Overheating Housing Market Leads to Stricter Policies in Henan – and more of Today’s China Real Estate Links | September 4, 2013

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

• Overheating Housing Market Leads to Stricter Policies in Henan China

  Zhengzhou, capital city of Central China’s Henan Province, announced Monday it will tighten its home purchase restrictions in a bid to further curb investment, although more cities across the country are loosening their property policies.

  Starting Sunday, single people aged below 20 cannot buy homes in Zhengzhou, and local households without Zhengzhou hukou, or household registration permit, need proof of residence for more than three years and must have paid social security or income tax for more than one year to be able to buy a home in the city, the local housing management bureau said in a press briefing on Monday.

  Calls to the bureau on the new policy went unanswered by press time.

• China lowers 2012 GDP growth to 7.7% from 7.8%

  China on Monday lowered its figure for economic growth for last year to 7.7 percent from 7.8 percent, the National Bureau of Statistics said, in an unexpected downgrade for the key number.

  The world’s second-largest economy has long been looked to as a potential driver of global recovery, but has put in a mixed performance in recent months.

  The new figure posted on the National Bureau of Statistics website remains the lowest for gross domestic product growth since 1999, when it expanded 7.6 percent.

• China Department Store Chain Lists on Singapore Exchange

  In a release, Singapore Exchange announced the listing of Zhongmin Baihui Retail Group Ltd on Mainboard, under the stock code, “5SR”.

  First listed on Catalist in 2011, Zhongmin Baihui Retail Group operates 10 department stores in Xiamen, Quanzhou and Zhangzhou cities in Fujian province and Nanjing city in Jiangsu province, China.

  Chen Kaitong, CEO and Executive Director of Zhongmin Baihui Retail Group, said: “Our goal is to be the leading department store operator in Fujian province, and this transfer to the Mainboard cements our position as a premier Singapore-listed stock with direct exposure to the retail industry in China.

• Beijing issues new measures aimed at curbing air pollution

  Beijing unveiled yet another slew of measures on Monday to curb a choking pollution problem, including limiting the number of new vehicles on the roads and closing or upgrading the facilities of 1,200 companies.

  China’s smoggy capital has tried everything from shutting factories to a massive subway building programme as it battles a severe air pollution problem, but with little apparent effect.

  The latest measures are part of a broader plan to reduce the Chinese capital’s density of harmful particles in the air by at least 25 percent by 2017.

• Wanda’s Wang Jianlin Seeks IPO for U.S. Theatre Chain

  Wang Jianlin, the billionaire chairman of China’s Dalian Wanda Group, isn’t a man that likes to think small. So it’s not much of a surprise that he is moving quickly on a new step for the big U.S. theatre chain he bought last year in a deal worth $2.6 billion.
  According to a U.S. SEC filing on Friday, Wang’s AMC Entertainment Holdings plans to raise $400 million in an IPO. The company didn’t provide any pricing details.
  Wang also runs one of the largest movie theatre chains in China, and the U.S. acquisition comes amid a push by Wanda into the entertainment industry at home. Consulting firm PwC estimates that spending on filmed entertainment will increase by 15% annually during the next five years in China, part of expected growth in domestic demand in a country that is known for its success in exports.

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

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