Li Keqiang just helped a few hundred million Chinese homeowners to sleep more easily, when the Chinese premier announced yesterday that new guarantees are on the way for the renewal of residential property rights. Also in the news, Chinese real estate investment and home sales are up, despite market curbs, and Country Garden wants you to think that everything is just fine with its $100 billion Malaysia project, even after they lost their biggest market.
The State Council has entrusted relevant departments to draft revisions of the law on real estate protection amid concerns over the 70-year land use limit on residential properties, Premier Li Keqiang said yesterday.
The move aims to give a legal guarantee for the renewal of the land use right after it expires, and Li said the right can be renewed without application or preset conditions. Property transactions will not be affected.” Read more>>
China’s investment in property development continued to rise in the first two months of this year, official data showed Tuesday.
Investment in real estate development grew 8.9 percent year on year in January and February, 2 percentage points faster than the overall growth rate of 2016, according to the National Bureau of Statistics (NBS). Read more>>
China home sales remained resilient in the first two months of the year, signaling policy makers are struggling to check the booming housing market.
The value of new homes sold rose 23 percent to 912 billion yuan ($132 billion) in January and February compared with the first two months of 2016, according to National Bureau of Statistics data released Tuesday. Sales rose 17 percent in December, the last time the data was released. Read more>>
Poly Property Group, the Hong Kong listed arm of state-owned China Poly Group, will be the latest developer to take advantage of strong buying interest to cash in on its new project in Kai Tak area.
The developer will kick off the marketing push for its first residential project, Vibe Centro, by opening four show flats for media viewing on Wednesday. Read more>>
Shares of Chinese property developer CC Land Holdings slumped nearly 9 per cent on Wednesday after it announced plans to raise HK$2.6 billion (US$335 million) through a rights issue.
At midday in Hong Kong, the stock was quoted at HK$2.06, down 8.9 per cent from Tuesday, reflecting its biggest intraday drop so far this year. It slightly recovered to end trading at HK$2.10, down 7.1 per cent for the day. Read more>>
On 11 March, His Royal Highness Sultan Ibrahim Ibni Almarhum Sultan Iskandar Al-Haj, Sultan of Johor and his royal council members visited the headquarters of China-based property developer Country Garden Pacificview Sdn. Bhd. in Foshan, Guangdong Province, China, where they attended the signing of the second contract for the property developer’s project Forest City Phase Two in Johor, Malaysia.
The project, consisting of three international-standard golf courses and one five star hotel, is meant to accelerate the Chinese government’s international production capacity cooperation programme, the program to identify needs worldwide that can be filled by China’s spare manufacturing capacity, as well as to establish urban centres that smartly integrate industry with residential communities. Read more>>
Gemini Rosemont Realty LLC announced a planned senior management transition. Don Henry, current COO & CIO, has been appointed CEO, succeeding Michael Mahony, who will be taking on the newly created position of president & chief strategy officer as of March 31, 2017.
As CEO, Henry will oversee operations and resource management, with a focus on capital raise, acquisitions and investment performance, as well as maintain CIO functions. Read more>>
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