The amount of shaky loans in Shanghai continues to grow every month despite new policies released in April designed to curb them, said Yan Qingmin, director of the Shanghai banking regulatory bureau.
Shenzhen’s average housing price in May declined to 18,998 yuan ($2,788) per square meter, which is the first time the city’s housing prices dropped below 20,000 yuan per sq m since December 2009, Shanghai Securities News reported Thursday.
One-third of Chinese billionaires have businesses in real estate and the companies are mainly located in big cities such as Beijing, Hangzhou, Guangzhou and Shenzhen, a latest research report has found.
Land transfer fees have added more than 65 billion yuan ($9.5 billion) to the Shanghai municipal government's revenue so far this year, nearing the whole year level of 67.5 billion yuan in 2009, the 21st Century Business Herald reported Wednesday.
The series of strict measures rolled out by the authorities to rein in soaring property prices over the past month seem to have only delayed purchases by potential buyers in most urban areas, latest statistics have showed.
Housing trading volume in some Chinese cities slumped 60 percent since the central government released 10 tightening polices to curb the overheated property market a month ago, but the average transaction price still stuck to the high end.
China's capital reported 110.37 billion yuan ($16.18 billion) in fixed-assets investment in the first four months, a growth of 32.5 percent on the same period of last year.
China's property prices rose by a record 12.8 percent year-on-year in April, due to a comparatively low base in 2009 and a time lag for tightening real estate policies to take effect.
China's inflation accelerated in April and housing prices rose at a record pace, but analysts said Beijing is likely to avoid an immediate interest hike that might slow the recovery of the world's third-largest economy.
China shares hit 11-month low on overheating fears
China's housing price up 12.8% in April
China's property market has started to cool down after the government introduced new regulation policies, with the country's four first-tier cities of Beijing, Shenzhen, Shanghai and Guangzhou all seeing their property trading volume go down, the Shanghai Securities News reported Tuesday.
Land prices in second- and third-tier cities such as Haikou, Zhongshan and Kunming surged more than 10 percent in the first three months from the last quarter of 2009, the National Business Daily reported Wednesday, citing statistics from China Land Surveying and Planning Institute (CLSPI).
Total loans extended by 12 listed banks amounted to 21.77 trillion yuan ($3.19 trillion) in 2009, with property-related loans totaling 5.28 trillion yuan, accounting for over 20 percent.
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