One of China's biggest real estate agencies, Chuanghui Real Estate, has shuttered dozens of outlets in Shanghai and other cities, leaving behind angry customers and employees, following an ill-timed expansion just as the market was peaking.
Several other agencies around the country also have closed down or scaled back.
Monday, January 28, 2008
Tuesday, January 22, 2008
Property closures highlight need for stringent rules
TWO recent scandals involving big real estate agencies from southern China are damaging the credibility of domestic property agencies and local experts are calling for more stringent regulations to ensure the healthy development of the sector.
In November, Jiang Fei, founder of Shenzhen-based Zhong Tian Real Estate, a well-known property agency which had as many as more than 150 branches and employed 2,000 people across China
In November, Jiang Fei, founder of Shenzhen-based Zhong Tian Real Estate, a well-known property agency which had as many as more than 150 branches and employed 2,000 people across China
Thursday, January 17, 2008
Housing transactions dwindle in China's major cities
Sales of residential property in China's major cities dwindled drastically during the first weeks of 2008, the China Securities Journal has reported.
Cities such as Beijing, Wuhan and Chongqing saw their housing transactions in the first week of the year decrease by more than 20 percent than the previous week, the report said.
Housing transactions in the booming southern city of Shenzhen fell by about 38 percent and sales in Nanjing, capital of the coastal Jiangsu Province, plummeted by more than 52 percent, it said.
Cities such as Beijing, Wuhan and Chongqing saw their housing transactions in the first week of the year decrease by more than 20 percent than the previous week, the report said.
Housing transactions in the booming southern city of Shenzhen fell by about 38 percent and sales in Nanjing, capital of the coastal Jiangsu Province, plummeted by more than 52 percent, it said.
Sunday, January 13, 2008
China may further curb foreign investment in real estate sector
The State Administration for Industry and Commerce (SAIC) has launched a survey on foreign investment in China's real estate sector, sparking fears of further government control to bring down the soaring housing prices. The Shanghai Securities News reported that the survey was planned last November after the Ministry of Construction held another research meeting.
Monday, January 7, 2008
Property transactions drop nationwide
There's been a definite wintry chill across China's real estate markets. In Beijing and Shanghai, property transactions have dropped for three consecutive months as of December. Some cities are reporting dips of as much as 20 to 30 percent.
Some real estate agents say, they feel cold not only because of the weather, but also because of the lack of activity in the property market.
Some real estate agents say, they feel cold not only because of the weather, but also because of the lack of activity in the property market.
Tuesday, January 1, 2008
Future of real estate industry
Whether China's real estate industry is at a turning point depends upon three factors - migration of farmers, urbanization and lack of investment channels, says a signed article in the China Business Report. The following is an excerpt.
This winter, neither property developers nor property purchasers have had a good time. Vanke, the largest housing developer in China, was the first developer to lower the price of houses recently. Wang Shi, chairman of Vanke, also claimed that China's real estate industry was at a turning point. Many other developers agreed with Wang and house prices in first-tier cities like Guangzhou and Shenzhen started to drop.
Does this mean China's real estate market has reached a turning point?
This winter, neither property developers nor property purchasers have had a good time. Vanke, the largest housing developer in China, was the first developer to lower the price of houses recently. Wang Shi, chairman of Vanke, also claimed that China's real estate industry was at a turning point. Many other developers agreed with Wang and house prices in first-tier cities like Guangzhou and Shenzhen started to drop.
Does this mean China's real estate market has reached a turning point?
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