Asia today
property prices have risen sharply in the chinese cities for the past 20 months. A third of all lending goes to the real estate market. – This is a morbid financial abundance, believes the Royal Bank of Scotland.
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It has been holidays in China throughout October with closed financial markets and very little activity. Millions of chinese have used friuken to take a vacation. The authorities hope this will result in increased domestic consumption and thus higher economic growth for the chinese economy.
- Press from the top
Many chinese have also used their weekends and holidays at the dream house. And with good reason. In august increased the property prices by between 20 and 40 per cent in the large cities along the coast, including Beijing, Shanghai and Shenzhen. In Shenzhen’s property prices almost tripled since last winter.
President Xi Jinping has sent out a note to management in the chinese municipalities and cities where he warns against eiendomsbobler. Local leaders are asked to be on the alert and initiate measures to prevent inflation developing into bubbles.
In over 20 of China’s biggest cities, there are restrictions on the boligkjøp the last 10 days. The equity ratio has in some cases been increased to 70 per cent and it is discontinued outright prohibition for some to own several apartments. There is speculation they are going to life.
Cities and municipalities have largely been responsible for checking the residential construction and the real estate market without central intervention the last few years. This may be about to change.
- These common measures in so many cities suggests that this has not been voluntary, but due to the pressure from the top, ” says chief analyst Zhang Dawei of Centaline Properties to the South China Morning Post.
Frozen real estate market
According to the newspaper was local officials from pressområder sent to Beijing at the transition between where they were explained why it is necessary to tame the housing market.
In the finansbyen Shanghai was the new innstrammingene confirmed at the weekend. Among other things, the property developers use own financing to buy new land plots and lands.
It is forbidden to use bank funding or alternative categories of investment via gråmarkedet.
The new innstramningene has already given results. The number of property transactions fell by 48 per cent in the previous week compared with the previous in the 70 largest cities, according to an overview from the China Index Academy. In Beijing fell boligsalget with 74 per cent.
The traditional autumn holiday has in the past been one of the busiest for the property purchase. It is one of the few weeks where families have free and can go on boligvisning to find drømmeboligen – even if it will cost 30 årslønninger.
The new eiendomspolitikken from Beijing will certainly stop prices from rising. We will probably experience a long period where prices are frozen in the market, ” says the director Say Zhi at eiendomsanalyseselskapet Soufun Holding to the South China Morning Post.
Difficult dilemma
the central authorities have not made an official announcement about the tightening. If this happens, it can lead to full panic in the property market.
For chinese small savers and investors, there are few places they can invest money to get returns. The stock market collapsed last summer. The key index at the Shanghai stock exchange has fallen by 14.2 per cent in the year. Real estate has been a sikkerstikk.
- the Government is in a dilemma here between the need to curb inflation and ensure economic growth. This explains ubesluttsomheten, ” says senior economist Zhang Ming at the state tenkesmien the Chinese Academy of Social Sciences to the Wall Street Journal.
The overall lending growth at banks have been below 15 per cent in 2016. Mortgages increased by 27 per cent in august.
A third of all lending went to mortgage lending in the first half of the year, according to official statistics. In the period 2010 to 2015, this proportion was 17 per cent.
the Reality is that we are talking about the sickly financial abundance, says China economist Harrison Hu with the Royal Bank of Scotland to the Wall Street Journal.
Markets
There is little activity in Asia. The stock exchanges in Tokyo, Hong Kong and Taiwan will be closed.
the key index at the Bangkok stock exchange fell by 2.5 per cent. This is probably due to the health situation of the thai king is serious, according to an official message from the palace.
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