Investors betting that the Singapore housing market had hit bottom got a rude surprise in today’s headlines, as home prices dropped by 1.5 percent in September from August. Also in the news, mainland authorities have singled out Evergrande and China Overseas Land for causing a home buying panic in Jinan, and seven more mainland cities try their best to strap down a bubble.
Singapore Home Prices Drop by Most in Over 7 Years
Singapore home prices dropped by the most in more than seven years as developers offered discounts amid signals from the government that it won’t roll back property curbs initiated in 2009.
An index tracking private residential prices fell 1.5 percent in the three months ended Sept. 30 from the previous quarter, the biggest decline since June 2009. Read More>>
Evergrande, COLI Cited for Spurring Panic Buying in Jinan
China Evergrande Group and China Overseas Land & Investment have been cited by the country’s housing ministry for engaging in sales tactics and behaviour that have cause panic buying.
Evergrande’s “Yufeng” and “Binhe Left Bank”, as well as China Overseas’ “International Community” project in Shandong’s provincial capital of Jinan city, were highlighted for “illegal sales and malicious speculation,” the Ministry of Housing & Urban-Rural Development said on its website on Sunday. Read More>>
Seven Chinese Cities Roll Out New Home Purchase Restrictions
Seven Chinese cities — Beijing, Hefei, Jinan, Wuxi, Zhengzhou, Chengdu and Tianjin — have announced new restrictions on property purchases, as cities across the country try to cool soaring home prices stoked by property speculators.
On Friday, Beijing increased down payments for first-time purchasers to a minimum of 35 percent, one of the highest levels among China’s biggest cities. Read More>>
Wanda Boss Wang Jianlin Plans Hollywood Debut This Month
Wang Jianlin, chairman of China’s Dalian Wanda Group, has revealed details about his highly anticipated visit to Hollywood.
In an event that is expected to bring out a who’s who of Hollywood A-listers ranging from studio heads, celebs and local politicians, China’s richest man is expected to discuss his massive Qingdao Movie Metropolis, currently under construction in eastern China, at LACMA’s Bing Theater on Oct. 17. Read More>>
McDonald’s Could Make $2B Flipping Mainland Burger Franchise
McDonald’s Corp. Chief Executive Steve Easterbrook, aiming to slim down the Golden Arches and boost profit, has turned to the market where he can do something big, fast: China.
The Oak Brook, Ill., chain is looking to cut a deal to turn its 2,200-store empire in China—65% of which it owns and operates—into a cash machine through all-out franchising. The move, for which a partner could be determined before the end of the year, is expected to fetch between $1.5 billion and $2 billion up front from investors, people familiar with the matter said. Read More>>
China Fortune Land Signs Up for $20B Project for New Egyptian Capital
China Fortune Land Development Co. Ltd. (CFLD) (600340.SS) has signed a deal to develop and manage 14,000 acres (5,700 hectares) of Egypt’s new administrative capital at a cost of $20 billion, the Egyptian cabinet said in a statement on Monday.
The development, which will include homes and offices and all relevant infrastructure, will take place in the second phase of construction of the new capital east of Cairo. 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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