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Sky-high prices push foreigners to suburbs

A small community of expatriates has emerged in Beijing's growing northern suburbs attracted by low rents and spacious apartments. Among them is Peter Marvian, a 32-year-old English teacher from Canada, who rents an apartment in Huilongguan. Marvian, who lived in Shangdi, Haidian ...

Local govts await approval for property tax

China's central government is considering selecting two cities from Hunan and Hubei provinces, respectively, for a pilot program for property tax collection on commercial real estate, China Securities Journal reported recently. The property tax is considered a further measure to ...

Home sales plummet, frosty year predicted

The housing market might be bogged down, but a tough local real estate policy that took effect last month has sparked chaotic competition among house buyers. Beijing Homelink Real Estate Brokerage, the biggest property agency in the capital, is complaining that a policy issued on ...

Real estate business volume slumps in Xi'an

XI'AN - Hu Minyuan, a 30-year-old resident of Xi'an, who is set to tie the knot in October, has deferred plans to buy a house due to the high real estate prices. Instead, Hu and his bride-to-be will rent a house and wait for the right time to buy when prices drop considerably. "I ...

Realtors lower price as demand for homes slows

There was a big fall in transaction volume this month for new property projects in Beijing and some developers have even started to lower their prices or offer discounts. During the first three weeks that ended on April 25, only 695 new commercial apartments were sold. During ...

Real estate a 'major business' of billionaires

BEIJING - One-third of Chinese billionaires have businesses in real estate, a latest research report has found. The report, released by cuaa.net, an independent Chinese website focusing on alumni affairs, showed that half of the number of Chinese billionaires have businesses in ...

China State firms hand in plans to exit property sector

BEIJING: China's agency overseeing big State-owned businesses has received plans from 78 State companies spelling out how they intend to sell out of the nation's heady property market, a Chinese newspaper said on Friday. The China Securities Journal also reported that the State...

Real estate agents look for higher pay in 2010

As many as 95 percent of employees in Beijing real estate companies expect their income to be somewhere between 150,000 and 300,000 yuan in 2010, according to a survey report released on April 2. The survey, conducted by Zhaopin.com, one of the largest human resources service ...

Rich areas of the city attract scammers

The areas of Beijing with the highest property prices also have the largest number of fraud cases in the city, likely because scammers are targeting more affluent areas, according to a local newspaper. China South Industries Group Corp (CSGC) recently bought a piece of land in ...

China mulls real name registration for online shops

BEIJING - Supporters outnumbered opponents Sunday in an online poll on introducing a real-name system to online retail registration after China's commerce authority issued a draft to solicit public opinion. The State Administration for Industry and Commerce released a draft ...

Tough rules set to drop home prices 30%

New restrictions kick in over weekend Home prices may drop by as much as 30 percent by the end of this year in Beijing, following the introduction of tough new rules that among other things ban families from buying more than one additional home. In addition, non-locals are not ...

Market-cooling measures have desired effect

SHANGHAI - The introduction of various market-cooling measures by the central government over the past few weeks seems to have stunned speculators, causing many potential homebuyers to hold off on taking the plunge of buying a house. And some developers, saddled with heavy debt, ...

China's Hainan hopes to avoid property crash

HAIKOU - With new home prices rising by almost 20 percent a month, Haikou would seem to be the dictionary definition of a property market bubble. After China unveiled plans in late December to turn tropical Hainan island into an international tourist destination, tens of ...

'Measures to cool property already working'

Beijing - The skyrocketing prices of property could harm the financial security and social stability of the nation, a senior housing official warned on Friday. Qi Ji, vice-minister of housing and urban-rural development, made his remarks in response to claims made by his ...

Fake divorce sidesteps home restrictions

CHANGSHA - Li Guoliang, 42, is planning to divorce his wife, not to end an unhappy marriage, but to buy a second home even as China's house prices continue to skyrocket. Li's decision came after the Chinese government imposed restrictions on the purchase of second homes in a bid ...

Divorce, a way round China's second-home restrictions

CHANGSHA: Li Guoliang, 42, is planning to divorce his wife, not to end an unhappy marriage, but to buy a second home as China's house prices continue to skyrocket. Li's decision came after the Chinese government imposed restrictions on a family purchasing a second home, in a bid ...

Neglected districts hoping for windfall

Real estate prices may rise after merger of less well-off districts The real estate market in Beijing has been in the doldrums since April, when the most stringent economic policy in a decade, brought in to cool the overheated realty sector, was announced. Now, some realty ...

Rental rise in Beijing as potential buyers shelve plans: report

BEIJING: Rental housing costs in Beijing are rising, even as government measures announced in April dampen transaction volume, partly due to prospective home buyers suspending purchase plans and continuing to rent, Monday's Beijing Evening News reported. The average rent in ...

E-commerce boom continues in China

BEIJING - For Wen Zhenhua, the biggest success of her career was the bulk sale of condoms on www.meituan.com, a newly-opened and flourishing group-buying website. Some 50,000 international brand condoms sold out within hours of going on sale, and to Wen's delight, many Chinese ...

HK tourism seeks to clean up its image

Beijingers who plan to travel to Hong Kong will be able to join tours without forced shopping and extra charges, the head of Hong Kong's tourism authority promised. James Tien, chairman of the Hong Kong Tourism Board (HKTB), was on a trip to the mainland to restore the image of ...
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industry

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