Business | Golden Week property crackdown spreads from major cities

Golden Week property crackdown spreads from major cities

Introducing the Asia Times editorial picks of important and market-moving stories from Chinese-language media

October 7, 2016 5:47 PM (UTC+8)
City governments marked the national Golden Week holiday by rolling out measures aimed at damping speculation that has driven up prices of residential properties -- such as the new developments seen here in Zhengzhou on Sept. 23, 2016. Photography by Yawen Chen of Reuters
City governments marked the national Golden Week holiday by rolling out measures aimed at damping speculation that has driven up prices of residential properties -- such as the new developments seen here in Zhengzhou on Sept. 23, 2016. Photography by Yawen Chen of Reuters

The crackdown on property speculation in Beijing, Guangzhou, Shenzhen and 16 other major cities is to spread to smaller municipalities, Sina Finance said on Friday. Cities such as Fuzhou, Dongguan, Shijiazhuang and Qingdao — all seeing a surge in housing prices — will be next to feel the bite of stricter mortgage rules and purchase limits, analysts say. The widening government campaign to tackle property speculation targets non-local buyers so the price controls will spread to other areas, according to Zhang Dawei, chief analyst at Centaline Property.
国庆期间深圳等19城市调控楼市

Estate agent blacklist only first step: Xinhua

The recent blacklisting of 45 property companies and agencies is only the first step to combat errant real estate practices, Xinhua news agency said Thursday, citing the government’s commitment to the “healthy and stable operation” of the property market. The blacklisted entities were all from “red-hot” residential markets, such as Beijing, Shanghai, Nanjing and Shenzhen. The realtors were accused of practices such as false advertising and “creating anxiety surrounding the housing market.”
房地产”黑名单”公布 不是结束而是开始

Yuan in IMF basket to aid global stability: Xinhua

Including the yuan in the International Monetary Fund’s Special Drawing Rights basket will support global economic growth and financial stability, Xinhua cited IMF deputy managing director Zhang Tao as saying. However, the yuan won’t become the world’s reserve currency anytime soon because it has much to do in reforming its economy, US Treasury Secretary Jacob Lew said, according to CNS.
IMF副总裁张涛:人民币“入篮”有助于全球金融稳定
美财长称人民币“入篮”是重要一步中国需继续经济改革

Nanjing property sales slump on crackdown

Zhuhai, Nanjing and Xiamen joined a flurry of other municipalities in tightening mortgage rules and limiting property purchases in the past week in what is becoming a widespread crackdown on speculators, Beijing Morning Post reported Thursday. The three join 12 other cities that have announced tougher regulations to curb surging house prices. Nanjing on Thursday limited purchases by locally registered single adults to stop couples faking divorce to speculate in property, the paper said. Nanjing housing sales dropped 30% last week after the city released its first round of restrictions on property purchases, according to the Nanjing Municipal Housing, Land and Resource Administration.
珠海重启限购限贷:本地限购3套 外地限购1套
南京楼市调控打补丁堵离婚漏洞 单身限购一套住房
南京楼市调控后一周成交量下降三成 专家称房价或出现下调

Education key to China’s growth: World Bank

The World Bank is optimistic about China’s long-term economic development because its human resources offer the opportunity to improve productivity through investment in education, Sina Finance said Wednesday citing discussions at a meeting between the bank’s chief economist Paul M. Romer and its president Jim Yong Kim the previous day. The bank forecasts China’s gross domestic product will grow 6.7% in 2016 and 6.5% in 2017, according to Phoenix Finance.
世界银行:看好中国长期经济发展
世界银行:维持2016中国增长率预估6.7%不变

Baosteel CEO says more industry mergers ahead

Baosteel Group’s merger with Wuhan Iron & Steel Group will not be the last in the nation’s steel industry, Baosteel Chief Executive Officer Chen Derong told Xinhua on Wednesday. The merger is a “first step in change in strategy” for the steel industry, Chen said. It’s a shift from addressing a problem of “sufficiency” to one of “quality,” he said.
“宝武联合”发动中国钢铁业动力转换战略引擎

Almost 4,000 companies join exchange this year

Almost 4,000 companies this year joined the National Equities Exchange and Quotations Co., the bourse for small to mid-sized firms commonly known as the New Third Board, Xinhua said Wednesday. New Third Board’s market capitalization of 3.5 trillion yuan (US$500 billion) is two-thirds of the Shenzhen Stock Exchange’s ChiNext board for smaller companies, the report said.
新三板前三季度新增近4000家公司 监管趋严挤压泡沫空间

Shenzhen, Guangzhou join property crackdown

Shenzhen and Guangzhou will force buyers of second homes to put down 70 percent of the price, joining efforts to damp property speculation. The rules were published Tuesday on the municipal governments’ websites. They will also limit loans for third homes.
深圳楼市新政:二套房首付提至七成’
广州紧随深圳夜出台楼市新政

Stimulus spending fails to lift northeast: Caijing

Government-run projects and cash infusions into state-owned enterprises in northeast China are the wrong way to revitalize the region, Caijing said Tuesday. Around 1.6 trillion yuan had been earmarked for 127 projects in the region through August this year under the National Development and Reform Commission. Analysts said such a centrally planned effort won’t work. The market-based methods of Guangdong, Zhejiang and Jiangsu are a better model, said Liu Shijing, former deputy director of the State Council Development Research Center.
靠什么拯救东北经济:仅靠国家大项目是不够的

Nanfang Black Sesame fails quality test — again

Nanfang Black Sesame Group has failed food quality tests for the second time this year, with some of its products containing E. Coli bacteria that can cause food poisoning, according to a report by Sina News that cited a Sept. 29 finding by the China Food and Drug Administration. Authorities found similar issues with the company’s black sesame products in January this year, according to the report.
南方黑芝麻糊年内两次抽查不合格 上质量黑榜

Shanxi coal output slumps 20% over past year

Shanxi, China’s biggest coal producing province, cut output of the fuel by 20% in the past year, Xinhua said Tuesday. The province has shut mines and also given close to US$142 million to six major coal enterprises to reduce capacity.
8月山西规模以上企业原煤产量同比下降21.3%

B2B apartment rental needs regulation

Business-to-Business apartment rentals is a trillion yuan market that involves 400 million people, according to Xinhua. What it doesn’t have is a regulator and that’s way overdue, it said on Tuesday.
住房公租领域现B2B 公寓 万亿级市场仍待规范

PBOC tightens electronic money transactions

PBOC will require banks to limit the number and size of daily transactions of new customers, Xinhua said Tuesday. The rule will come into effect on Dec. 1. A person will be allowed to open only one account with a bank and can cancel any transaction within 24 hours.
央行最严新规:支付宝、微信转账将限笔数

ZTE tops iPhone in Russian smartphone market

ZTE unseated Apple Inc. to become the largest supplier of smartphones in Russia after Samsung Group, with a 9.4% market share, China News said Tuesday. Chinese smartphones accounted for more than 30% of Russian sales in July for the first time, the report said, citing Russian handset retailer Svyaznoy.
中国手机在俄销量大幅上升或将占据俄市场半壁江山

Property: opening salvo in phony war?

Beijing and eight other cities rolled out market-cooling measures over the past four days in what analysts said was a warning to end the rampant and often illegal speculation in property prices, 21st Century Business Herald reported Tuesday. The policies including increased supply of land and a tightening of mortgage rules. However, Centaline Property’s chief analyst Zhang Dawei said only the steps by Beijing and Hefei could be seen as “the real deal,” including the capital’s pilot project to set ceilings on prices at various stages of the development process to limit the scope for speculation.
4天9城楼市新政成色如何:分析称只有2家动真格
新华社:楼市调控政策代表一轮收紧调控的开始

Shenzhen strugglers turn to bricks & mortar

Seventy-three struggling non-real estate companies on the Shenzhen Stock Exchange have bought, transferred, sold or mortgaged properties this year, according to a report by China Finance Information on Monday. Tianhe Defense Technology and China Greatwall Computer (Shenzhen) are among the companies that have all suffered declining revenue or are on the verge of delisting, it said. Some, like Hongfu Securities, have already left China’s second-biggest bourse, it said.
扎堆卖房祭“救命稻草” 73家上市公司靠房子救急

Premier hosts Portugal’s Colonial Club in Macau

Li Keqiang arrives in Macau on Oct. 10 for a two-day forum to promote ties with Portuguese-speaking countries, Xinhua said Monday. The former Portuguese enclave will host delegations from Brazil, Angola and Mozambique, as well as one led by Prime Minister Antonio Costa.
李克强将视察澳门 出席中国-葡语国家经贸合作论坛

By Lin Wanxia, Poo Yee Kai & Benny Kung

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