InfoAnda - Chinese real estate on mend despite downturn

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese real estate on mend despite downturn AFP - Sunday, July 26 BEIJING (AFP) - - Government stimulus measures and speculative investors have helped forge a surprising turnaround in the property market, with rocketing prices in some large cities sparking concerns of a new bubble. ADVERTISEMENT After getting on board China's property boom only three months ago, Beijing property agent Li Zhiwei already has plans to use the profits from his new career to open a karaoke complex. The 26-year-old is close to making his first pot of gold -- a commission on a luxury new apartment near Beijing's Sanlitun shopping and entertainment district that he is close to selling for two million yuan (293,000 dollars). "I'm a young man and I love challenges. Sales bring quick money," said Li, who quit a lower-paying government job in his home city in the central province of Henan after six months of "boring work". While Li will get 10,000 yuan from his first sale, he said top performers at his company could earn more than four times as much each month, a wage that would put him on track to start his karaoke and bar business in a few years. Such ambitions may have seemed impossible last year when China's property market slumped sharply, hit twice over by government efforts to rein in prices and the global economic crisis. But China's real estate fever is well and truly back. "China's residential market has touched rock bottom and is now recovering at a faster pace than expected," said Alan Chiang, residential market head at property consultancy firm DTZ China. In the Chinese capital, average house prices jumped 27 percent from January to June, according to government data published in the state media. Property prices across all major cities rose by 0.2 percent in June from a year ago, government figures showed, ending falls since December, when the data posted the first decline since official records were published in mid-2005. To lift the sector out of its slump, the government last year cut minimum deposits for first-time home buyers and slashed equity capital requirements on property investments. It also lowered mortgage interest rates, while erasing stamp duty on all private home purchases and value-added tax for land on property sales. The measures particularly helped average Chinese looking to buy a property as they improved general affordability, according to Hingyin Lee, head of research at Colliers International's China division in Shanghai. "They gave a lift to... the mass market," he said. But analysts said speculative money was also fuelling the rebound with the property market attracting hot money as a hedge against inflation. Fears of inflation are rising, fanned by concerns about excess liquidity due to a record 1.1 trillion dollars of new loans in the first half, as Chinese banks followed government orders to pump-prime the economy. "Many people have entered the property market to hedge depreciation risks on expectations of inflation, creating investment and even speculation demand," said Yang Hongxu, an analyst at E-House China Research and Development Institute in Shanghai. The frenzy seen in the Chinese market is in stark contrast with markets in the United States and other Western countries. Prices of existing homes in the United States -- by far the largest segment of the US housing market -- dropped by 15 percent in June from a year before, the National Association of Realtors said. House prices in Britain also fell by 15 percent year-on-year last month, according to mortgage giant Halifax. "China's residential market is very different to its counterparts in the West," said Chiang of DTZ China. He said China's massive population means there is still a long-term supply shortage. And Chinese buyers have not been as hard hit by the financial crisis as they rely more on savings than mortgages to fund property purchases. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Australia rejects 'protectionist' push to buy localAFP - Sunday, July 26 White gold turns to white knuckles for NZ dairiesAFP - Sunday, July 26 China tightening control over steel industryAP - Sunday, July 26 China, India can help, not save world economyAFP - Sunday, July 26 Related Articles: Business Kuwait financier facing U.S. fraud suit found deadReuters - 2 hours 19 minutes ago Iraq to hold oil deal roadshow in Turkey Aug 25Reuters - 2 hours 55 minutes ago Qatar finmin says economy to grow 7-9% in '09 -CNNReuters - Monday, July 27 US-BUSINESS SummaryReuters - Monday, July 27 REIT investors move from fear to fundamentalsReuters - Monday, July 27 Enlarge Photo Chinese real estate on mend despite downturn Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Harry Patch, last veteran of World War I trenches, dies at 111 Swine flu virus has spread to almost every country: WHO Lost love letter reunites couple after 16 years Massive quake moves NZealand closer to Australia Police raid Jackson doctor for manslaughter link View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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