Shenzhen has biggest housing bubble so far this year
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Shenzhen had the highest housing price to income ratio across 45 cities in China in the first nine months, reported Caixin on Monday evening using data from Shanghai E-House Research Institute. The ratio was close to 37 for Shenzhen compared to Shanghai in second with 22. The national ratio was 7.6 from 7.2 in 2015. A ratio above 6 in a developed country is considered bubble territory.
Construction by value rises 9.1% from last year
Construction projects increased 9.1% by value in the first ten months this year to 102.29 trillion yuan, Shanghai Securities Journal reported on Monday, citing the National Development and Reform Commission.
Fixed asset spend rises, but northeast loses out.
Fixed asset investment in the first ten months this year increased 8.3% to 48.44 trillion yuan (US$7 trillion) from a year earlier, according to data from the National Development and Reform Commission in a Security Daily report. Investment in eastern, central and western China maintained double-digit growth, while the northeast saw a 25.5% drop.
Industrial output slows in Beijing, Tianjin, Hebei
October industrial growth in Beijing, Tianjin and Hebei trailed the national rate of 6.1%, according to National Statistic Bureau data cited by 21st Business Herald. Beijing’s rate was 3.9% as factories moved out of the capital, while Hebei reported 4.1% growth due to loss of steel production.
Regulator gets tough on insurance companies
The China Insurance Regulatory Commission said it will toughen regulatory oversight of investment by insurance companies and will suspend firms breaking rules, reported the Shanghai Securities Journal on Monday evening.
Local government budgets to be public
The budget and final accounts of local governments will be made public under a rule announced by the Finance Ministry and reported by Caixin Monday evening. The exception will be items under national security laws.