NDRC head Xu Shaoshi is getting ready to pull in the reins on China’s capital flight
China’s highest level planning body is getting ready to slow down capital outflows after the country’s falling currency led to nearly $70 billion fleeing the country last month. Also in the headlines, it appears that at least some of that migrating cash is heading down under. R&F Properties also decided to gamble about $30.5 million of those precious foreign reservers on a Korea casino project. Read on for all these stories and more.
China’s NDRC Clamps Down on Capital Outflows
China is stepping up restrictions on outbound investment in its latest effort to stem capital outflows as the yuan’s value tumbles to multiyear lows.
Companies are being advised to “make decisions prudently” regarding investments in four categories that will come under closer government scrutiny in a bid to control risk, according to an announcement at a news conference attended by officials from the four central government organs that share oversight of outbound investments. Read more>>
Are Chinese Banks Hiding $2 Tril in Loans?
In 2014, the Chinese city of Haimen on the mouth of the Yangtze River set out to build a large apartment complex and turned to Bank of Nanjing Co. for about $29 million in financing.
The bank was happy to oblige but it didn’t call the money a loan, according to people familiar with the matter. It was added to Bank of Nanjing’s balance sheet as an “investment receivable,” a loosely regulated category of assets that allows bank officials to set aside little or nothing for potential losses. Read more>>
Chinese Buyers Return to Aussie Home Market
Australia “spring-selling” real estate season is seeing a defiant return of Chinese buyers, undaunted by lending restrictions aimed at curbing their interest in the country’s sky-rocketing housing market.
Financiers and estate agents say Asian investors have found new avenues to re-enter the market, including targeting cheaper homes and settling in cash. Others are turning to groups of wealthy individuals or foreign-owned banks for loans, after Australian banks turned off funding to overseas buyers this year. Read more>>
R&F Properties Pays $30.5M for Stake in S Korea Casino
Casino operator Caesars Entertainment has finally revealed the name of its new South Korean joint venture partner.
On Tuesday, a subsidiary of Chinese hotel and property development firm Guangzhou R&F Properties Co Ltd formally announced the formation of a joint venture with Caesars’ South Korean subsidiary to build an integrated resort in Midan City on Yeongjong Island, part of the Incheon free economic zone. Read more>>
Wuhan Calls Off Land Sale to Cool Down Housing Market
The authorities in Wuhan, the capital of central China’s Hubei province, called off a prime city-centre land auction on Tuesday, fearing its price was likely to hit a record high – the latest move by officials across the country to clamp down on surging home costs.
The 102,240 square meter residential and commercial site is located on the city’s historic Han Zheng Street – famous for small commodity markets – which is currently undergoing urban renewal. Read more>>
Kerry Properties Offers Incentives to Move Units in West Kowloon
Kerry Properties says it will provide stamp duty subsidies and mortgages of up to 70 per cent to push sales of the remaining units at its luxury residential development, Mantin Heights in Ho Man Tin.
The developer released the price list for the latest batch of 149 flats at Mantin Heights at HK$20,967 per square foot to HK$38,803 per sq ft, a range of HK$11.21 million to HK$57.31 million for each unit. Read more>>
SG’s Guoco Land Pays RMB 3.6 Bil to Snap Up 4 Chongqing Sites
A unit of Singapore-listed developer GuocoLand has won the tender for four sites in the Chinese city of Chongqing. GLL Chengdu is paying 3.64 billion yuan (S$753 million) for the plots intended for mixed-use development, comprising retail, business and residential components.
The sites have a total land area of 48,961 sq m and an above ground gross floor area of 513,600 sqm. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
Leave a Reply