Here is a list of the day’s latest China real estate news collected from around the web:
- Wenzhou Entrepreneurs Still Squeezed by Credit Crunch in China Slowdown
Jiang Xiangsong has 18 days to pay a 2 million yuan ($314,000) bank debt or his suitcase company in eastern China will go bankrupt. He’s close to tears as he realizes his last hope, a government-backed office, won’t help. “This is totally useless: If I had any collateral, why the hell would I come here?” he yells at an official in Wenzhou’s state-run loan service, set up to help small businesses after rising bankruptcies and suicides prompted Premier Wen Jiabao to visit in October and pledge support.
- China’s capital flight: to US real estate
To the rising flow of anecdotal evidence suggesting China’s rich are taking their money out of the country, add this: China is now one of the fastest-growing sources of international buyers for US real estate. According to a report published by the National Association of Realtors this week, buyers from China and Hong Kong made up the second largest group of foreign buyers of homes in the US in the 12 months to March – behind only Canadians – accounting for $9bn of sales.
- China property sales rise in key markets
The number of property purchases in some major Chinese cities has picked up, as regulators struggle to combat rumours that Beijing is preparing to loosen curbs on real estate investment to combat slowing economic growth. Property sales in cities including Hangzhou, Shenzhen and Nanjing have sped up in recent months, the official Shanghai Securities News reported.
- Jones Lang LaSalle’s Hughes Says China’s Property Curbs Worked
Alastair Hughes, Asia-Pacific chief executive officer of Jones Lang LaSalle Inc., comments about outlook for China and the region’s property markets in an interview with Bloomberg Television. “The Chinese government policy is to trail rises in residential property prices and it’s been very successful. They’ve also tried to increase the supply and to reduce demand. It’s worked. Prices have fallen across the board due to these controls.
- China Property Bounces Back, but Analysts Are Worried
China’s property sector, which has suffered from seven consecutive months of price declines after a slew of government tightening measures, is staging a surprising turnaround, boosted by the central bank’s recent monetary policy easing. But analysts fear the rebound could lead to a new crackdown by the government, which is keen to keep prices in check.
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