Here is a list of the day’s latest China real estate news collected from around the web:
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Wenzhou Allows 2 Homes per Family in Policy Reversal
The eastern Chinese city of Wenzhou has relaxed restrictions on property purchases to allow some people to buy second homes, the first in the country to ease controls, though analysts say other Chinese cities are not expected to follow suit.
Wenzhou’s policy shift comes as investors increasingly bet that China may soon loosen its near four-year-old property controls to shore up its economy, which is grinding towards its slowest annual growth in 23 years this year.
Under the new rule, first-home buyers in Wenzhou can now buy two houses, reversing a restriction introduced in March 2011 that barred them from purchasing two properties as part of a nationwide campaign to calm China’s frothy real estate prices.
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Beijing’s squeezed office space fuels market boom
It’s five years since the Beijing Olympics, which did much to showcase the city’s rapid economic growth, as well as the transformation it and its real estate.
The Chinese capital is the country’s second biggest city after Shanghai, with a population of just over 20 million in 2011. It ranks among the top five global cities where dollar billionaires reside, and is the city with the most global company headquarters.
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Body painted models sell homes in China
NO real estate marketing is too extreme in China, where models have their bodies painted with floor plans to sell properties.
Forget banners, real estate sites and social media to sell a house or unit, these human billboards are the latest way to advertise bricks and mortar throughout Chine.
Housing fairs such as this one at Century Square in Jilin city are popular with potential home buyers throughout the country, and body paint marketing was devised as a way to stand out from the scores of participating real estate developers.
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Property market takes a hit after 17 months of increase
China’s market for homes cooled down a bit in July with sales down on a yearly basis after rising for 17 consecutive months, a report said.
New residential property transactions across the nation’s 30 major cities slid 9.7 percent year-on-year in July to 14.77 million square meters, ending a 17-month rising streak, the latest E-house China R&D Institute report showed.
A total of 2.67 million sq m of residential area was traded in Shanghai, Beijing, Guangzhou and Shenzhen in July, down 22.9 percent from June and down 24.2 percent from a year ago.
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China Owns the Skyscraper Index
China is in the middle of what may be the biggest architectural boom in history. The country seems to be getting high on its consumer fix, and this time it’s sky high. Coinciding with this phenomenon, the rise of the “starchitect” or star architect is nothing new. In a globalized world where celebrities are created in almost every field, architecture is no exception. And in China, buildings – just like handbags – can have a designer label. Structures by Zaha Hadid, Norman Foster, Steven Holl, Rem Koolhaas, I.M. Pei and Frank Gehry are springing up over Beijing, Shanghai and Guangzhou, the new skyscraper equivalents to the Louis Vuittons and Guccis of the fashion world.
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China’s E-House Jumps 29% as Volume Surges in New York
E-House China Holdings Ltd., a real-estate brokerage based in Shanghai, surged the most in eight months in U.S. trading as volume soared.
Its American depositary shares jumped 29 percent to $6 in New York, the highest close since May 2012. Trading volume was almost nine times the daily average over the past three months, data compiled by Bloomberg showed. E-house has jumped 46 percent this year.
Analysts at Zheshang Securities Co. and Mizuho Securities Asia Ltd. said China’s regulators were moving toward easing curbs on real estate fundraising, after an Aug. 9 statement issued by the nation’s securities regulator elaborated on conditions for allowing financing by developers.
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China’s Jiangsu province calls $126 billion bank debt manageable
Government debt in China’s eastern Jiangsu province is under control and at an manageable and “appropriate” level for its economy, a Chinese newspaper on Tuesday quoted a senior local official as saying.
The report in the 21st Century Business Herald contained the first public comment from an official in Jiangsu since Reuters in July reported that it may be the “standout debt risk” among China’s 31 provinces.
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