Here is a list of the day’s latest China real estate news collected from around the web:
- Sotheby’s to Enter China’s Property Market By Mid-2013
Sotheby’s International Realty Affiliates LLC, the real estate unit of the auction house, plans to start business in China’s luxury property market by the first half of next year to tap the country’s growing wealth. The company will focus on the first-tier cities such as Beijing and Shanghai, Chief Executive Officer Michael Good of the New Jersey-based firm said.
- Developers offer shares as collateral in China
Listed property developers are putting up shares in their own companies as collateral to lenders as persistent tightening measures have left them with few means of raising money. China.com.cn, a news portal, found that 58 A-share developers had put up 11.6 billion yuan ($1.8 billion) worth of shares as collateral by last Thursday.
- Bumper week for China property sales: CRIC
Real estate agents in 80 per cent of 40 monitored cities across the country, including Beijing, Shanghai and Guangzhou, have reported bullish new build sales over the last week. Figures released by China Real Estate Information Corp – considered the country’s leading provider of real estate information – showed brisk trading, especially in high-end properties.
- China State Researchers: Property Prices Have Yet To Return To Reasonable Levels
China’s housing prices have yet to return to reasonable levels even though prices have been falling sequentially every month for the past nine months, a think-tank under the country’s economic planning agency wrote in a report published by the China Securities Journal Monday. To regulate the sector in the long term, China should speed up tax reforms in the property market and change its land transfer system instead of relying on current high-pressure tightening measures, according to the report written by the economic policy department of the State Information Center.
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