Expressway cuts distance between Xinjiang and Beijing
The G7 Expressway officially launched on Saturday, connecting the Xinjiang Autonomous Region to Beijing over a distance of 2,768 kilometers, and cutting 1,300 kilometers from the previous route, Yicai reported on Tuesday. The expressway is the world’s longest highway across desert, which bridges west Horgas Pass in Xinjiang and east Tianjin port, it added.
Sunac withdraws US$1.48 billion bond issue
Tianjin based real estate developer Sunac has halted the issue of 10 billion yuan (US$1.48 billion) in corporate bonds on the Shanghai Stock Exchange as its Chairman, Sun Hongbin, said the company withdrew the offer back in February, Yicai reported. Companies financing real estate via credit bonds totalled only 179.5 billion yuan in the first sixth months, compared to 670.2 billion yuan in the same period last year.
NDRC keeping watch on “irrational” overseas investment
The National Development and Reform Commission (NDRC) said it is keeping a close eye on “irrational” overseas investment to minimize potential outbound risks for Chinese companies, Sina Finance reported. Yan Peng, spokesman of the NDRC, said that regulatory authorities would continue to pay close attention to foreign investment in industries such as property, hotels, entertainment, cinemas and sports clubs.
Daily turnover falls at Shanghai and Shenzhen Stock Exchanges
Shanghai Stock Exchange daily turnover stood at 168.3 billion yuan in June, a 7.7% decrease compared to May, the Economic Information Daily reported. Daily turnover at the Shenzhen Stock Exchange amounted to 218.5 billion yuan, a 3.0% decrease compared to May.
Beijing-Shanghai express railway to boost speed
The Beijing-Shanghai express will increase its top speed to 350 kilometres per hour in October, Caixin reported. A source from the China Railway Corporation said two models in use, both the Hexie Hao and Fuxin Hao, will increase speeds, thus shortening the entire trip by 40 to 50 minutes, to around 4 hours.
Tech products driving retail sales
Total retail sales of consumer goods in June totalled 2.98 billion yuan (US$441.08 billion), a rise of 11% from a year earlier. Zhao Ping, research head at the China Council for the Promotion of International Trade, said innovative tech products such as VR equipment, drones and housekeeping robots are leading the consumption, the Shanghai Securities Journal reported.
Housing prices could drop in Q2 2018: report
A report published by DBS Vickers said it will take 6 to 9 months for housing prices in China to slow down and enter a downward period. Wang Dan, director of the research at DBS Vickers, said home prices are expected to increase 0 to 5% for the second half of the year, and the much-anticipated decrease could happen during the second quarter or second half of next year.
China’s property market slows
Prices for newly built commercial housing in 15 first and second tier cities have fallen year on year in June, while home prices in the four first tier cities fell compared to May, Sina Finance reported, citing the National Bureau of Statistics. South China’s Sanya, Beijing and east China’s Wuxi fell 0.8%, 0.4% and 0.35% in June respectively, compared to May.
Property developers on land buying spree
According to the National Bureau of Statistics, real estate enterprises have purchased a total of 103.41 million square meters of land in the first six months of 2017, an increase of 8.8% year on year, while transactions totalled 437.6 billion yuan, a rise of 38.5% from a year earlier. The Ministry of Finance said fiscal income from selling land reached 1.88 trillion yuan for the first half of the year, a rise of 34% from a year earlier.
Vanke spent US$14.8 billion in land purchases
Vanke, the leading property developer in China, has spent around 60 billion yuan to buy lands on the open market in the first half of the year. The company also won the bidding for an asset package sold by Guangdong Xintuo Real Estate Development Company, which includes 16 parcels of developable land worth 55.1 billion yuan, Caixin reported.