China's property developers will have financial difficulties in the future as the liability ratio of 13 of the country's top 50 listed developers had already exceeded 70 percent, Wednesday's Shanghai Securities News reported.
China Vanke Co offered a price cut of as much as 800 yuan per square meter for two buildings of a housing project it has jointly developed with COFCO, the Economic Information Daily reported.
An outspoken property tycoon has accused the government of withholding the sales permits of high-price properties to create the appearance of a cooling market.
Pan Shiyi, chairman of developer Soho China Ltd and an influential figure in the mainland real estate sector, told Hong Kong shareholders Tuesday that mainland property prices could fall as much as 20 percent following the central government's recent tightening measures.
A real estate company in Xiamen, Fujian province, was punished by the Ministry of Land and Resources for its idle land, Shanghai Securities News reported Monday.
The Poly Real Estate Group, China's second largest property developer by market value, said Sunday its contracted sales volume in January-to-April period totaled 12.22 billion yuan ($1.79 billion), up 16.21 percent year-on-year.
Ever since the central government announced tough property measures, markets in China's first-tier cities have slowed. Developers who made good money last year started to feel the pinch, time-weekly.com reported.
China's biggest developers are borrowing record amounts in Hong Kong, taking advantage of lower interest rates to circumvent a lending crackdown at home.
Chinese developer Evergrande Real Estate Group on Thursday started to offer a 15 percent discount on prices of its 40 property projects across the country to promote sales amid government tightening measures to cool down the red-hot sector, Shanghai Securities News reported.
The Chinese Securities Regulatory Commission (CSRC) said Wednesday that it does not plan to suspend approval of real estate companies' fund-raising proposals.
Thanks to the continuing prosperity of the real estate market, Chinese property developers posted surging profits in the first quarter of this year, the Shanghai Securities News reported Tuesday.
Poly Real Estate, the country's second largest property developer, announced Monday that its plan to raise nearly 10 billion yuan ($1.5 billion) through a non-public share sale has been given the green light by China's State-owned assets watchdog.
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