Shanghai becomes a centre for innovation as citizens use divorce strategy to conquer the housing market
Shanghai officials may have set out to cool down its housing but a set of stiffer downpayment rules for families buying second homes seems to instead being breaking up some marriages in the real estate-mad city. Meanwhile, Australia’s Goodman Group opens a three-storey shed in Shanghai’s Qingpu district, and China Overseas Land surfs this year’s property wave to 20 percent higher sales. Read on for all the details.
Shanghai Home Purchase Restrictions Boost Divorce Rate
Two weeks after Shanghai implemented its most rigid property control measures, more couples have rushed to get quickie divorces to avoid tougher regulations on home purchases. Multiple property brokers have told the newspaper that home prices have remained stable in Shanghai as the panic recedes.
The city’s prime home prices grew 14 percent in 2015, the third-highest among global cities. According to the new rules released on March 25, local families with one property will now have to pay a minimum 50 percent down payment for a second home, but if the house is either above 140 square meters or priced above 4.5 million yuan ($692,000), the down payment will rise to 70 percent. Read more>>
Goodman Opens Latest China Logistics Facility in Shanghai
Goodman Group (Goodman or Group), the global integrated property group, which owns, develops and manages industrial and business space, today held the opening ceremony for Goodman Qingpu Centre, a landmark industrial and business facility, in Shanghai.
The 110,000 sqm Goodman Qingpu Centre achieved 97% occupancy by completion, by leasing space to clients including ecommerce website JD.com. Read more>>
China Overseas Land Sales Rise 20% in Q1
Mainland property giant China Overseas Land & Investment (0688) saw sales rise 20 percent in the first quarter to HK$39.3 billion from a year earlier, with a corresponding gross floor area of 2.6 million square meters.
The state-owned firm also recorded HK$15.1 billion of sales in March, up 36.7 percent compared to last year. The corresponding GFA increased 22.6 percent to 971,700 sq m. Read more>>
Mainland Developers Compete to Buy Dah Sing Life Assurance
Shanghai-based real estate firm Future Land Development is said to be making a US$1 billion bid for Dah Sing Life Assurance, which would help it sell Hong Kong insurance products to homebuyers in China.
“We see many of our customers coming to Hong Kong to buy insurance as there are limited investment options for them at home,” Kenny Chan, vice-president and company secretary of Future Land Development, told South China Morning Post. Read more>>
Crane Collapse Kills 18 at Dongguan Construction Site
At least 18 people were killed and 18 others injured on Thursday when a 80-tonne crane collapsed on a temporary structure during a thunderstorm in southeast China.
The gantry at a factory in Dongguan city in Guangdong province fell on the two-storey building made of containers during the thunderstorm, which brought with it winds of up to 100kmph, said Luo Bin, deputy secretary-general of Dongguan municipal government. 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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