Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Chinese developer Country Garden Holdings Co has decided not to buy two plots of land it won at a Beijing auction after the final prices exceeded its budget, in a sign that homebuilders are under pressure from surging land costs.
Country Garden would not buy the two sites in Beijing’s suburban Fengtai district it won in the auction with co-bidding developer China Jinmao Holdings Group Ltd on Oct 21, it said in an e-mailed reply to Bloomberg queries. Read more>>
Shares of China’s Landsea Green Properties opened more than 11 per cent up after the company announced a proposed new share placement to a unit of Ping An Insurance, the second largest insurer in China.
The mid-sized mainland Chinese developer saw its shares up 11.11 per cent to HK$0.8 as of 9:05 am following Thursday’s announcement of the proposed issue of 327 million new shares at a price of about HK$0.65 each to a wholly-owned subsidiary of Ping An Real Estate, a property unit of Ping An Insurance. Read more>>
Following years of a debt-fuelled frenzy to build rows and rows of apartments and villas, Chinese towns with high vacancy rates – also known as “ghost cities” — are a dime a dozen.
But not all are ghostly all year round, a new study shows.
Out of a selection of 20 Chinese cities with high vacancy rates, eight were tourism sites and are only empty seasonally, according to a recent study by researchers using positioning data mined from Big Data Lab, a unit of China’s internet search giant Baidu Inc. Read more>>
Moody’s Investors Service says that its outlook for China’s property sector remains stable through 2016, but growth in nationwide property sales will slow compared with levels achieved in 2015.
“We expect a modest 0%-5% year-over-year growth in the value of nationwide property sales in 2016,” says Franco Leung, a Moody’s Vice President and Senior Analyst. “By contrast, growth in nationwide property sales should exceed 10% for full year 2015, as the effect of the supportive monetary and regulatory policies implemented by the government is mostly reflected in year-to-date sales of 2015.”
The lower growth for 2016 also reflects a higher base of comparison in 2015. Read more>>
Chinese e-commerce powerhouse Jingdong Group will build an e-commerce industrial park in a north China city as a regional integration plan gains steam.
The business park, the biggest of its kind in China, will be located in Langfang City, Hebei Province. It will be built with Jingdong’s investment, technology and human resources, while the Langfang government will help with infrastructure, according to a memorandum inked on Sunday. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.