China Real Estate Developer Jailed for Bogus Project Scam – Today’s China Real Estate Links | November 28, 2013

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

• China Real Estate Developer Jailed for Bogus Project Scam

  A Chinese real estate developer was sentenced on Tuesday to 11 years in jail for contract fraud, a Beijing court said.

  Yu Jinyong, who was once mired in a series of controversies, over matters including a fake diploma and threats against reporters, was found guilty of making 522,000 yuan (85,670 U.S. dollars) in the fraud, according to the verdict from the Haidian District People’s Court.

  Yu, who once served as president of the commercial real estate arm of Gome Group, China’s largest home appliance retailer, was ordered to pay back all the illegal earnings, it said. The 50-year-old was also fined 100,000 yuan.

• China’s 2nd Tier Cities Move to Cool Real Estate Prices

  Several major second-tier cities have announced new measures Tuesday to cool down the property market following similar moves made by first-tier cities to combat rampant home price rises.

  Analysts said that the tightened curbing policies will continue further although the new reform plans announced by the Communist Party of China (CPC) haven’t underlined administrative measures for the property market.

  Xiamen in East China’s Fujian Province and Nanchang in East China’s Jiangxi Province both announced tightened policies for the property market Monday including raising the minimum amount of down payments required for buying a second home.

• GLP leases 13k Sqm at GLP Park Suzhou to Geodis Group

  Global Logistic Properties (GLP), the provider of modern logistics facilities in China, Japan and Brazil, said it signed a lease agreement for 140,000 sq ft with Geodis Group, one of the world’s largest supply chain solutions providers, at GLP Park Suzhou, Eastern China.

  Including the lease agreement announced today, Geodis leases a total of 495,000 sq ft with GLP across three cities in China and Brazil. Geodis has been a GLP customer since 2009 when they began leasing facilities at GLP Park Pudong Heqing in Shanghai.

• Luxury property show returns to Shanghai next week

  One of the world’s most prestigious luxury property shows, LPS Shanghai 2013, is back for a sixth time from 6 to 8 December at the five-star JC Mandarin in Nanjing West Road, Shanghai.

  With over 100 media partners and sponsors, LPS Shanghai 2013 will be held in partnership with Shanghai Tang, Camus Cognac, Qatar Airways, Beneteau Yachts and Interior Design.

  Featuring 80 exhibitors, the event will gather the most prestigious properties from more than 25 countries and once again welcomes some of the leading luxury real estate players like Savills, Colliers, Sotheby’s International Realty, Alain Pinel, Re/Max and Harcourts.

• Shanghai Luxury Housing Prices Popping – Knight Frank

  Luxury properties in sought after areas of Shanghai remain in demand despite the introduction of new taxes and other cooling measures, the latest report on the Chinese city’s residential market shows.

  According to the report from Knight Frank the average transaction price will continue to grow, boosted by the launch of new projects, but there is some evidence of buyers slowing down as new home sales fell slightly.

  The report also says that in the leasing market, influenced by the development of China (Shanghai) Pilot Free Trade Zone, more multinational corporations will be set up in Shanghai and the increase of new expat arrivals will bring about more leasing demand, which will certainly push up the average rent and occupancy rate.

• Ascott Expands China Footprint to 10,000 Units

  CapitaLand’s wholly owned unit, The Ascott, has widened its footprint in its key market of China, crossing the 10,000-apartment milestone to cement its leadership position as the largest international serviced residences owner-operator in Asia’s largest economy.

  The milestone comes on the back of Ascott securing contracts to manage four more properties with 797 apartment units in Hangzhou, Chongqing and Shenzhen, the company said yesterday.

• Chinese Cities Unveil New Property Cooling Measures

  At least 10 Chinese cities have come out with their own property cooling measures so far in the recent two months, in response to sizzling housing prices in major cities across the country.

  Nanjing, the capital city of Jiangsu province in east China, is the latest to join the rush into tighter regulation, saying it will the raise the minimum down payment ratio for second-home purchases while increasing supplies of affordable homes.

  The decree, published today on local government’s website, follows similar statements from local governments in Nanchang and Xiamen yesterday, and Xi’an over the weekends.

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

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