Shanghai’s men in black practicing to protect the real estate market
Today’s real estate headlines include Shanghai’s black clad sleuths tracking a recent real estate panic to a single broker and her WeChat account, slower home sales elsewhere on the mainland, and a return to land enthusiasm in Singapore, where a single site may fetch $1.3 billion. Read on for all these stories and more.
Shanghai Cops Blame Policy Panic on WeChat-Enabled Broker
Shanghai police say they have found the root of rumors that sparked a home-buying frenzy in late August and led to instability in the city’s real-estate market.
According to a police statement, a 34-year-old Shanghai property-sales manager—identified only by her surname, Shen—said she had been notified in late August that city officials would meet the following week to possibly tighten bank-lending rules in September. Read More>>
Mainland Home Sales Slow As Policy Moves Kick In
Growth in China’s housing sales slowed in the eight-month period through August, but picked up slightly from the same month a year ago, suggesting gains may be short-lived as the real estate market continues a gradual decline.
Housing sales rose 25.6% in the first eight months of the year from the same period a year earlier, according to data released by the National Bureau of Statistics on Tuesday. In the year through July, sales rose 41.2% from a year earlier. Read more>>
HK Home Sales Predicted to Top 2015 Mark on Strong 4Q
The recent frenetic home-buying activity could lift total transaction values of new flats this year to HK$150 billion, the third highest annual total since 1996, according to leading agent Midland Realty.
Since the start of the year to September 12, the firm has registered new property transactions worth HK$100.95 billion, which it attributes to aggressive marketing of projects by developers. Read More>>
Site Next to SG’s Asia Square Could Fetch $1.3B
The first sale of land in Singapore’s Marina Bay in nine years is set to fetch a bumper price as developers jockey for a piece of the sought-after financial district.
The 1.1 hectare (2.7 acre) plot may fetch more than S$1.8 billion ($1.3 billion), according to Cushman & Wakefield Inc., or S$1,200 per square foot of gross floor area. That would make it the city’s most expensive land sale since 2007, when the Asia Square Tower I plot sold at S$2.02 billion, or a rate of S$1,409 per square foot. Read More>>
Shanghai Home Sales Slide as Frenzy Subsides
Sales of new homes fell to a three-month low in Shanghai last week but the average cost remained high, according to latest market data.
The area of new homes sold, excluding government-subsidized affordable housing, plunged 61.5 percent from the previous seven-day period to 218,200 square meters, Shanghai Centaline Property Consultants Co said in a report released yesterday. 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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