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Tag: Housing market
Gold bars used to lure Chinese homebuyers amid market slowdown
Gold bars, new cars and mobile phones are among the incentives being offered to potential homebuyers by Chinese property developers as they grow increasingly desperate to boost sales. Huafa Tianfu, a developer in the eastern city of Hangzhou, has been offering up to a kilo of gold bullion to tempt people into buying its flats. According to local media reports, the amount of gold ranges from 700g of gold for an 89 sq metre flat, to just over 1kg for a 100 sq metre apartment. Property prices in the development…
China’s top property developer expects first loss since 2007 flotation
China’s top property developer expects to record a loss in 2022 – its first since the company went public in 2007 – in another blow for the country’s embattled property sector. In a filing to the Hong Kong stock exchange on Monday, Country Garden said that the losses for 2022 would amount to between 5.5bn yuan and 7.5bn yuan (£663.6m-£904.9m). In 2021 Country Garden’s profits reached 26.8bn yuan. Country Garden blamed the downturn on the Covid-19 pandemic, unfavourable currency exchanges and the reorganisation of certain projects. It said that these…
Chinese banks try to revive housing market with mortgages for 95-year-olds
In an attempt to stimulate China’s flagging housing market, banks in some cities are extending the upper age limit on mortgages to between 80 and 95. Although not a national policy, banks in Beijing, Hangzhou and other big cities have started offering “relay loans” to elderly customers, which pass on to their children in the event that they cannot repay. Regulators have previously encouraged or enforced lower age limits on borrowing, measured by the formulation of age plus loan period, and usually capped at about 70 years. But the new…
Evergrande lenders appoint receiver to seize Hong Kong HQ – sources
Lenders to the struggling Chinese developer Evergrande Group have appointed a receiver to seize its Hong Kong headquarters, two sources have said, as the world’s most indebted developer struggles to emerge from its debt crisis. Evergrande is saddled with more than $300bn (£260bn) in liabilities and has been kept alive by a government-run rescue operation since it defaulted on $22.7bn of overseas debts in December last year. It has been trying to sell its 26-storey China Evergrande Centre in Hong Kong’s Wan Chai district as part of its asset disposal…