Xiamen is the latest second-tier city in China to restrict home sales
Home purchase restrictions are back in fashion in China as cities try to put the brakes on the property roller coaster. Also in the news, Singapore’s CapitaLand Group has begun managing other people’s malls in China, and Xu Jiayin’s Evergrande keeps finding ways to spend money. Read on for all these stories and more.
Xiamen China’s Latest City to Restrict Home Sales
China’s southern Xiamen city, where home-price gains led the nation last month, banned some buyers from purchasing homes, joining larger hubs in trying to cool soaring property prices.
Xiamen, a port city in eastern Fujian province, will suspend selling homes to local buyers who already own two residences, and will ban non-residents from buying a second house, it said in a statement on Wednesday (Aug 31) on the city’s land resources and real estate management bureau website. Curbs will be effective from Sept 5 to the end of 2017. Read more>>
CapitaLand Mall Unit Branches Out into Retail Management in China
CapitaLand Mall Asia, which is wholly owned by mainboard-listed CapitaLand, has signed its first third-party management contract to manage the retail component of a mall in China.
The contract with Changsha Pilot Investment Holdings Group is for Fortune Finance Centre, an integrated development in Changsha, the provincial capital of Hunan, CapitaLand said yesterday. Read more>>
Evergrande Keeps Spending as Debt Piles Up
China Evergrande Group’s debt-fueled expansion spree shows no signs of slowing down.
Even as soaring interest payments and marketing costs ate into first-half profit, a top executive at the Chinese developer said late on Tuesday that the company wants to acquire brokerage and trust companies as well as smaller rivals－deals that would add to about $6 billion of purchases since the start of 2016. Read more>>
Takeover Battle Could Be Driving Down Vanke’s Business
In the midst of China’s housing market boom, the country’s largest property developer, China Vanke, is preoccupied not with maximizing sales but fending off contentious bidders.
“Workforce stability is our top priority now — the first time in 32 years,” said Zhu Xu, Vanke’s company secretary, who chaired a briefing on the company’s first-half results from which founder and Chairman Wang Shi and President Yu Liang were both absent. “Yu is in the thick of sorting out our shareholder conflict,” Zhu explained. Read more>>
Tech Firms Still Driving Beijing Office Values
On the outskirts of Beijing between the northeastern fourth and fifth ring roads, avant-garde high-rises compete for the shiniest logo featuring the latest technology firms adorning their steel and glass towers.
At dusk every day, deliverymen dressed in bright red or yellow coats arrive, their arms brimming with food to feed the programmers on overtime. Shuttle buses ferry throngs of employees to distant homes or metro stations. 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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