China Home Prices Jump in Oct – Guangzhou Up 21 pc – Today’s China Real Estate Links | November 20, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• China Home Prices Jump in Oct – Guangzhou Up 21 pc

  New home prices in China’s four major cities rose the most since January 2011, raising concerns of a bubble as home buyers were emboldened by a lack of new nationwide property curbs.

  New home prices in October jumped 21 percent from a year earlier in the southern city of Guangzhou and 20 percent in nearby Shenzhen, 18 percent in Shanghai and 16 percent in Beijing, the National Bureau of Statistics said in a statement yesterday. Prices rose in 69 of the 70 cities tracked by the government.

  Shenzhen and Shanghai this month raised minimum down payments for second homes to 70 percent, following a similar move by Beijing in March, as local authorities struggle to contain price gains.

• Reforms Yet to Cool China’s Rising Property Prices

  Home prices in major Chinese cities continued to rise in October despite the government’s persistent efforts to cool the property market, official data showed on Monday.

  Of a statistical pool of 70 major Chinese cities, 65 saw month-on-month rises in new home prices in October, and 62 reported price gains in existing and pre-owned homes, the National Bureau of Statistics (NBS) announced in an online statement.

• China FDI Keeps Steady Growth in 2013

  China’s foreign direct investment inflows rose 5.8 percent in the first 10 months of 2013 from a year ago, extending gains since March and underlining a reviving appetite from global investors as the world’s second-largest economy gained traction.

  The Commerce Ministry said on Tuesday that China drew $97 billion in foreign direct investment between January and October, with October’s inflow up 1.2 percent on year earlier at $8.4 billion.

• China Media Looks at Property Prices

  The Beijing News says house prices in 70 major cities continued to hit record highs in October, according to official data released on Monday.

  With the exception of the eastern coastal city of Wenzhou in Zhejiang province, 69 cities saw house prices rise.

  The prices rose by more than 10% in 21 cities, as Shanghai topped the ranks with a 21.4% rise, followed by Beijing with a 21.2% hike.

• China Plans Opening for Private Banks

  After decades of relying on state banks, China’s top leaders are giving the go-ahead to create new, privately held banks, opening up a sector that has been mostly off-limits to private capital and indirectly acknowledging that the current system isn’t working.

  A reform program endorsed last week by the Communist Party leadership calls for letting private investors that meet certain as-yet-undefined requirements set up small and medium-size banks and other financial institutions.

This list is updated daily, so tune in again tomorrow for more up to date information.

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