Here is a list of the day’s latest China real estate news collected from around the web:
- Urban New Home Prices Slide During March
New home prices in two-thirds of China’s major cities fell in March, the National Bureau of Statistics said on Wednesday, and analysts said further declines were likely as the government’s tightening measures continue. Out of 70 major cities tracked by the government, 46 recorded falls, one more than in February, the NBS said in a statement.
- Japanese Firm to Launch Nursing Home JV in Shanghai
Major security company Secom Co. said Wednesday it will partner with a real estate developer in China to launch a luxury nursing home business. Secom Medical System Co., a Secom subsidiary, will set up a joint venture with Shanghai Lujiazui Finance & Trade Zone Development Co. and start the business in 2015 in Shanghai, which has a growing senior citizen population.
- K Wah sells Shanghai property venture stake to Baosteel
Property developer K. Wah International Holdings said on Wednesday that it sold its stake in a property joint venture to its partner, Shanghai Baosteel, which is taking control of the entity, Shanghai Baoland, from K. Wah and Japanese partners Mitsubishi Corp and Tokyu Land Corp.
- China Land Prices Fall 22% in 2012 Q1
A total of 5,752 plots of land in 300 cities were transacted in the first quarter of 2012, down 24 percent from a year ago, while the transaction price fell 22 percent to average 788 yuan per square meter, reports Yicai. citing data from unnamed institutions. According to Zhang Hongwei, head of consulting company Tospur, the government is not optimistic about the land market in 2012, and land transactions being conducted at reserve prices have become a trend. The weak performance of the land market is likely to continue, said Zhang.
- China Construction Bank Stops Real Estate Loans to Small Business
China Construction Bank Corp. has sent a memo to 38 of its branches nationwide instructing them not to extend property development loans to small companies, the China Business News reported Wednesday, citing the memo. Those branches whose property development loans exceed 15% of their public loans, or in places where home purchase limits are in place, will have to stringently control new lending and lower the level of such loans, the paper reported.
- Shanghai home supplies sink 56.3%
New supplies in Shanghai’s residential real estate market fell by 56.3 percent to 1.1 million square meters in the first quarter this year, a seven year low, according to a report released Tuesday by Savills, a London-listed global real estate service provider.
- China Home Prices Fall in More Than Half Cities Tracked
China’s home prices fell in a record 37 of 70 cities tracked by the government in March as officials pledged to keep restrictions on property purchases that have sapped buyer demand.
The eastern city of Wenzhou led declines with a 9 percent slump in values from a year earlier, while Beijing and Shanghai recorded drops of 0.8 percent, according to data released by the statistics bureau today.
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