DTZ Parent UGL Plans to Split Company Following 45% Profit Drop – and more of Today’s China Real Estate Links | August 13, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• DTZ Parent UGL Plans to Split Company Following 45% Profit Drop

  UGL Ltd. (UGL), the Australian company that acquired U.K. real estate broker DTZ Holdings Plc in 2011, plans to split its operations into two listed companies by June 2015 to allow each to follow its own growth strategy.
  UGL will create two companies, one focused on global property services and the other on engineering, construction and maintenance services in Australia, New Zealand and Asia, it said in a statement to the Australian stock exchange today. The company today reported underlying profit after tax in the 12 months to June 30 fell 45 percent from a year ago to A$92.1 million ($84.7 million).

• Developers Stocks Rise on Speculation of Easing Policy

  Chinese developer shares rose the most in a month after a statement by the securities regulator prompted speculation that the government may ease curbs on fundraising by real estate companies.

  An index tracking property developers listed in Shanghai rose 3.1 percent, the biggest one-day gain since July 11. China’s benchmark Shanghai Composite Index (SHCOMP) gained 2.4 percent.

• China’s NDRC says urbanization push faces opposition

  China’s plan to encourage hundreds of millions of rural residents to settle in cities to boost growth faces opposition from local governments, according to Li Tie (李鐵), an official with the National Development and Reform Commission.
  Li spoke at an urbanization forum in Beijing on Saturday where officials, researchers and company executives highlighted the challenges facing the leadership’s push, including the strain on local government finances, the dangers of overbuilding and the cost of scrapping the hukou, or residence permit system that denies migrants and their families the same welfare, health and education benefits as city dwellers.

• Off-beat Beijinger builds grotto home on high-rise roof

  An eccentric Beijing resident has built a huge house among what looks like a pile of rocks dotted with trees on top of a 26-storey apartment block in the capital, reports said Monday.

  Neighbours have complained about China’s latest architectural oddity, which covers more than 1,000 square metres (10,000 square feet), saying they fear it could cause the structure to collapse on top of them, the Beijing Morning Post reported.

This list is updated daily, so tune in again tomorrow for more up to date information.