SOME Chinese commercial banks were making property loans only to 16 developers controlled by the Central Government and stopped giving property loans to Central Government owned companies whose core businesses were not real estate development, China Securities Journal reported yesterday, without saying where it got the information.
China State Construction Engineering Corp., China National Real Estate Development Group Corp., and Shenzhen-based OCT (Overseas Chinese Town) Group are among the 16 companies receiving loans, according to the newspaper.
According to the directive by the State-owned Assets Supervision and Administration Commission announced in March, 227 real estate subsidiaries of 78 SOEs were required to exit the sector, accounting for 60 percent of the total number of real estate companies controlled by SOEs.
Of the total, only seven SOEs had transferred their stakes in 20 real estate subsidiaries in the past eight months.
Residential property prices in China s 100 key cities rose 0.8 percent last month from a month earlier, according to the China Real Estate Index System (CREIS).
Shenzhen stood out as the city with the highest average property price at 24,601 yuan (US$4,840) per square meter, followed by Shanghai, Beijing, Hangzhou and Sanya, the private data provider said.
Housing prices in the country s 10 most expensive real estate markets rose an average of 34 percent last month from a year earlier, it said.
The survey by CREIS, which is affiliated with SouFun Holdings, China s biggest real estate Web site operator, serves as a leading indicator of Chinese housing prices. Official data is due later this week.
The National Bureau of Statistics official measure of the Chinese property market registered a 0.2 percent price increase in October in month-on-month terms and an 8.6 percent annual increase.(SD-Agencies)
