New home prices in China stalled for the first time since the outbreak of the Covid-19 pandemic in September, as worries around the country’s property sector increased amid tightening credit due to an ongoing crackdown on speculative investment, reports Reuters. The average new home price in 70 major Chinese cities was unchanged in September month-on-month, […]
Category: Property
Chinese property developer Sinic Holdings has joined a growing list of defaults in China’s real estate sector after a warning last week that they may be unable to make payments on their debts, reports the Financial Times. Hong Kong-listed Sinic defaulted on $246 million of bonds that were due on Monday, adding to a $206 […]
Embattled property developer China Evergrande Group’s deal to sell a controlling stake in its property services unit has been halted, in a blow to the company’s hopes of avoiding an impending default, according to two people with knowledge of the matter, reports Reuters. The intention was to sell the 51% stake in Evergrande Property Services […]
China’s gross domestic product (GDP) growth slowed to 4.9% year-on-year in the third quarter of this year, amid an energy crisis, skyrocketing commodity prices and a struggling real estate industry, reports Caixin. The figure came in just shy of the median estimate for 5% growth in a Caixin survey of economists. It was much lower […]
China’s property sector slowed significantly in September as the country’s debt-laden developers slashed spending and demand from home buyers fell, reports The Wall Street Journal. Investments made by property developers fell 3.5% year-on-year in September, according to data released by China’s National Bureau of Statistics on Monday. Home sales by value fell 16.9% in September […]