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China property prices pick up further in July: govt

Beijing yet to approve Disney's Shanghai park: report
Plans to build mainland China's first Disneyland park in Shanghai have yet to be given the go ahead by the central government, state media reported Monday. Walt Disney Co and Shanghai's government have agreed on major issues in building the park, the official Shanghai Securities News reported, while the US firm said in January it would be submitting a joint application to Beijing. However, the paper, citing Liu Zhengyi, a vice head of Shanghai's Pudong district, said it had still not been given final approval. Disney officials were not immediately available for comment on Monday. The company has been in talks with Chinese officials for a decade about building a large theme park and hotel complex in the southern part of the Pudong district in China's economic hub and largest city. No timetable has been given for the park, but previous reports had said officials hoped it could open as early as 2014.
by Staff Writers
 Beijing (AFP) Aug 10, 2009
 Property prices in Chinese cities picked up further in July, official figures showed Monday, as the effects of government stimulus efforts gained strength.

Prices of real estate in 70 major cities jumped by one percent year-on-year last month, the National Development and Reform Commission and the National Bureau of Statistics said in a statement.

That followed a 0.2-percent rise in June. Until then the index had slumped for six months since December, as it was hit by previous government attempts to rein in prices as well as the global economic crisis.

Prices of new houses increased 0.3 percent in July from a year ago, compared with a drop of 0.6 percent in June, while those of existing houses went up by three percent, up from 2.2 percent a month earlier, the statement said.

Since October, the government has taken a series of measures, including tax breaks and preferential rates for first-home buyers, to avoid a crash in real estate, which accounts for more than 20 percent of urban fixed investments.

In addition, inflation expectations due to a surge in new bank loans this year is also driving the sector's rebound, analysts argued.

New loans for the first half of the year amounted to a record 1.1 trillion dollars, recent central bank figures showed.

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POLITICAL ECONOMY
Chinese developers line up for Hong Kong listings: report
 Hong Kong (AFP) Aug 3, 2009
 Several Chinese developers are planning to raise billions of dollars by listing on the Hong Kong bourse to take advantage of a strong rebound in the housing market, a report said Monday. The plans come as the southern Chinese city's Hang Seng Index has registered massive gains over the past few months, while a resurgent real estate sector on the mainland has boosted hopes of a recovery soon. ... read more






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