Additionally, the Government will stop companies which have held land for more than a year, without developing it, from buying additional plots – with the aim of controlling prices. It will also increase land available for smaller, affordable apartments in cities with high prices and offer to grant planning approvals within 10 days of application.
Elsewhere, China’s Ministry of Housing and its banking regulator (the CBRC) are jointly probing the way commercial lenders implement second home policy restrictions in major cities, reports the China Business Journal. The results will be reported after the National Day holidays in October.
The iconic and youthful commentator, Andy Xie, is also preaching a five year bear market for Chinese real estate in which average prices in larger cities will at least halve. He also likens developers to the seasonal cooking of Shanghai hairy crabs i.e. they are currently immersed in pleasant cold water, like their natural habitat. But the cooker has been turned on and they will be boiled alive. Salt is required here – literally and figuratively.
On a happier note, 85-year old Chinese ex-pat and now Philippine billionaire, Henry Sy, is spending $523 million on four more shopping malls in China over the next three years through his company SM. He also says that residential projects in China are also “very, very viable and I am getting ready to put up a company”.
Age over youth.
Headlines
- Property tax encore
- China will prevent some land purchases by developers as is seeks “reasonable” price correction
- Probes are made into second property loans by banks, says China Business Journal
- Xie says Chinese property has entered a five year bear market
- Philippines billionaire, Henry Sy, may build apartments in China, as well as malls
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