Here is a list of the day’s latest China real estate news collected from around the web:
Investors continue to value land in China’s first- and second-tier cities as the country draws closer to seeing the real estate bubble burst in third- and fourth-tier cities, reports Shanghai’s First Financial Daily.
Last week, Yuexiu Property — a Guangzhou-based state-owned property developer — spent 9 billion yuan (US$1.47 billion) for a plot of land on Jingwu Road in Wuhan in central China’s Hubei province, with the transaction breaking a new record as the most expensive plot of land in the city.
On Sept. 18, another prime piece of property is set to go on auction in Tianjin in northern China with a starting price of 9.2 billion yuan (US$1.5 billion).
China’s property sector likely faces more cooling measures after residential prices climbed for an eighth month in August, but economists say the next step will be striking a delicate balance.
“It’s not as simple as coming up with property measures,” said Thomas Lam, chief economist at OSK-DMG. “They have been trying to cool down the property market; so far they have not been truly successful.”
Global Logistic Properties Limited (“GLP”), the leading provider of modern logistics facilities in China, Japan and Brazil has been named “Best Overall Developer in Asia” by international finance magazine Euromoney.
GLP received four awards at Euromoney Real Estate Awards 2013, including: Best Overall Developer, Asia; Best Overall Developer, China; Best Industrial Developer, Asia; and Best Industrial Developer, China.
GLP was chosen from among more than 300 nominees across different countries and real estate sectors for the title of “Best Overall Developer in Asia”.
China’s biggest property developers are sitting on $25 billion in cash as they prepare for a possible credit crunch and another round of crackdowns on real estate speculation.
Companies including Shimao Property Holdings Ltd (0813.HK) and Greentown China Holdings Ltd (3900.HK) raised more than $16 billion in offshore bonds and loans over the first eight months of 2013 – about 36 percent more than in all of 2012. But they have turned more cautious about investing, leaving much of that money on their balance sheets.
Digest powered by RSS Digest