Hong Kong property developer Shui On Holdings announced it will sign a joint venture contract with overseas real estate investors in Shanghai. Terms of the deal were not announced but Shui On management noted the real estate group plans to boost its presence on the mainland. Shui On’s move towards foreign sources of capital comes after the People’s Bank of China increased interest rates on loans for luxury apartments, office buildings and villas and limited mortgages to finished housing. Bank loans currently account for close to 70% of real estate financing in China.
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