Compass Real Estate > Cambodia Real Estate Information > Chinese authorities have taken steps to bring property prices down, forcing more than 300 companies to close

Chinese authorities have taken steps to bring property prices down, forcing more than 300 companies to close

2019-10-14
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Summary:BEIJING - Chinese authorities are taking new steps to calm the property market for developers who have been found to have strong bids in land sales, according to Bloomberg News.

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BEIJING - Chinese authorities are taking new steps to calm the property market for developers who have been found to have strong bids in land sales, according to Bloomberg News.

The blockages hurt Sunac China Holdings Ltd and Gemdale Corp. And people say that Cifi Holdings Group Co. , Risesun, a real estate developer and Country Garden Holdings Co., are suffering as developers invade auctions in several cities.

The Ministry of Housing and Urban and Rural Development has issued a warning to local governments in cities with significant fluctuations in housing and land prices, and regulators have rejected proposals by developers for offshore securities sales since April.

Chinese developers have raised 345 billion yuan ($ 50 billion) this year to sell offshore and asset-backed securities. According to Bloomberg and China Securitization Analytics data.

It is worth noting that the increase in prices was especially noticeable in Tier II cities (Usually designated as the provincial capital and regional economic hub, such as Hangzhou on China's east coast and Wuhan in central Hubei)where they rose in April at the fastest pace this year compared to last month.

Developers are increasingly moving to mid-tier cities as they are becoming potential winners of China's urbanization strategy.Price increases in major centers are still being curtailed by a ban on land supply and limited land supply, while smaller markets are curtailed by budget cuts for Shanty-city development projects.

It is worth noting that more than 300 real estate companies are closed and some are in crisis.(This news came from Business-Cambodia.com)

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