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BEIJING, Sept 18 (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 13.6 percent of China's gross domestic product in the first half of 2012.
Here is a look at the latest news, numbers and more from China's real estate market.
REUTERS NEWS
Sept 18 - China's home prices rose 0.1 percent in August from July, showing a modest increase for a second consecutive month and signaling a gentle recovery in the property market as the government seeks to spur economic growth.
Sept 12 - Many Chinese banks have cancelled an informal 15 percent discount on first mortgage interest rates, a sign that lenders are stepping into line with ongoing official efforts to clamp down on rising housing prices, the China Securities Journal said.
Sept 10 - China has invested 820 billion yuan ($129 billion) in 6.5 million public home building starts as of the end of August, the Ministry of Housing and Urban-Rural Development said, putting it on track to achieve an ambitious construction target.
Sept 6 - Chinese Estates Holdings Ltd said it had agreed to sell its stake in a China property development project for $500 million, in a bid to increase its cash reserves given a challenging macroeconomic environment.
Sept 4 - China Vanke, the country's largest real estate developer by sales, said on its August sales rose 8 percent to 11.4 billion yuan ($1.80 billion) from the same period a year ago.
Sept 1 - Average home prices in China's 100 big cities edged up for the third straight month in August though the pace of increases slowed, a private survey showed, suggesting that government calls to maintain strict controls on the property market are working.
DATA
- China's affordable housing coverage ratio has increased to 11 percent now from less than 4 percent in 2008, Premier Wen Jiabao said in a meeting of the World Economic Forum in Tianjin.
- China's real estate investment rose 15.6 percent in the first eight months of 2012 from a year earlier, quickening from an annual increase of 15.4 percent between January and July, according to data from the National Bureau of Statistics.
- China's capital city of Beijing plans to sell 20 pieces of land in September alone, after selling 32 parcels in the first eight months.
- Land sale revenues in China's top 10 cities, including Beijing and Shanghai, totalled 40.9 billion yuan ($6.5 billion)in August, up 14.4 percent from July, according to data from local consultancy Home Link.
CHINESE PRESS
Sept 13 - Shanghai Municipal Housing Authority will start to scrutinize whether home purchases restrictions are enforced in this city this month. (Shanghai Daily)
Sept 12 - China's major property developers are accelerating purchases of land parcels. China Vanke bought four pieces of land worth 6.9 billion yuan in the first half of September.(Beijing Morning Post)
Sept 11 - China's eastern city of Nanjing rejected a developer's plan to raise new home prices by 10 percent for a project it is launching, saying the local cap is for a rise of 5 percent now. (National Business Daily)
Sept 11 - Beijing Capital bought a land parcel for affordable homes at a price of 1.3 billion yuan on September 10. (Beijing Times)
Sep 1 - China's property tightening campaign is still at a critical stage and the country should keep rein in speculative demand and increase home supplies, Premier Wen Jiabao said while visiting Tianjin.(Xinhua)
THEY SAID
- "Some foreign capital is flowing out of China's real estate industry but some is keen to enter the country's commercial and industry property market."(Liu Xiaoguang, president of Beijing Capital Land, said on the sidelines of a meeting in Tianjin)
- "Now Vanke has plenty of funds on hand. If we do not buy land parcels we would die of hunger."( Yu Liang, chairman of Vanke, said in a new conference)
($1 = 6.3407 Chinese yuan) (Reporting By Xiaoyi Shao and Nick Edwards) (xiaoyi.shao@thomsonreuters.com; +8610-66271221; Reuters Messaging: xiaoyi.shao.reuters.com@reuters.net)
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