Here is a list of the day’s latest China real estate news collected from around the web:
- Wharf Has Higher Profit on China Home Sales, Hong Kong Rents
Wharf (Holdings) Ltd. (4), the Hong Kong builder expanding in at least 14 other Chinese cities, said first-half underlying profit rose 49 percent after booking sales from a Shanghai luxury home project and as rental income climbed. Profit excluding property revaluations and one-time gains advanced to HK$5.43 billion ($699 million) in the six months ended June 30 from HK$3.64 billion a year earlier, Wharf said today in a filing to Hong Kong’s stock exchange. That exceeds the HK$4 billion median estimate of three analysts surveyed by Bloomberg News.
- More regulation possible as house prices rise – Xinhua
A housing project in Nanning attracted almost 1,000 people rushing to buy 100 homes even though the city’s house prices have been rising over the last two months. Nanning, capital of South China’s Guangxi Zhuang autonomous region, is not the only second-tier city that is witnessing rising house prices. The recovery of the property market is spreading from first-tier cities like Beijing and Shanghai to the less-developed second and third-tier cities. According to statistics published by the National Bureau of Statistics (NBS), prices of new homes in 50 out of 70 cities increased in July from June. This compares to 25 in June from May and five in May from April. The prices of second-hand houses have been rising at an even faster rate than new ones.
- FDI by overseas Chinese to dip as real estate cools
Foreign direct investment (FDI) by overseas Chinese will slow down in 2012 due to policy curbs on the real estate industry, a government report said Thursday. Investments from overseas Chinese grew at the highest pace in the property sector among all industries in the past decade, according to the report published by the Overseas Chinese Affairs Office of the State Council. The mainland drew a record $116 billion in FDI in 2011, of which 20 percent went to the property sector and mainly came from overseas Chinese, the report said.