Government land sales in China have slumped for a second month amid myriad issues plaguing the country’s ailing property sector, reports Reuters. Cash-strapped developers are choosing to abstain from land purchases, heaping pressure on local authorities dependent on land sales for income. The value of land sales nationwide fell 11.15% to RMB 570.3 billion ($89 […]
Category: Property
Growth was a big topic this week with the GDP number for Q3 coming in at only 4.9%, even against the pandemic-hit Q3 of 2020. One analyst predicted that the Q4 GDP growth rate would be 2.5%. The causes of the slowdown are many, including the continuing power cuts, property market woes, and a general […]
Heavily-indebted property developer China Evergrande Group has obtained more time to pay a defaulted bond, offering small relief to the company despite a widening debt crisis across the Chinese property sector, reports Reuters. News of the three month-plus extension came a day after Evergrande scrapped a deal to sell a 50.1% stake, worth $2.6 billion, […]
The property management unit of Dalian Wanda Group, Zhuhai Wanda Commercial Management Group, has filed for an initial public offering (IPO) on the Hong King stock exchange valued at up to $4 billion, reports the South China Morning Post. The mainland China-based company, which is 69.99% owned by Dalian Wanda Commercial Management Group (DWCM), a […]
China’s property market has hit another hurdle as developer Modern Land (China) abandoned its plan to repay a part of a $250 million junk bond and extend it just days before it was due to mature, reports the South China Morning Post. The Beijing-based builder scrapped a solicitation process related to a 12.85% $250 million […]