Here is a list of the day’s latest China real estate news collected from around the web:
- China to widen daily yuan band vs. dollar to 1%
China’s central bank will expand the daily yuan trading band against the U.S. dollar to 1% in either direction from 0.5% starting on Monday in a bid to support the economy and ward off a precipitous slowdown.
- China Property-Sales Drop Shows Risk of Hard Landing
China’s 18 percent first-quarter drop in home sales contributed to the slowest economic expansion in almost three years, highlighting the challenge for leaders who want to curb property prices without sinking growth.
- China’s 8.1% Growth Pressures Wen to Ease
China’s growth slowed more than forecast last quarter to the least in almost three years, prompting economists to predict a rebound as Premier Wen Jiabao loosens policy to counter weak domestic and European demand.
- Banks moving to lower mortgage interest rates
Mortgage interest rates have fallen recently in Chinese first-tier cities, a sign the country’s property market is gradually reviving, analysts say. Large banks in Shanghai and Beijing have said they will be adjusting the terms they offer on loans to first-time home buyers. Most of the changes are to come within a month.
- Probe Could Impact SHK’s Financing for ICC Mall Project
Sun Hung Kai Properties Ltd (SHKP) is proceeding with talks on a 2.7 billion yuan syndicated loan amid investigations by Hong Kong’s Independent Commission Against Corruption (ICAC) into the property developer’s co-chairmen, Raymond and Thomas Kwok, banking sources told Thomson Reuters Basis Point.
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