戴德梁行：今日全球楼市速览(2010.02.26)

Mainland China

1.     The mainland property market will see a correction this year due to slower demand, higher supply, tightening liquidity and the effects of government measures to cool speculation, according to Standard & Poor's Ratings Services. “The middle of 2010 could be a potential turning point for many developers as increased supply leads competition to intensify and Beijing’s initiatives weaken demand, “ said Bei Fu, an associate director of corporate ratings at S&P. “The market will shift from more or less the seller’s market to more or less the buyer’s market.” (SCMP).

2.     Shanghai’s economy turned bullish last month, with soaring industrial production, busy trade and more outbound investment. Producer prices continued to rise but inflation was within control. Analysts said the encouraging data suggested a good start for this year, and Shanghai need to accelerate the revamp of its economic structure to make development more sustainable. Shanghai's industrial production climbed 46 percent from a year earlier to 223.4 billion yuan (US$32.7 billion) in January, the Shanghai Statistics Bureau said today. The growth picked up from an increase of 28.9 percent in December. Meanwhile, Shanghai's exports extended a gain for the second consecutive month and rose 19.1 percent year on year to US$13.2 billion last month. The growth was short of a 23.5-percent jump in December. Imports in the city, however, rocketed 82.3 percent on an annual basis to US$12.8 billion in January, up from a rise of 49.5 percent a month earlier. (Shanghai Daily).

3.     In early February, the Bank of China became the first bank to tighten its individual mortgage policies, raising the bar for first-time home buyers. Previously, almost all first-time home mortgage applicants were offered 30 percent rate discounts and made only 20 percent down payments on first homes. But now the bank is accepting only applicants with good credit ratings and requiring them to pay as much as 40 percent down payments, while limiting discounts to a select few. Despite the tougher stance, housing prices in Shanghai still rose 8.8 percent in January from a year earlier. That was an unadjusted 0.7 percent gain from December. The price rises occurred across major Chinese cities. China's urban property prices in 70 major cities in January posted their biggest gain of 9.5 percent in 21 months, according to the National Development and Reform Commission. Now the government has reversed course and is trying to avoid a housing bubble. (Shanghai Daily).

4.     Longfor Properties has won the bid for a residential site in Beijing for 4.54 billion yuan. (The Standard).

Hong Kong

1.     The government hopes to cool down the luxury property market, where prices have risen fast, by selling sites in the next two years on which developers can build 2,200 flats. The number is roughly equal to the number of luxury flats sold in the past two years. Last year, 1139 flats worth HK$20 million or more were sold. Secretary for Development Carrie Lam Cheng Yuet-ngor, who announced the release of the six sites yesterday, said she believed it would ease price pressures at the top end of the market and dampen price rises in the mass residential market. (SCMP).

2.     New World Development splashed out HK$709 million to fully acquire two North Point buildings in the first compulsory auction this year. The firm is paying nearly HK$3,500 per square foot in accommodation value for Kai Yuen Mansion Blocks B and C, on Upper Kai Yuen Lane. Executive director Stewart Leung Chi-kin said the redevelopment project will involve two or three developers. With a plot ratio of eight, the gross floor area will exceed 200,000 sq ft. (The Standard).