Shenzhen property prices up 13.7_

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					 10 Thursday      June 15, 2006                                                             Business                                                                              Shenzhen Daily

Shenzhen property prices up 13.7%
SHENZHEN’S           residential        residential properties in May
housing prices shot up 13.7             climbed 6.1 percent from a
percent from last May, accord-          year earlier, down from 6.4
ing to the National Develop-            percent in April, it said.
ment and Reform Commission                 Prices for what the commis-
(NDRC), the country’s top               sion called “normal” residential
planning agency.                        properties rose 5.7 percent from
  Shenzhen was the nation’s             a year earlier, while annual
second-hottest market, accord-          price growth for high-end resi-
ing to NDRC data posted on its          dences was 6.9 percent.
Web site Tuesday.                          Concern about overly rapid
  The other hot markets were            price rises in some markets has
Dalian in the northeast, at             prompted the government to
15.2 percent; Hohot in Inner            launch cooling measures aimed
Mongolia at 11.4 percent; and           at the property sector, including
Fuzhou in the southeast at              raising down-payment require-
10.3 percent.                           ments for certain properties
  Prices for newly constructed          and limiting the number of
housing in Beijing rose 9 per-          new high-end homes.
cent from a year earlier.                  Authorities have said the
  The annual growth in urban            measures were aimed at cool-
property prices accelerated to          ing speculative activity in the
5.8 percent in May from 5.6             property market and did not               Potential buyers at a property expo in Shenzhen. Housing prices in Shenzhen rose 13.7 percent in May from a year ago.
percent in April, official figures      intend to raise the barriers to                                                                                                                          Wang Jun
showed yesterday.                       purchasing a modest home.                   Month-on-month           price            Prices in Beijing rose 1.5             with 5.8 percent in April.
  Average property prices                  Prices for new houses in               increases were most pro-                  percent in May from April.                 Prices for non-residential
across 70 cities edged up 0.7           Shanghai fell 6.2 percent from            nounced in Dalian, Xiamen                   Prices of existing residen-            commercial properties rose 4.4
percent in May from April,              a year earlier. It had been the           and Fuzhou, where they were               tial properties increased 6.7            percent from a year earlier, the
NDRC said.                              focus of earlier efforts to rein          3.5 percent, 2.5 percent and 2.3          percent from a year earlier              agency said, compared with 3.9
  Prices for newly constructed          in prices.                                percent respectively.                     across the 70 cities, compared           percent in April. (SD-Agencies)

Industrial output accelerates 17.9% in May                                                                                                              News Bites
INDUSTRIAL           production         supply last month suggest the             push prices down, harm prof-               Shoemakers to attend EU hearing
expanded at the fastest pace in         central bank’s April 28 lend-             its and cause more bad debts,              A SHOE manufacturers’ alliance will attend a European hear-
two years in May, reinforcing           ing rate increase may not be              and ultimately lead to a sharp             ing next Tuesday on anti-dumping taxes on Chinese footwear,
expectations the central bank           enough to cool the economy.               slowdown.”                                 Xinhua reported.
will further restrict lending           China wants to rein in a credit-             Adjusting for distortions                 Xinhua said the hearing was organized by the European
in the world’s fourth-largest           fueled investment boom that’s             caused by the timing of the                Union (EU) Trade Commission at the request of China Alli-
economy.                                creating excess capacity, driv-           weeklong Spring Festival                   ance in Response to EU Anti-Dumping of Chinese Footwear.
  Output climbed 17.9 percent           ing prices and profits down in            holiday, May’s increase was                It did not say where the hearing would be held. Founded
to 706 billion yuan (US$88.2            some industries.                          the biggest since April 2004.              in April, the alliance comprises more than 150 shoe manu-
billion) after rising 16.6                “This should send a signal to              Rising consumer spending                facturers which are jointly fighting new EU anti-dumping
percent in April, the Beijing-          the government that it needs              and surging exports have kept              duties.
based National Bureau of
Statistics said in a statement
                                        to take firmer measures to con-
                                        trol investment and liquidity,”
                                                                                  production in the world’s big-
                                                                                  gest maker of steel and mobile
                                                                                                                             Banks need to improve risk management
yesterday.                              said Zuo Xiaolei, chief econo-            phones expanding at more than              COMMERCIAL banks in China need to improve their risk man-
  Accelerating      production,         mist at Galaxy Securities in              16 percent each month in the               agement and internal controls, the Financial News reported,
exports, retail sales and money         Beijing. Higher capacity “will            past year.          (SD-Agencies)          citing a senior official with the central bank’s investment arm,
                                                                                                                             Central Huijin.
                                                                                                                               Xie Ping, Central Huijin’s general manager, was quoted as
Mineral resources law revision mulled                                                                                        saying that listed banks with overseas strategic investors in
                                                                                                                             particular stand to benefit from foreign expertise. “Foreign
                                                                                                                             investors play an important role in risk control with improved
THE government is planning              changes, which could “create              make the mining policy in                  management structures and new technology,” Xie said.
to amend its mineral resources          a more fair and reasonable                China more market oriented,
law by 2008, potentially                investment environment for                the report said, adding that               DPWorld to invest in Tianjin Port
improving      multinationals’          the foreign companies.”                   the government wants to see                DUBAI’S DPWorld, one of the world’s largest container-port
access to mining in the coun-             Under the current mineral               the law revised by 2008.                   operators, said it plans to invest US$500 million in a new con-
try, the China Daily reported.          resources law, which was last                A senior expert from the Min-           tainer terminal in the northeastern city of Tianjin.
  The newspaper cited a                 amended in 1996, foreign                  istry of Land and Resources was              DPWorld said it met with a visiting delegation from Tianjin
source as saying that the Min-          companies must undergo a                  quoted as saying that the min-             and signed a letter of intent with the Tianjin Port Group to
istry of Land and Resources is          long and complicated approval             istry wants to improve the law             develop a terminal on a man-made island off the city’s coast.
consulting an industry asso-            process to gain mining licenses           and added that China welcomes              The terminal will have a capacity of 2.2 million TEUs (20-foot
ciation including Rio Tinto             for commodities like gold and             foreign investment in mining               equivalent container units) and is expected to be operational
Group, Anglo American and               copper, the report said.                  activities across the country,             by 2011.
BHP Billiton on the planned               The amendment aims to                   the report said.      (SD-Agencies)
                                                                                                                             Shanghai GM resumes Cadillac production
Oil products pipeline opening in July                                                                                        A NEW made-in-China Cadillac model will be released in
                                                                                                                             November when Shanghai GM resumes production of the
                                                                                                                             brand after suspending manufacture earlier this year, the
A KEY pipeline that will                products began yesterday,                 expected to be in the region of            China Daily reported, citing a company spokesman.
transport oil products from             ahead of its anticipated com-             20 million tons of crude oil a               Chen Yanming told the paper the company would resume
western to eastern China is             pletion in July.                          year, delivering supplies from             local production of Cadillacs earlier than expected because of
expected to begin operations               The 1,903-kilometer pipe-              the Tarim Basin, Junggar Basin             brisk sales of the Marque. The new model, which has yet to be
next month, a year ahead of             line is expected to be able to            and Turpan-Hami Basin.                     announced to the public, is expected to be GM’s flagship luxury
its counterpart for crude oil,          transport a maximum of 10                   Construction began in Sep-               car, the paper said.
the China Chemical Industry             million tons of oil products              tember 2004 on the pipelines,
News said Tuesday.                      a year, mainly delivering oil             which are seen as crucial to               Indonesian airline orders Chinese aircraft
  Both pipelines will run from          products from three Petro-                feeding the energy needs of                MERPATI Nusantara Airlines, Indonesia’s second-largest
the Xinjiang region to neigh-           China Co. petrochemical sub-              eastern regions and cities.                airline, will buy 15 Xinzhou-60 aircraft from China Aviation
boring Gansu Province, where            sidiaries in Xinjiang.                      According to the report, the             Industry Corporation I (AVIC I), Xinhua reported, citing sources
they will connect with a wider             The crude oil pipeline, which          pipelines were constructed by              from the Chinese aircraft manufacturer.
network of pipelines that run           is shorter at 1,878 kilometers,           a subsidiary of China National               The export order for the 50-seater passenger aircraft is the
to eastern provinces and major          is forecast to begin operations           Petroleum Corp. and costs                  biggest to date, Xinhua said. Citing AVIC I deputy general
cities such as Beijing.                 in summer 2007, the report                have so far totaled 14.6 billion           manager Hu Wenming, the news agency said the first aircraft
  According to the report,              added.                                    yuan (US$1.8 billion).                     is expected to be delivered in September, with the rest to be
operational tests on the oil               Its maximum capacity is                                        (SD-Agencies)
                                                                                                                             delivered by the end of 2007.
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