Vanke’s Wang Shi shows how high his stock rose this week
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Vanke Stock Surges After IMF Recognises Yuan
China Vanke Co. jumped the most in five months and a gauge of real estate stocks in the country rallied on speculation the government will take steps to bolster home sales.
Vanke climbed as much as 11 percent in Hong Kong trading before paring gains to 2.7 percent at the close, while the Shanghai Stock Exchange Property Index advanced for a third day. Companies reliant on consumer spending including Gree Electric Appliances Inc. and SAIC Motor Corp. also rallied. The Shanghai Composite Index gained 2.3 percent. Read more>>
HK Retail Rents Could Drop 15% Next Year
Rents and prices of prime street shops in Hong Kong will continue to fall next year as big-ticket item retailers adopt a conservative business strategy amid declining retail sales.
Consensus views from property consultants for prime street shop rents are a decline of another 10-15 per cent next year. Read more>>
Evergrande Spends $2 Bil to Buy 3 More Projects
A wholly owned subsidiary of Evergrande Real Estate Group Ltd. has agreed to buy 13.5 billion yuan ($2.1 billion) of assets from a unit of New World China Land Ltd., capping a multi-billion dollar shopping spree by the Chinese developer this year.
The Evergrande unit will buy a project and loans in the provinces of Hainan, Guangdong and Hubei, according to statements from the developers to the Hong Kong stock exchange. Read more>>
China Home Prices Rose 2% in November
Growth in Chinese new home prices quickened in November from a year earlier, two private surveys showed on Tuesday, adding to signs of a mild recovery in the housing market.
Prices of new homes in 288 cities rose an average 2.0 percent in November from a year earlier, the fourth straight month of gains, a poll by property services firm Real Estate Information Corporation (CRIC) showed. Read more>>
Rumours of Recovery Bring Record Land Prices in SH and BJ
Developers are paying top dollar to acquire residential building sites in leading Chinese cities, with the buying wave prompting warnings from analysts of mounting risks as prices rise further into record territory.
In Beijing, land prices rose to a fresh record in October after developer China Gezhouba Group beat out seven developers at auction, paying 75,000 yuan per square metre for a plot in the city’s southwestern district of Fengtai. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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