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☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ Housing market: China unveils sweeping measures to rescue its crisis-hit property sector
▼ + stars: | 2024-05-17 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has unveiled wide-ranging measures to rescue its property sector, including asking local governments across the country to buy unsold homes from beleagured developers and easing rules on purchases. In a coordinated move, the People’s China of China (PBOC) announced that it will set up a nationwide program to provide 300 billion yuan ($41.5 billion) in loans to fund state purchases of unsold homes. The 300 billion yuan provided by the central bank could eventually underpin 500 billion yuan ($69 billion) worth of credit to support such purchases, she estimated. Expectations that Beijing was preparing a plan to have local governments across the country buy millions of unsold homes have successfully buoyed China stocks. On Friday, He also urged local governments to buy back or directly purchase land that has been sold to developers but not yet used.

Persons: Lifeng, Tao Ling, Larry Hu, ”, Société Générale Organizations: Hong Kong CNN, Communist, China Real Estate Business, Macquarie Group, Reuters, provident Locations: China, Hong Kong, Beijing

☆ Israel to Bring in 65,000 Foreign Building Workers to Replace Palestinians
▼ + stars: | 2024-02-04 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

TEL AVIV (Reuters) - Israel's government said on Sunday it would bring in 65,000 foreign workers from India, Sri Lanka and Uzbekistan to resume construction stalled since Oct. 7 when Palestinian workers were sent home in the wake of the attack on Israel by Hamas. Some 72,000 Palestinian workers were employed on construction sites in Israel prior to the attack, which prompted the government to lay them off and exclude them from Israel for security reasons. Some 20,000 foreign workers remain but almost half the country's building sites have been closed down due to the labour shortage. A housing ministry spokesperson said new groups of foreign workers were expected to arrive in coming weeks as the government seeks to avoid a blockage in supply that would risk reigniting real estate prices as interest rates start to fall. War in Israel and Gaza View All 194 Images(Reporting by Steve Scheer; Editing by Andrew Cawthorne)

Persons: Steve Scheer, Andrew Cawthorne Organizations: Reuters, Hamas Locations: TEL AVIV, India, Sri Lanka, Uzbekistan, Israel, Gaza

☆ Chinese stocks are starting to turn around. How to play it
▼ + stars: | 2024-01-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese stocks ended the week with four straight days of gains — a rare upswing after a dismal start to the year. "Investing in China, you have to have an active strategy," he said, emphasizing the need to focus on industries that receive policy support. All three are listed on mainland Chinese stock exchanges. In the past six months, foreign investors have pulled around $30 billion from mainland Chinese A shares, the report said. Citi analysts also include adidas and Kone in their basket of European stocks with China exposure.

Persons: David Chao, Chao, Pan Gongsheng, Edward Chan, Schelling Xie, Xie, CRRC, —, Peter Alexander, Alexander, — CNBC's Michael Bloom Organizations: Asia Pacific, People's Bank of China, PBOC, . Federal Reserve, Financial Regulatory Administration, CNBC, HSBC, Hong, Citi, adidas, Kone Locations: Asia, Japan, Invesco, China, Beijing, Hong Kong, Shanghai, U.S

[1/6] Home buyers stand inside an unfinished residential building of the Gaotie Wellness City complex in Tongchuan, Shaanxi province, China September 12, 2023. "I almost never drink water, wash my face or brush my teeth," said Shi, 39, who moved into the Gaotie Wellness City complex in May. I have no money now, I've lost my family property and all that's left is this unfinished building." Tongchuan city government and China's housing ministry did not immediately respond to a request for comment. To enter the complex, residents pick their way through an overgrown field, past abandoned construction machinery to a hole in the wall.

Persons: Tingshu Wang, Shi Tieniu, Shi, I've, I'm, Gao, Qi Xiaoxia, we've, Laurie Chen, Xiaoyu Yin, Lincoln Organizations: Gaotie Wellness, REUTERS, UBS, Tongchuan, Reuters, Buyers, Country, Thomson Locations: Tongchuan, Shaanxi, China, China's Shaanxi

☆ Asia stock markets weaken amid ongoing retreat from Chinese property sector
▼ + stars: | 2023-09-11 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

A man walks past an electronic board showing Japan's Nikkei average and stock prices outside a brokerage, in Tokyo, Japan, March 17, 2023. Australian shares (.AXJO) reversed earlier losses to be up 0.12% and Japan's Nikkei stock index (.N225) slid 0.19%. The Hang Seng Property Index (.HSNP), a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index (.HSMPI) was off 3.24%. "We need the property market to stabilize first in order for any meaningful kind of economic rebound to happen in China," said David Chao, Invesco's Asia Pacific market strategist. Those should put a floor under the property market some time soon."

Persons: Androniki, David Chao, Daniel Zhang, Brent, Scott Murdoch, Edwina Gibbs, Simon Cameron, Moore Organizations: Nikkei, REUTERS, Rights, Alibaba, HK, Index, Chevron, Thomson Locations: Tokyo, Japan, Asia, China, Pacific, Hong Kong, Asia Pacific, Beijing, Shanghai, Shenzhen, United States, Wells, Australia, Sydney

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - China is set to take further action including relaxing home-purchase restrictions as it scrambles to tackle a deepening crisis in its massive debt-riddled property sector, four people familiar with the matter said. They plan to act as existing policies failed to sustain a sector rebound earlier this year, the people added. The property sector accounts for roughly a quarter of the world's second-largest economy. However, it is in the throes of an unprecedented debt crisis that market participants fear could spread throughout the financial sector at home and beyond. They also reduced the downpayment ratio to no lower than 20% for first-home buyers and no lower than 30% for second-home purchases.

Persons: Aly, Morgan Stanley, Julie Zhu, Jane Xu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Regulators, Council, Information Office, Reuters, Housing, People's Bank of China, National Administration of Financial, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Shenzhen, Guangzhou

☆ China approves guidelines to boost affordable housing amid property debt crisis
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

The Chinese property sector is in a deepening crisis with a rising risk of default among some developers as they struggle to sell apartments and raise funds. Separately, China's central bank announced guidance on relaxing residential housing loan rules, in a move aimed at boosting loan applications and house purchases. The central bank also said it would stick to the principle that houses are for living in and not vehicles for speculation. On Friday, the housing ministry, the central bank and the national financial regulator also jointly issued a notice easing mortgage policies to help revive the sector. China's housing market has over the past two years been grappling with a severe debt crisis - initially triggered by government moves to rein in ballooning debt.

Persons: Thomas Peter, Premier Li Qiang, Ellen Zhang, Ryan Woo, John Stonestreet, Susan Fenton, Hugh Lawson Organizations: REUTERS, Rights, Premier, Xinhua, People's Bank of, Ministry of Housing, Thomson Locations: Beijing, China, Rights BEIJING, People's Bank of China

[1/5] Workers walk out of a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. Both sites are run by Country Garden, China's largest developer by sales volume before this year, now mired in a debt crisis threatening to spill over to the wider economy. Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers. Country Garden built its success by quickly selling a large number of units for low margins and by promising "five-star living" in less popular, smaller cities. Tianjin has about a dozen Country Garden projects, with the majority finished and delivered, said Gao Fei, investment advisory manager at the Tianjin branch of Centaline Property Agency.

Persons: Tingshu Wang, Wang, Wei, Gao Fei, Gao, Laurie Chen, Clare Jim, Sumeet Chatterjee, Sonali Paul Organizations: Workers, REUTERS, Rights, Reuters, Construction, Nomura, Centaline Property Agency, Thomson Locations: Tianjin, China, Rights TIANJIN, HK, Beijing, Shenyang Tengyue, Centaline, Hong Kong

☆ Portugal's new housing law threatens its tourism industry, say hostel owners
▼ + stars: | 2023-08-14 | by ( Julia Buckley | ) edition.cnn.com time to read: +14 min

The law – proposed and approved by Portugal’s ruling PS party – seeks to address the housing crisis in Portugal. The new law’s resolutions could potentially have far-reaching effects on those running alojamento local (AL) properties – including Portugal’s world-renowned hostels. AL properties outside of low-density areas will also see their current property taxes increase, and be subject to a new tax starting at 15%, known as CEAL. The new legislation threatens the future of all hostels in Portugal, says Miguel Santos, board member at the Associação Hostels de Portugal (AHdP) and owner of a Lisbon hostel. Pedro Nunes/ReutersOne hostel owner fearing for the future is Benedita Vasconcellos, who owns Lisbon’s Goodmorning Solo Traveller Hostel, voted Portugal’s best hostel in 2020.

Persons: Mais Habitação, –, “, hospedagem, ”, Eduardo Miranda, Valerio Berdini, Miguel Santos, ” Santos, AHdP, Richard Cummins, Kash Bhattacharya, ” Bhattacharya, Pedro Nunes, Vasconcellos, I’m, ” Vasconcellos, won’t, Filipa Aguiar, we’ll, Marco Bottigelli, Airbnb, ALEP’s Eduardo Miranda, Miranda, ” “ We’re, ALEP, Miguel Torres Marques, Marina Gonçalves Organizations: CNN, de, Alamy, Portugal, Artists, Reuters, Getty Locations: Portugal, Lisbon, Western Europe, Porto, Spain, Ericeira, ” Lisbon

Chinese developers are allowed to sell residential projects before completion but are required to put those funds in escrow accounts. Local city governments permit them to withdraw a portion of the funds, depending on the progress of construction. China's housing ministry did not respond to Reuters request for comment on the tightening of developers' access to escrow funds. FALTERING HOUSING DEMANDThe new measures come as property demand is sluggish - China's property sales between May and June showed the largest monthly drop this year, based on sales by floor area, and investment in property also slumped. Under those rules, the authority has asked the bank to make escrow funds available only to developers who have other sources of funding to cover construction costs, said the person.

Persons: Gary Ng, Ng, Clare Jim, Tang, Sumeet Chatterjee, Muralikumar Organizations: Asia Pacific, National Bureau of Statistics, Thomson Locations: HONG KONG, BEIJING, Asia, Hunan, Hefei, Xiamen, Hong Kong, Beijing

☆ China's biggest cities vow to introduce steps to boost property sector
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 31 (Reuters) - China's biggest cities including Beijing and Shenzhen said over the weekend they would implement measures to better meet the needs of homebuyers, without giving details, aiming to prop up a property sector that is seeing few signs of recovery. Markets have expected policymakers to signal more property stabilisation steps after the Politburo meeting. China's property sector has seen a string of debt defaults by cash-squeezed developers over the past few years with China Evergrande Group (3333.HK), the world's most indebted property developer, at the centre of the crisis. Beijing's housing ministry on Saturday night said it would take into account the city's real estate situation and work with relevant departments to implement the pledges of policymakers. Official newspaper Guangzhou Daily also reported on Sunday that Guangzhou's housing ministry had vowed to launch relevant policy measures as soon as possible.

Persons: Liangping Gao, Ryan Woo, Himani Sarkar Organizations: China Evergrande, HK, Official, Guangzhou Daily, Thomson Locations: BEIJING, Beijing, Shenzhen

☆ China's housing ministry is getting 'bolder' about real estate support
▼ + stars: | 2023-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING — China's housing ministry has announced plans to make it easier for people to buy property. The news, out late Thursday, indicates how different levels of government are starting to act just days after Beijing signaled a shift away from its crackdown on real estate speculation. The planned measures include easing purchase restrictions for people wanting to buy a second house, and reducing down payment ratios for first-time homebuyers, according to an article on the Ministry of Housing and Urban-Rural Development's website. In an effort to reduce speculation in its massive property market, China has made it much harder for people to buy a second house. Mortgage rates for the second purchase can be a full percentage point higher than for the first, while the second-home down payment ratio can skyrocket to 70% or 80% in large cities, according to Natixis.

Organizations: BEIJING, Ministry of Housing Locations: Beijing, China

☆ Macron reshuffles ministers after French riots "stunned" country
▼ + stars: | 2023-07-20 | by ( Michel Rose | ) www.reuters.com time to read: +3 min

[1/2] French Junior Minister for Public Accounts Gabriel Attal speaks during a debate on the pension reform plan at the National Assembly in Paris, France February 17, 2023. REUTERS/Sarah Meyssonnier/File PhotoPARIS, July 20 (Reuters) - French President Emmanuel Macron on Thursday reshuffled his ministers for key domestic portfolios such as education, housing and urban affairs, as his government begins its response to riots that shook the country three weeks ago. Borne, Finance Minister Bruno Le Maire, Foreign Minister Catherine Colonna and Interior Minister Gerald Darmanin all remained in place. "We're in a spirit of continuity but let's not pretend as if there hasn't been something that stunned the country for a few nights," he told them. Other figures who had caused embarrassment to the government in recent months, including a junior minister who had posed for the cover of Playboy magazine during the pension reform crisis, left the cabinet.

Persons: Gabriel Attal, Sarah Meyssonnier, Emmanuel Macron, Macron, Pap, Sabrina Agresti, Aurelien Rousseau, Elisabeth Borne's, Bruno Le Maire, Catherine Colonna, Gerald Darmanin, Borne, Michel Rose, Dominique Vidalon, Sudip Kar, Alison Williams Organizations: French Junior, Public, National Assembly, REUTERS, Finance, Playboy, Thomson Locations: Paris, France, Algerian, North, Dunkirk, Borne

"I am worried because we are in a deep real estate crisis. And the real estate crisis needs clear, structured and downright radical steps to fix it," Mattner said. For years, Germany's property market has been seen as a safe haven, becoming a major draw for foreign investors. Recent data shows the stress the property sector is facing as the European Central Bank hikes interest rates, with little respite in sight. The fall is "catastrophic," said Andreas Beulich, head of the Federal Association of Independent Real Estate and Housing Companies.

Persons: Kai Pfaffenbach, Chancellor Olaf Scholz, Andreas Mattner, Mattner, Tim, Oliver Mueller, Mueller, Scholz, Danyal, Andreas Beulich, Mathias Duesterdick, ”, Andreas Naujoks, Simone Zapke, Emma, Victoria Farr, Matthias Inverardi, Sharon Singleton Organizations: REUTERS, German Property Federation, German Construction Industry Federation, Reuters Graphics, European Central Bank, Federal Association of Independent, Housing Companies, Centrum Group, ECB, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, Baden, United States, Sweden

☆ Israel publishes tenders for new West Bank settlement units
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +3 min

JERUSALEM, May 7 (Reuters) - Israel has published tenders for more than 1,000 new housing units in settlements in the occupied West Bank, despite a commitment it made in U.S.-backed talks in February that discussion of new settlement units would be halted for the next four months. Since the meeting in Jordan, attended by U.S., Egyptian, Jordanian, Palestinian and Israeli officials, the Israel Land Authority has published on its website separate tenders for 1,248 new housing units in West Bank settlements. The settlements include Beitar Illit, Efrat, Kiryat Arba, Ma'ale Efraim and Karnei Shomron in addition to 89 units in the East Jerusalem settlement of Gilo. The expansion of settlements in the West Bank has been among the most contentious issues between Israel and the Palestinians and the international community for decades. Israel disputes that and cites biblical, historical and political ties to the West Bank, as well as security interests.

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