Here is a list of the day’s latest China real estate news collected from around the web:
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Chinese Developers Decline on Tightening Fears
Chinese developer shares fell the most in two weeks amid concerns that Beijing and Shanghai will implement new measures to curb demand and rising property prices, prompting other cities to follow suit.
An index tracking property companies listed in Shanghai fell as much as 3.1 percent and was 2.5 percent lower at the 11:30 a.m. local-time break, heading for its biggest decline since Oct. 25. China’s benchmark Shanghai Composite Index (SHCOMP) lost 0.2 percent. -
Chinese flocking to Malaysia for bargain homes
Malaysia has emerged as the new preferred destination for the Chinese investor looking for a bargain deal in real estate, the Wall Street Journal (WSJ) has reported.
According to the report, Chinese property investors who have grown comfortable buying abroad are now seeking greener pastures by trying their luck in “second-tier” markets such as Edinburgh, Miami and Malaysia.
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Party Plenum Expected to Look for Slower GDP Growth
China‘s new leadership is poised to tolerate slower growth as it tries to shake off its long-term GDP mania and put social progress and environmental welfare at the top of the nation’s agenda.
Under the existing “GDP growth is the king” performance evaluation plan, local government leaders have strong incentives to push investment, without any regard for the quality of peoples’ lives or environmental capacity.
An encouraging message from China’s leadership was President Xi Jinping’s call for putting an end to the performance evaluation system based on GDP growth during a recent field trip to Hunan Province.
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New York Conference Debates China’s Real Estate Bubble
An inevitable rise in interest rates will lead to a real-estate crash in both China and the United States within a decade, a conference on US-China business relations was told.
“When people buy or rent real estate, the one thing they look at is, ‘How much do I have to pay per month to own it or to rent it?'” said John Allen, the chairman and CEO of Greater China Corp, at a panel discussion about the investment climate in China and the US that was part of the day-long China Institute Executive Summit in Manhattan. “If interest rates rise just a little bit, the principal value of those properties drops a substantial amount.”
“Not this year, not next year, but certainly within the 10-year period, we’re going to see another real estate bubble burst, both in China and the US,” the former head of Bank of Boston’s international investment unit said on Friday.
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Dalian Wanda Bringing Sunseeker Yacht Production to China
A British luxury yacht maker says it will set up a small boat-manufacturing unit in China to make full use of the fair wind in the country’s burgeoning yacht market and to cut costs.
“Our existing yacht manufacturing facility in Poole, England, is unable to handle the growing global demand for luxury yachts, especially from China,” says Stewart McIntyre, managing director of Sunseeker International.
Sunseeker is well-known for the high-speed boats that are seen in James Bond movies. It was recently in the news after Chinese real estate conglomerate Dalian Wanda bought a 91.81 percent stake in the company for 320 million pounds ($495 million). -
Existing home sales cool in Shanghai as inventory dips
BUYING momentum for existing homes cooled in Shanghai in October with transaction volumes recording a double-digit decline and average prices shedding some of their recent increases as well, an industry report showed today.
The purchases of pre-owned houses fell 11.6 percent from September to 23,174 units last month while the average cost for an existing home dipped 0.5 percent month-on-month to 19,074 yuan (US$3,126) per square meter, according to research released by Shanghai Deovolente Realty Co.
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