Here is a list of the day’s latest China real estate news collected from around the web:
- Not Best Time to Buy Land in China Now, Hang Lung’s Chan Says
Land prices in China may drop further and it is still too early to buy land in the country, said Ronnie Chan, Chairman of Hang Lung Properties Ltd. (101), the Hong Kong developer investing at least $8.5 billion in Chinese real estate. “Why hurry? It’s not like the market is going to take off anytime soon,” Chan said in an interview at the sideline of the Real Estate Investment World conference in Singapore today.
- Longfor purchase new sign of warming China land market
Longfor Properties, one of China’s top ten developer’s by sales, has bought a major parcel of land in the southern city of Xiamen, the latest in a series of deals that raise hopes of a recovery in the sluggish property sector. Some developers are beginning to replenish their land banks in markets where they have posted improving sales performance.
- China’s Economy Needs ‘Structural Change,’ Hang Lung Says
Hong Kong property tycoon Ronnie Chan said China’s economy needs “structural change” to encourage consumer spending and help the nation weather the global economic slowdown. “Structurally, China’s economy must change and it’s changing,” Chan, chairman of Hang Lung Properties Ltd. (101), said in an interview with Bloomberg Television in New York yesterday. “Personal consumption is one area that’s increasing, so in the coming five to 10 years that will be one of the main games.”
- Evergrande red flags are real, even if fraud isn’t
Short sellers launched a rocket at Evergrande, China’s second-largest property developer, last week. It hasn’t quite hit the mark. Citron Research, the maverick investment house that launched the allegations of bribery and dodgy accounting, may have shot itself in the foot by fudging some numbers, and leaping to unlikely conclusions. Yet the Hong Kong-listed Evergrande’s red flags are real, even if the supposed fraud isn’t.