Here is a list of the day’s latest China real estate news collected from around the web:
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Stock Fears Seen Driving China Real Estate Prices
Matthew Zhou and his wife spent 1.6 million yuan ($261,000) to buy a two-bedroom apartment last month in eastern Shanghai after seeing no potential for long-term returns in China’s financial markets.
“Home prices keep rising, so I’d rather buy a place now than put the money in the stock market,” said Zhou, a 30-year-old information technology engineer at a state-controlled bank in Shanghai, who plans to leave the home empty while the couple live with her parents. Gains in equities “could never outpace the growth of home prices,” he said.
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China May Need Property Tax To Keep Home Prices From Rising
China may need to tighten control over its real estate market as housing prices continue to pick up speed — nearly 10 percent in August compared to one year ago in major cities, despite a nearly four-year-long government campaign to rein them in. The move would not come without a steep price, however, since the property sector has been a key driver of growth as the world’s second-largest economy struggles to get out its current slowdown.
On average, housing prices in 100 Chinese cities increased 8.6 percent in August, compared to the same month in 2012, and prices in Beijing, Guangzhou and Shenzhen rose 22.5, 24.2 and 17.6 percent respectively, according to data tracker China Real Estate Index System, the Wall Street Journal reported.
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Michigan Gov Rick Snyder Back From Selling Detroit to China
Gov. Rick Snyder said his third mission to China was his most critical yet, because it gave him the chance to talk about Detroit’s bankruptcy and future prospects.
“I knew it would be an issue,” he told MLive in Beijing. “I would say I was surprised that it was on the top of almost everyone’s mind that we talked to.”
Snyder returned Friday from nine days in China and Japan. He traveled to Shanghai, Chongqing, and Beijing in China.
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LPS Property Showcase to be held in Shanghai this December
The sixth edition of LPS Shanghai, one of China’s leading luxury property shows, will be held from December 6-8 at the JC Mandarin in Shanghai.
Sponsored by Lamborghini, Dassault-Falcon and Interior Design, the invitation-only expo, welcomes highly targeted luxury real estate buyers, investors, VIPs and wealthy individuals.
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SF Bay Area a magnet for Chinese investors
As a representative of the San Francisco mayor’s office in China, ChinaSF has helped more than 26 Chinese companies recruit in San Francisco over the past five years. It has also helped many local companies provide services or establish a presence in China.
“Nothing is ever easy, and I can’t say which is the most challenging, because there are always challenges when you are trying to connect two parties who come from two completely different cultures,”DarleneChiu Bryant, the executive directorof ChinaSF, told China Daily in an exclusive interview. “ChinaSF is on track to becoming the premier platform for facilitating inbound investment to San Francisco.”
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Beijing may soon see increase of US$16m ‘super mansions’
Beijing will soon see a rise in “super mansion” properties worth more than US$16 million, according to a government expert.
As the number of wealthy in China continues to rise, there will also be more demand for mansions in major cities across the country including Shanghai, Hangzhou and Wuhan. Meanwhile, properties prices continue to skyrocket, with prices in Shanghai, for example, reaching record highs on a regular basis.
“While land prices continue to rise, it is naturally that real estate prices will continue to rise as well,” said Zhou Biwen, head for Beijing Institute of Technology’s Institute of Real Estate Research.
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