, or $1.4 billion.”
Survey Shows China Manufacturing to 11-month Low
China‘s manufacturing activity has fallen to an 11-month low, a disappointing performance that puts pressure on Chinese leaders to reverse a deepening slowdown in the world’s second-largest economy.
The report released by HSBC Corp. on Wednesday comes as expectations mount that Beijing will launch stimulus measures to shore up growth that fell to a two-decade low of 7.5 percent in the latest quarter.
Shanghai housing price hits 20-week high
Residential property prices in Shanghai averaged 25,566 yuan ($4,166) per square meter in the week starting July 15, hitting a 20-week high, figures showed.
Data from Fangdi.com, the official website of the Shanghai Real Estate Trading Center, indicated that average residential property prices edged up nearly 2 percent from the previous week to 25,566 yuan per sq m in the week starting July 15.
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