Here is a list of the day’s latest China real estate news collected from around the web:
- Is Evergrande China’s first fault-line?
It is too early to tell if one of China’s largest property developers is indeed guilty as accused of widespread corruption and effectively technically insolvent. But it is easy to see why investors sold first and left the questions for later.
- Holiday is sales bonanza for Shanghai shops
TOTAL sales at major retailers in Shanghai during the three-day Dragon Boat Festival holiday ending yesterday jumped more than 13 percent from a year earlier despite unfavorable weather, according to the Shanghai Commission of Commerce.
The commission attributed the surge in sales to heavy holiday discounts by retailers while the on-going Euro 2012 soccer tournament and the just-closed Shanghai Film Festival also helped increase the sales of audiovisual equipment.
- China Stocks Drop to Five-Month Low
China’s stocks fell, dragging the benchmark index to a five-month low, as Citigroup Inc. cut the nation’s growth forecast on concern Europe’s debt crisis will reduce demand for exports.
- China’s Real Estate Developers Start to Go Green
Twenty-eight-year-old banker Wang Ning bought an apartment for his parents in Shanghai a year ago. Unlike regular apartments in China, this one boasted “organic” credentials and constant temperature and humidity levels all year round thanks to a “ground source heating pump system”. “This apartment was a little more expensive than others in the same neighborhood but, for elderly people, the right temperature and humidity and also fresh air mean a lot,” said Wang.
- Shanghai Re-tightens Real Estate Policy as Market Revives
Shanghai drew attention during the three day Dragon Boat Festival holiday when it announced a tightening of policies curbing the real estate market. A staff at the Shanghai housing authority said in an interview that Shanghai has stopped allowing non-local residents to pay social security arrears in order to be approved to purchase a home, meaning that non-local residents in Shanghai that have not paid taxes or contributed to their social security funds for one full year are not allowed to purchase a home, even if they were to pay arrears.