China Property Digest: Developers' profit improving
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BEIJING Oct 31 (Reuters) - Beijing has been working for more than two years to cool red-hot property prices but the campaign may now be adding to stress on the cooling economy and could offset the impact of any fresh policy easing.
Investment in the property sector accounted for 14.4 percent of China's gross domestic product in the first nine months of 2012.
Here is a look at the latest news, numbers and more from China's real estate market.
Oct 29 - Poly Real Estate Group Co Ltd, China's second biggest property developer by market capitalisation, said its third-quarter net profit was up 95 percent from the second quarter.
Oct 29 - Chinese property developers' credit quality is improving, signalled by rebounding sales and the ability of companies to tap international capital markets to raise funds, ratings agency Moody's Investors Service said.
Oct 26 - Standard & Poor's Ratings Services assigned its 'BB+' long-term corporate credit rating to China-based commercial property developer SOHO China Ltd .
Oct 24 - China Overseas Land & Investment Ltd, the country's largest property developer by market value, posted the smallest quarterly growth this year and forecast the worst is yet to come for the real estate sector.
Oct 23 - China Vanke Co Ltd, the country's largest real estate developer by sales, said its third-quarter profit more than doubled, citing a recovery in the property market.
Oct 22 - Bank lending to China's real estate sector jumped 29 percent in the third quarter helped by rising sales and investment, central bank data showed, the latest sign that house prices may be stabilising.
- A new luxury apartment in Shanghai was sold at a record high price of 215,600 yuan ($34,500) per square meter last week.
- About 89.6 percent of Beijing residents regarded current home prices as "high or too high" in the third quarter, according to a quarterly survey conducted by the People's Bank of China.
- The monthly new home transaction volume in Beijing reached 7,920 units as of Oct. 27, up 61 percent from a year ago, according to data from local consultant Home Link.
- The vacancy rate of grade A office in Beijing fell to 2.18 percent in the third quarter of this year, down 0.27 percentage points from the second quarter, data from real estate consultancy DTZ showed.
- City authorities in eastern city of Hangzhou sold 18 land parcels from Oct. 13 to Oct. 19, with the total land revenues hitting 9.66 billion yuan ($1.55 billion), according to CRIC, a private consultancy.
- Land sales revenues in Beijing reached 25.8 billion yuan in September, leaping 907 percent from August and up 96 percent from a year ago, according to data from property consultancy Centaline.
- China's residential land prices reached 4,564 yuan per square meter in the third quarter of 2012, up 0.92 percent from the second quarter and seeing year-on-year price increase of 1.03 percent.(The Ministry of Land and Resources)
Oct 30 - China's 91 listed property developers saw the value of their combined inventories hitting 915.55 billion yuan by the end of September, up 24.08 percent from a year earlier, meaning the companies are under increasing pressure to decrease the size of their stocks. (China Daily)
Oct 24 - Beijing's average new home prices reached 20,161 yuan per square meter as of Oct. 22, up 3.7 percent from a year ago, data from Beijing Municipal Commission of Housing and Urban-Rural Development showed.(China Securities Journal)
Oct 22 - China's home prices are expected to drop 5 percent in the second half of this year as market supply is still at a high level, said Bei Fu, an analyst at Standard & Poor's, at a recent press conference. (Xinhua)
Oct 21 - China's western Shananxi Province has put a profit cap of 10 percent on property developers and the government will suspend the pre-sale registration of highly-priced homes. (China Securities Journal)
Oct 19 - China's property market is on track of gradual recovery since both home sales and prices have hit the bottom in June, said Nie Meisheng, president of the China Real Estate Chamber of Commerce. (People's Daily overseas edition)
-- "Home prices' rises and falls mainly depend on market supply and demand. The property tax alone could not curb the rising home prices and it should be implemented together with other tightening measures." (Yang Chongchun, former vice-chief of State Administration of Taxation, said in an interview with the Caixin)
($1 = 6.2405 Chinese yuan) (Reporting By Xiaoyi Shao and Kevin Yao; Editing by Jijo Jacob)