Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
New York Sets Macau Developer’s Bail at $50 Million
A federal magistrate judge in Manhattan set bail at $50 million on Friday for a Macau real-estate mogul charged in an alleged bribery scheme involving United Nations officials, but prosecutors who sought to keep him detained are considering an appeal because they consider him a flight risk.
Mr. Ng, whose net worth prosecutors said has been estimated at nearly $2 billion, was arrested Sept. 19 and this month was charged with bribing a former president of the U.N. General Assembly. Read more>>
China Q3 land price growth quickens for 1st time in 1-1/2 years
China’s residential land price gains quickened for the first time in 1-1/2 years in the third quarter, the land ministry said on Thursday, adding to signs of recovery in the property market.
The average price of land for residential homes in 105 major cities rose 3.4 percent to 5,421 yuan ($854.58) per square metre in the July September period compared with a year earlier, the China Land Surveying and Planning Institute, a research unit under the ministry, said in a report.
Looks like developers are willing once again to pay more for land, but it will be interesting to break down these prices by location. Read more>>
As Home Prices Soar in Shanghai, Gov’t Halts Land Auction
Shanghai’s planning and land bureau issued a notice on October 12 that said it is halting the planned auction of a 14.85 hectare plot of land in the Yangpu District because “more preparations are needed to have the land developed.”
A group of officials from the National Development and Reform Commission, visited Shanghai in June to study the housing market, and the powerful planning body is said to want the Shanghai government to rein in prices.
So in order to keep central authorities from seeing that high demand for housing in Shanghai is driving up prices, the local government cancels a land auction that would have added supply to the market. Read more>>
Murky Data Add to China’s Housing Headache
Lacking only façade work, wiring and paint, the red-brick duplexes lining a remote street in the Chinese port city of Qingdao could, if required, hit the market in a matter of days.
That presents a problem for China and the world.
Marketed as villas, the duplexes in the sprawling Shimao Noble Town aren’t quite complete and don’t have permits for sale. That makes them invisible to both national and local statisticians trying to get a handle on the size of China’s massive glut of empty and unfinished homes. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen
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