Here is a list of the day’s latest China real estate news collected from around the web:
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Greenland eyes backdoor listing in Shanghai
Shanghai-based property developer Greenland Group is seeking a backdoor listing on the Shanghai Stock Exchange through buying Shanghai Jinfeng Investment Co Ltd, insiders were quoted as saying by SouFun Holding Ltd, one of China’s largest real estate websites, on Tuesday.
Zhang Yuliang, president and chairman of Greenland Group, said such possibilities cannot be ruled out, but refused to comment on the insiders’ comments, people.com reported.
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China’s non-manufacturing PMI drops to 53.9 in June
The purchasing managers’ index (PMI) for China’s non-manufacturing sector stood at 53.9 percent in June, down from 54.3 percent in May, according to official data released on Wednesday.
A PMI reading above 50 percent indicates expansion, while a reading below 50 percent indicates contraction.
The statistics were jointly released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing (CFLP).
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China’s Li Says Conditions for Growth in Place, CCTV Reports
Chinese Premier Li Keqiang said that the conditions for the world’s second-biggest economy to achieve its growth targets are in place, China Central Television reported yesterday.
The conditions exist for China to realize its economic targets for this year and for sustainable, healthy development, CCTV cited Li as saying in a meeting with leaders from central and eastern Europe.
The comments come after Goldman Sachs Group Inc., China International Capital Corp., Barclays Plc and HSBC Holdings Plc pared their growth projections this year to 7.4 percent, below the government’s 7.5 percent goal disclosed at the March conference at which Li became premier. While the country’s worst credit crunch in at least a decade eased further yesterday, two gauges of manufacturing fell last month.
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Citic Capital Debuts $113 Million China Venture Fund
Citic Capital Holdings has closed a $113 million maiden fund to invest in small to medium-sized businesses across China, coming in short of a $150 million target.
The smaller sized vehicle reflects general partners’ struggle in attracting fresh capital from limited partners as it becomes harder for them to exit portfolio companies and return cash to investors. In China, fund managers’ ability to offload investments has been seriously impeded by a frozen initial public offerings market.
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Is China slowdown government policy or impending crash?
Is China’s economic slowdown the result of Premier Xi Jinping’s efforts to reform the economy or the sign of a crash in the making?
On Monday China’s purchasing managers’ index registered its sharpest fall of the year, declining to a nine-month low of 48.2 in June. Anything below 50 on the index means that Chinese factory output is contracting. The primary reason for the slowdown is the government’s move to a tighter currency policy. This is part of Premier Xi’s plan to rein in GDP expansion in order to get the nation on a path of slower, more sustainable growth.
“Falling orders and rising inventories added pressure to Chinese manufacturers in June,” Hongbin Qu, co-head of Asian economic research at HSBC, said in a statement. “And the recent cash crunch in the interbank market is likely to slow expansion of off-balance sheet lending, further exacerbating funding conditions for SMEs [small and medium enterprises].
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