China Development land supply at record high – and more of Today’s China Real Estate Links | July 30, 2013

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

• China Development land supply at record high

  China’s land supply for property development hit a record high of 82,400 hectares in the first half of the year, the Xinhua News Agency reported Sunday, citing data from the Ministry of Land and Resources (MLR), the country’s land watchdog.

  This represents year-on-year growth of 38.8 percent and a jump of 17.3 percent from 2011 when the reading rose to its second highest level, according to the MLR statistics, which also indicated that land supply for residential use soared 36.9 percent year-on-year to 55,300 hectares in the first half.

• Chinese investors put money where the market is – and not at home

  Greenland Holdings Group’s acquisition of a downtown Los Angeles site for a $1 billion hotel-office-residential project emphasizes how Chinese investors are putting their money where the market is – and it’s not at home.

  It’s in the United States and elsewhere.

  “We are extending the China market abroad, and we prioritize our investment to countries where Chinese immigrants, students and tourists like the most,” Greenland Chairman Zhang Yuliang said Friday as the real-estate developer announced its acquisition of the 25,600 square-meter site from the California State Teachers’ Retirement System, the second-biggest US pension fund.

• Govt Statistics Show China Industrial Profits Up 6.3% in June

  GROWTH in China’s industrial companies’ profits slowed last month as the economy cooled, costs rose and prices fell on moderating demand and overcapacity.

  Net income increased 6.3 percent from a year earlier to 502.4 billion yuan (US$82 billion), the National Bureau of Statistics (NBS) said Saturday, down from a 15.5 percent pace in May.
  Profits from main business operations fell 2.3 percent after an 8.8 percent gain the previous month, the bureau said.

• RMB 6 bil real estate project changes the face of Shenzhen

  Looking at the new urban complex that is poised to redefine the Shenzhen skyline, it is hard to imagine that it stands on what was once flower and bird markets.

  Situated in the central business district, Shenzhen City Crossing is a huge metropolis complex, comprising integrated retail, catering, office, hotel and residential facilities.

  “The first phase of the project started in 2004 and it took more than two years to clear out the existing tenants and the half-finished buildings completely,” says Kong Xiaokai, general manager of Shenzhen Resources Land Ltd, the developer of the project.

• Looming real estate bubble triggers criticism in China

  You bao you ya, roughly translated into ‘maintain and control’, is the latest catchphrase of the Chinese government for, what is essentially, the uncontrollable real estate sector.

  At the annual sessions of the National People’s Congress and the Chinese People’s Political Consultative Conference in Beijing last week, delegates remained under siege over spiralling property prices and unaffordable housing. And perhaps for the first time, the Chinese media has been sharply critical of Beijing’s meddling with the real estate sector.

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