CHINA PROPERTY DIGEST- Property inflation slows on month
BEIJING Aug 20 (Reuters) - Here is a look at the latest news, numbers and more from China's real estate market.
Property investment accounted for 15 percent of China's gross domestic product in the first half of 2013 and it impacts 40 other industries.
REUTERS NEWS AUG 18 - China's monthly property inflation moderated for a fourth straight month in July, although annual gains were the strongest this year, complicating policymakers' task of trying to cool the sector without stifling growth elsewhere. AUG 16 - A much-hyped land auction in a developing free-trade zone in southern China failed to attract any of Hong Kong's powerful property developers, signalling growing investor caution towards the ambitious $45 billion project. AUG 12 - The eastern Chinese city of Wenzhou has relaxed restrictions on property purchases to allow some people to buy second homes, the first in the country to ease controls, though analysts say other Chinese cities are not expected to follow suit. AUG 9 - Growth in real estate investment in China ticked up in the first seven months of this year, official data showed, and developers remain optimistic about the market this year due to strong demand, boding well for the broader economy. AUG 9 - China's state audit body found that 5.8 billion yuan ($948.49 million) of funds meant to provide affordable housing for poor families in 2012 was misused, the latest problem to dog a programme meant to help those priced out of the housing market. AUG 6 - China Vanke Co Ltd the largest mainland Chinese property developer by sales, reported a 22.3 percent rise in net profit for the first half of 2013. AUG 5 - China Overseas Land & Investment Ltd, the country's top property developer by market value, logged a 27 percent rise in first-half profit due to strong sales in mid- and high-tier cities, where it priced its properties strategically to counter tightening measures. AUG 1 - China's property inflation quickened in July amid signs of greater official tolerance of rising home prices as economic growth slows, two private surveys showed.
DATA -- China invested 620 billion yuan in affordable housing in the first seven months of this year, completing 2.8 million units and starting construction of another 5 million, data from the Ministry of Housing and Urban-Rural Development showed. -- Beijing's new home prices reached 25,292 yuan per square metre on average in July, up 9.6 percent from the previous month, according to data from local consultancy Home Link. -- China's tax revenues from property sales grew by 46 percent in the first half of this year compared with a year earlier due to strong home sales, data from the Ministry of Finance showed. -- Some 9.1 percent of China's outstanding trust funds were invested in property by the end of June, down from 9.4 percent at end-March, data from China Trustee Association showed.
CHINESE PRESS AUG 15 - China is expected to release a long-term mechanism for its property market in around three months, China Real Estate Association's vice-chairman Zhu Zhongyi was quoted as saying.(Economic Information Daily) AUG 15 - China will soon approve its first domestically focused real estate investment trusts (REITs) to fund affordable housing for rent.(China Securities Journal) AUG 9 - Vanke Co Ltd, China's largest mainland developer, said the possibility of a rapid rise in home prices was abating as the property market was stabilising in major cities.(China Business News) AUG 2 - China's developer Xinhu Zhongbao was planning to raise 5.5 billion yuan via an A-share placement to fund redevelopment of slum towns, raising hopes that regulators may allow developers to resume capital raising in the stock market. (Shanghai Securities Journal) THEY SAID -- "China has unveiled supporting measures to stabilise the slowing economy. In this case, its tightening stance on the property market has became relatively loose."(Ling Ke, chairman of Gemdale Group, told a forum in Boao of the tropical Hainan island) -- "The prospects for the property market in tier 3 and tier 4 cities will still be weak in five years due to weak demand and lower home prices." (Zhang Li, chairman of Guangzhou R&F Properties, told the same forum)
($1 = 6.1150 Chinese yuan) (Reporting by Xiaoyi Shao, Langi Chiang and Koh Gui Qing; Editing by Prateek Chatterjee)
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