Here is a list of the day’s latest China real estate news collected from around the web:
- Greentown China reports better results after sales of assets
Greentown China (3900) reported its interim net profit more than doubled after it sold numerous parcels of land and projects under way to alleviate its high debt.
The Hangzhou-based builder of luxury homes said net income for the first half was 1.81 billion yuan (HK$2.2 billion) compared to 892 million yuan 12 months earlier.
Revenue, mostly from home sales, gained 12 percent to 12.6 billion yuan, but the profit margin fell to 28 percent from 34 percent. That was as Greentown slashed prices to help sales. It has sold projects including prime sites in Shanghai since January to cut debt.
- Mixed outlook on cost of homes in China
Chen Sanxia, an estate agent in Xintiandi, one of Shanghai’s luxury home clusters, sold five apartments in the first half of 2012. The total price of these deals was more than 30 million yuan ($4.7 million), but Chen said it could not compare with the first half of 2011. In Shanghai, as many as 1,126 luxury apartments with prices higher than 10 million yuan were sold between Jan 1 to Aug 15 of 2012. The average price of these apartments was 60,700 yuan per square meter, a 5.7 percent year-on-year decrease, according to Jenny Wu, a director with the property service department of DTZ China.
- China Real Estate Market, Developers’ Stocks
Nicole Wong, an analyst at CLSA Asia-Pacific Markets in Hong Kong, talks about China’s real estate market and developers’ stocks. China’s new-home prices rose in the largest number of cities in 14 months in July after interest-rate cuts and incentives for first-time buyers, complicating the government’s efforts to stimulate economic growth while curbing property speculation. Wong speaks with Zeb Eckert on Bloomberg Television’s “On the Move Asia.
- New records for Hong Kong real estate
As Hong Kong property again sets new highs, it’s getting harder to find any conventional yardstick to make sense of these stretched prices. After a late summer spurt in transactions sent the Centa-City leading index to a new record, last Friday came reports of Hong Kong’s most-expensive-ever property sale. A luxury apartment in the Peak district sold for a staggering 470 million Hong Kong dollars ($61 million) or HK$75,806 per-square-foot, according to the Hong Kong Economic Journal.
- China Industrial Profit Slide Puts Stimulus in Focus
China’s industrial sector posted a sharp profit drop in July, offering a fresh sign that slackening domestic and external demand has further weighed on corporate earnings and reinforcing calls for more policy easing to underpin the slowing economy. Combined industrial profits dropped 5.4 percent in July from a year ago, quickening from June’s 1.7 percent decline and extending a slide into a fourth month, the National Bureau of Statistics said on Monday.