Zhong An may raise $438 million in IPO

Zhong An Real Estate, aiming to become the largest listed developer of property in the eastern Chinese city of Hangzhou, may raise as much as 3.4 billion Hong Kong dollars, or $438 million, in a Hong Kong initial public share sale.

The closely held company plans to sell 543 million new shares at 5 dollars to 6.25 dollars apiece, said an e-mail sent to international institutions Wednesday.

Property prices in 70 major Chinese cities increased at the fastest rate in August in at least two years, according to official data. Low interest rates spurred property speculation, adding to demand created by an increasing urban population and companies seeking to upgrade their living and office space

Shanghai real estate tycoon on trial for alleged tax, bribery offenses

A Shanghai real estate tycoon who served a three-year prison term after a stock market scandal is on trial for alleged bribery and tax offenses, a state-run magazine reported Wednesday.

Zhou Zhengyi was detained a year ago amid a probe of government misconduct that brought down the Shanghai Communist Party secretary and other city leaders.

State media reports say he is charged with misappropriation of funds, bribery and forging value-added tax receipts.

Fears of housing crash in red-hot China economy

Faced with surging inflation, shaky loans and a stockmarket bubble that has grown by more than 400 per cent in two years, the Chinese Government in recent months has been pulling all the policy levers at its disposal to control growth.
Ther central bank has raised interest rates five times this year and increased reserve requirements for commercial lenders eight-fold. Last month the central planning agency imposed a price freeze on cooking oil, electricity, water and other household essentials to try to stem inflation that had hit an 11-year high, although late on Thursday a senior economic planning official said that annual inflation had fallen from 6.5 per cent in August to 6.2 per cent in September, thanks to a big fall in pork prices.

Yang Huiyan, a real estate scion, tops Forbes list of richest in China

The total net worth of members of the 2007 list more than tripled to $120 billion from $38 billion last year, reflecting China's rapid growth and a surging stock market that has almost tripled in value this year. The economy expanded 11.9 percent in the second quarter from a year earlier, the fastest pace in more than 12 years.

All 40 members of the list this year are billionaires, up from 15 last year, according to the magazine. The ranking of Huang Guangyu, the chairman of Gome Electrical Appliance, who was No. 1 last year, fell to No. 10, even as his wealth increased 56 percent to $3.6 billion.

Beijing real estate floats like a bubble on a bubble

Despite China's efforts to curb real estate speculation, housing prices continue to rise, encouraging even more construction and a frenzy of public stock offerings by big real estate companies. While the US endures a mortgage crisis, investors in Chinese real estate are celebrating and pushing the value of housing and housing shares to new heights. SOHO China's initial public offering on Monday raised nearly $US1.7 billion, or as much as Google raised in its 2004 public stock offering in the US.

China's Large Developers Poised for Long-Term Run

HONG KONG -- China's property prices keep plowing higher despite government efforts to check them. Their resilience suggests continuing opportunities for investors with an appetite for risk. In recent months, mainland Chinese officials have taken steps to curb speculation in the booming real-estate market and control the growth of an asset bubble that could threaten the wider economy. Last Thursday, authorities formally announced an increase in mortgage rates and down-payment requirements for those buying second homes. For second apartments and apartments for commercial use, mortgage-loan rates will rise to 1.1 times the benchmark one-year lending rate. Those buying second homes ...

New controls clamped on real estate market

SHANGHAI banks are now working out details on the latest state effort to rein in speculation in the real estate market - an increase in down payments and interest rates for people who hold more than one mortgage. The new rules also knock out refinancing of existing mortgages and raise interest on commercial loans. They follow a continuing runup in Shanghai property prices. Among the latest indicators of a hot market, the city's second-hand housing index surged 6.03 percent in August - the highest growth since 2004. The central bank issued a risk warning to commercial banks when Shanghai's August mortgages posted the highest growth since 2005.