Hong Kong/China Property Daily:Inside the Great Wall
31plots sold at premiums higher than 50% over initial asking prices MTD
As of 17Jul MTD, 57land sales have reported transaction values of overRMB500m. 31plots have been sold at premiums higher than 50% over initialasking prices. Chongqing and Nanchang reported active residential land salesof GFA over 400ksqm apiece, according to China Index Academy. (Hexun)
MOHURD and MOF issue notice to clean up deposits from construction firms
The notice requires local units of MOHURD and finance departments toformulate plans to clean up deposits by refunding deposits in cancelledcontracts by the end of Sep 2016. Official units must repay the overchargedportion of the deposit that is overdue to construction companies, together withcompensation, by the end of this year. (Hexun)
Expert: developers that replenished land bank at high prices in Tier-2cities willface difficulties
Centaline chief analyst Zhang Dawei believes the phenomenon of land costsurpassing house price has spread from Tier-1cities to Tier-2cities. Developersthat replenished land bank at high prices in Tier-2cities will face difficulties ifthe gain in house prices in the coming year is less than 50%. (Hexun)
Sino Land sells 23units out of 90launched at Park Mediterranean in HK
Sino Land (0083.HK) sold units at its Sai Kung project Park Mediterranean forthe first time yesterday. It only sold 23units out of 90on offer, recording atake-up rate of 26%. Centaline explained that the slow sales are due to heavyinventory from another launch from Sino Land, which was in the same area(The Mediterranean). (HKEJ)
The Fed may raise rate in September
Jon Hilsenrath of the Wall Street Journal wrote that Federal Reserve officialsare looking more confidently toward an interest rate increase before the end ofthe year, possibly as soon as September, as financial markets have stabilizedafter Britain’s vote to leave the European Union and the economy is showingsigns of picking up. (Wall Street Journal)