Here is a list of the day’s latest China real estate news collected from around the web:
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Construction Starts on World’s Tallest Building in Changsha
China has embarked on the construction of an 838-metre-tall building in Changsha that is billed as the “world’s tallest”.
Developer Broad Group on Saturday held a ground-breaking ceremony in the capital city of central province Hunan to start building the 208-storey tower, the Xiaoxiang Morning Herald newspaper reported on Sunday. Upon completion, the building would be about 10 metres taller than the Burj Khalifa in Dubai, currently the world’s tallest.
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China Govt May Open Up More Funding Sources for Developers
The China Securities Regulatory Commission (CSRC) is again accepting refinancing applications from listed property developers, the 21st Century Business Herald reported Thursday. If true, experts say such a turn could lay the stage for further thawing of the fundraising constraints on the real estate industry.
The Herald’s report cited a high-ranking executive from a publicly traded real estate company, who explained that the country’s top securities authority is now taking refinancing applications after a three-year hiatus. The CSRC has yet to start officially reaccepting refinancing paperwork and has made no comment on this latest news.
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China home price growth tapering off in many cities
Property market statistics on the nation’s 70 major cities show that fewer urban centers recorded month-on-month gains in the prices of housing projects and pre-owned homes in June.
Data released by the National Bureau of Statistics on Thursday show that of the 70 major cities the bureau tracks, 63 cities’ new home prices increased in June month-on-month, five other cities saw declines and the remaining two were flat.
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China Stumbles on Property-Tax Plan
Efforts in China to broaden a pilot program that deploys property taxes aimed at taming the real-estate market are running into difficulties, showing the limits of a tool that supporters say could help stem rising housing costs and official corruption.
New housing data released Thursday underscore the challenges that Beijing faces in controlling home-price increases. Prices for new homes rose an average of 6.12% in June compared with a year earlier, according to Wall Street Journal calculations based on data released by the National Bureau of Statistics on 70 Chinese cities. That was up from 5.32% in May and 4.27% in April.
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Beijing sets minimum living space standards – bans basement homes
The Beijing government launched a new policy on Thursday that forbids real estate agencies from renting out basement storage rooms to low-rent seekers. It further set a minimum living space of five square meters per person in all rented apartments.
The policy, which was jointly released by several government departments including the Beijing Public Security Bureau and the Beijing Municipal Commission of Urban Planning, stipulates that apartments cannot be “restructured” into compartments to house more residents and that no more than two people can share one rented apartment room.
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Property Markets in Smaller Cities ‘Troubled by Oversupply’
The property markets in China’s smaller cities are increasingly troubled by oversupply, the CEO of a real estate services company says.
On July 16, the real estate research institution CRIC Group released a ranking of 288 cities in the country according to the risks they faced. About 200 cities on the list were smaller, or third tier, cities.
Of the 50 cities that faced the most risk, all but one were these tier-three cities. The top five cities whose property markets faced the most risk were in Gansu and Inner Mongolia. Lhasa, the capital of Tibet, was the only medium-sized city. Its property market was considered the 12th riskiest.
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