Here is a list of the day’s latest China real estate news collected from around the web:
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US Fed Decision Gives China Developers a Financing Gift
The US Federal Reserve’s decision last week to postpone the tapering of quantitative easing might offer psychological relief to some highly geared mainland developers, which have nearly US$8 billion in outstanding bonds due to mature from now to next year, but it is unlikely to spark a market turnaround.
Investment bank UBS expects the tapering of quantitative easing could return in January, even though the Fed shocked the market on Wednesday by saying it would continue with its bond-buying stimulus programme.
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China’s Richest Man Plans World’s Biggest Movie Studio
Los Angeles has film studios and the best-known movie industry award ceremonies. Orlando has amusement parks and resort hotels. Now, one of China’s richest men wants to copy them with a movie-themed real estate development in his country’s most fashionable beach city.
Wang Jianlin, who is chairman of Dalian Wanda Group and reputed to be China’s wealthiest investor, announced plans on Sunday for the Qingdao Oriental Movie Metropolis. Costing from $4.9 billion to $8.2 billion, it would encompass film studios, resort hotels, an indoor amusement park, movie theaters with up to 3,000 seats and even a hospital.
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BlackRock Sees China Growth Surprise as Bond Risk Slides
BlackRock Inc., the world’s largest asset manager, expects China’s economy to “surprise on the upside” for the rest of the year, after the cost of insuring the nation’s debt fell the most in Asia this quarter.
China’s credit-default swap contracts have declined 39 basis points since June 30, the most of any major sovereign in the region, according to data provider CMA. The extra yield Chinese borrowers pay over Treasuries to raise dollars in the debt market dropped 44 basis points in the same period to 362 on Sept. 16, the lowest since January, according to JPMorgan Chase & Co. indexes. That exceeds the 17 basis-point decline for all Asian issuers.
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China Manufacturing Gauge Increases to Six-Month High
A Chinese manufacturing index rose to a six-month high in September, signaling that a rebound in the world’s second-largest economy is gaining steam.
The preliminary reading of 51.2 for a Purchasing Managers’ Index released today by HSBC Holdings Plc and Markit Economics compared with a 50.9 median estimate from 14 economists surveyed by Bloomberg News. The gauge was at 50.1 in August. A euro-area manufacturing and services gauge rose more than estimated this month, a separate Markit report showed today
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