Real Estate Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. Fri, 30 Jan 2015 18:25:00 +0000 SRA Framework 2.0 en-gb Saudi Dar Al Arkan Q4 profit up 9 pct, misses view imageDUBAI: Saudi Arabia real estate firm Dar Al Arkan posted an 8.9 percent increase in fourth-quarter net profit on Monday, missing analyst forecasts despite higher margins on property sales and lower costs.

The company made a profit of 156.8 million riyals ($41.81 million) in the three months to Dec. 31, up from 144 million riyals in the prior-year period, according to a bourse filing.

Analysts polled by Reuters on average forecast Dar Al Arkan would make a quarterly profit of 250.4 million riyals.

Dar Al Arkan 2013's net profit was 681.5 million riyals. This compares with a profit of 988.5 million riyals in 2012.

The firm blamed the drop in annual profit on lower property sales and a decline in non-operating income.

Copyright Reuters, 2014

]]> (Umer Qazi) Real Estate Mon, 20 Jan 2014 13:05:42 +0000
China aims for target of six million public homes in 2014 imageBEIJING: China aims to start building at least 6 million units of public housing next year, state media said on Saturday, reinforcing a government effort to supply more low-cost homes to counter record property prices.

But next year's target is lower than the 2013 objective, even though China built more public homes this year than it had planned, Xinhua said, citing the Ministry of Housing and Urban-Rural Development.

The country began building 6.7 million units of public homes this year and has completed 80 percent of them, Xinhua said. The government had intended to start work on 6.3 million units in 2013 and finish building three-quarters of them.

Large-scale construction of public homes in China not only supports growth in the world's second-largest economy, it also helps to quell discontent over soaring house prices.

Yet some have in the past criticised China's public homes - also known as affordable housing - as being ineffective because they say good apartments are set aside for officials, leaving poorly built ones for the public.

China's house prices rose at their fastest pace on record last month in defiance of a four-year government campaign to calm an exuberant property market.

Copyright Reuters, 2013

]]> (Parvez Jabri) Real Estate Sat, 21 Dec 2013 08:37:09 +0000
Dubai's Emaar signs $500mn Turkey real estate loan emaarDUBAI: Emaar Properties, Dubai's largest listed developer, has signed a $500 million loan to help finance a real estate project in Turkey, a statement from the company said on Wednesday.


The facility, which runs for seven years, was provided by a consortium of banks including Emirates NBD, HSBC and Standard Chartered.


The Turkish development, called Emaar Square, will host residential and commercial real estate as well as Turkey's largest shopping mall, the statement added.


Copyright Reuters, 2012

]]> (Shoaib-ur-Rehman Siddiqui) Real Estate Wed, 19 Dec 2012 12:27:01 +0000
China property market revives despite controls china-propertySHANGHAI: After waiting for a year, accountant Qi Youdi bought a new home in the eastern Chinese city of Hangzhou, among the millions of buyers bringing life back to the country's moribund property market.


For the past two years, China has sought to control residential property prices with measures including restrictions on second and third home purchases, higher minimum down payments, and annual taxes in some cities on multiple and non-locally-owned homes.


The moves, announced in the first half of 2010, have cooled the once red-hot market, with analysts estimating prices nationwide have risen only four to seven percent since then.


But pent-up demand, easing government monetary policy and inflows of speculative funds from overseas betting on a recovery have ushered the property market out of the doldrums, analysts said.


Sales volumes have jumped, with the total transaction value up 10.4 percent year-on-year in the first 11 months of 2012, the National Bureau of Statistics said.


Prices, though, remain relatively stable, with average home prices in 100 cities rising 0.26 percent in November to 8,791 yuan ($1,410) per square metre according to research institute the China Index Academy.


It was the sixth consecutive monthly rise, totalling 1.23 percent, which came after nine months of falls.


"We've been looking for a suitable period of time," said Qi, who finally gave up waiting for substantial price drops.


She was looking to buy a flat for her daughter to live in, with no intention of looking to resell at a profit.


"Since our demand is fixed, it doesn't matter whether home prices rise or fall," she added, after paying $222,000 for a 90-square-metre (970-square-foot) flat.


The property sector has been a key part of China's economic boom in recent years, driving demand for materials such as steel and concrete and with ripple effects spreading far and wide.


Reflecting the more solid picture, ratings agency Moody's recently upgraded its outlook for China's property industry to stable from negative.


"While the residential market is policy-sensitive, a sustainable recovery is projected for the next three years," real estate services firm Cushman and Wakefield said in a report released in November.


But analysts rule out a strong rebound as the new Communist Party leadership is unlikely to scrap policies to make housing affordable, an initiative closely identified with Premier Wen Jiabao, who is due to step down in March.


The earlier price boom had pushed costs well above the reach of many people in China's rapidly emerging urban middle class, sowing widespread frustration, especially as some who bought previously have been able to parlay their gains into multiple acquisitions.


The government controls have upset some market players, including developers who reaped riches during the boom years and local governments which earn money from land sales and taxes.


"We don't want constant regulation from the government," said Wong Chun-hong, chairman of high-end developer Top Spring International Holdings.


But price stability is the watchword for government policy, as Beijing worries spiralling housing costs risk stoking discontent and raising the possibility of social unrest.


"Policymakers have little to gain from adjusting their current stance," independent research company Capital Economics said in a recent report.


"That means though that a period of stability in real estate investment after the weakness of the past year might be the most we can hope for over the next few quarters."


Nie Meisheng, head of industry group China Real Estate Chamber of Commerce, said: "There won't be any drastic falls because of the 'iron floor' of home prices," referring to high land costs that support prices of finished homes.


But she added: "There won't be any chance of a sharp rebound in home prices as the government will not allow it."

Copyright AFP (Agence France-Presse), 2012

]]> (Imaduddin) Real Estate Wed, 19 Dec 2012 04:22:17 +0000
China says more cities record home price rises china-propertySHANGHAI: The cost of new homes increased in more Chinese cities in November than in the previous month, official figures showed Tuesday, despite efforts from the government to keep the market in check.


Prices in 53 out of 70 cities tracked by the government rose month-on-month, the National Bureau of Statistics said in a statement, up from 35 cities in October and 31 cities in September.


Prices of new homes dropped in 10 cities and stayed unchanged in the remaining seven cities, the bureau said.


China has been taking steps to keep house prices under control for more than two years. Measures included prohibitions on buying second homes, raising minimum down-payments and imposing property taxes in certain areas.


The government pledged to continue its control measures next year after a two-day central economic work conference over the weekend, but notably did not repeat its reference to "bringing home prices down to a reasonable level".


"This may indicate that China is unlikely to issue any new policies aimed at controlling home prices in the next few months, which may cause a rise in home prices," Wendy Chen, a Shanghai-based economist at Nomura Securities, told AFP.


She added that a government plan to push urbanisation, outlined at the economic meeting, may also boost demand for new homes and drive up prices.


The urbanisation plan is part of efforts to expand domestic consumption and achieve more balanced growth after having relied on exports for most of the past three decades.


The country's once red-hot economy that saw annual growth rates exceeding 10 percent has slowed markedly this year. The government expects gross domestic product to expand 7.5 percent in 2012, down from 9.3 percent in 2011.

Copyright AFP (Agence France-Presse), 2012

]]> (Imaduddin) Real Estate Tue, 18 Dec 2012 05:28:50 +0000
China says home prices rose in October chinese-home-pricesBEIJING: More Chinese cities reported rises in home prices in October than in September, data showed Sunday, the first gain in three months as the government works to keep the property market in check.


Prices in 35 out of 70 cities tracked by the government rose month-on-month, the National Bureau of Statistics said in a statement, up from 31 cities in September, and the first increase since July.


Prices of new homes dropped in October in 17 cities and remained unchanged in the remaining 18 cities, it said.


China has implemented measures to control property prices for more than two years, including prohibitions on buying second homes, requiring higher minimum down-payments and levying property taxes in some cities.


Officials have said that property control measures are aimed at bringing down home prices to a "reasonable" level.


China's slowing economy has recently exhibited signs of a turnaround, with exports, retail sales and industrial production data all showing renewed vigour.


Expansion in the world's second-largest economy has slowed for seven straight quarters through the end of September, but economists are expecting growth to accelerate during the current three-month period through December.


Beijing expects gross domestic product to grow 7.5 percent in 2012, a marked slowdown from the 9.3 percent recorded in 2011 and 10.4 percent in 2010.


The government is aiming to rebalance China's economy away from reliance on exports and more towards domestic demand in coming years in hopes it can steer growth onto a stable and sustainable track.


Copyright AFP (Agence France-Presse), 2012

]]> (Imaduddin) Real Estate Sun, 18 Nov 2012 05:42:06 +0000
US existing-home sales slip in September 2012WASHINGTON: Sales of existing homes in the United States slipped in September after hitting their fastest pace in more than two years in August, an industry group said Friday.


Existing-home sales fell 1.7 percent last month from August to an annual rate of 4.75 million, the National Association of Realtors (NAR) said.


But the September number was still 11.0 percent higher than the sales rate a year earlier, a further sign of recovery under way in the depressed housing market.


Inventory continued to tighten and the national median home price rose for a seventh straight month September's figure of $183,900 was up 11.3 percent from a year earlier.


"Despite occasional month-to-month setbacks, we're experiencing a genuine recovery," said Lawrence Yun, NAR chief economist.


"More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West."


Copyright AFP (Agence France-Presse), 2012

]]> (Muhammad Iqbal) Real Estate Fri, 19 Oct 2012 14:58:29 +0000
China says housing market slowed in September china-flagSHANGHAI: Fewer Chinese cities reported rises in home prices in September than the previous month, official data showed Thursday, as the government stood by its stance of controlling property speculation.


Prices in 31 out of 70 cities tracked by the government rose month-on-month, the National Bureau of Statistics said in a statement, down from 36 cities in August.


Prices of new homes dropped on the month in 24 cities and remained unchanged in the remaining 15 cities, it said.


"Currently the property market is generally stable," statistics bureau spokesman Sheng Laiyun told reporters at a briefing in Beijing. "The price trend of 'declining while stabilising' was extended."


China has implemented measures to control property prices for more than two years, including prohibitions on buying second homes, mandating higher minimum down-payments and imposing property taxes in some cities.


The house market had shown signs of recovery in recent months, after China slashed interest rates twice and lowered the amount of cash banks must keep in reserve to encourage lending and boost the economy.


But government officials have repeatedly said that property control measures aimed at bringing down home prices to a "reasonable" level would remain for now.


"We have achieved some initial results in regulation of the property market... We must unswervingly continue the control measures," Premier Wen Jiabao was quoted Wednesday by the official Xinhua news agency as saying.


Copyright AFP (Agence France-Presse), 2012

]]> (Imaduddin) Real Estate Thu, 18 Oct 2012 05:17:15 +0000
Li Ka-shing-backed firm to launch Singapore's first yuan IPO 30tytSINGAPORE: A real estate investment trust backed by Hong Kong tycoon Li Ka-shing announced on Wednesday it hopes to raise around $800 million in a yuan-denominated initial public offering in Singapore.


The offer by Dynasty REIT will be the first yuan-denominated flotation in the affluent city-state and the second outside mainland China.


Dynasty REIT, which is sponsored by real estate fund manager ARA Asset Management Ltd, lodged its prospectus on Wednesday with the Monetary Authority of Singapore (MAS) in preparation for the IPO.


ARA is an affiliate of the Cheung Kong Group, whose chairman is Li, Hong Kong's richest man.


No date was given for the share offer.


Dynasty REIT will offer between 893.9 million and 901.3 million units to public and institutional investors at a price range of 4.40-4.70 yuan apiece, according to the preliminary prospectus.


Additional units will be subscribed to by the sponsor and a group of "cornerstone" investors.


Total proceeds from the offer should range between 5.05 billion yuan and 5.39 billion yuan ($802 million to $857 million), the prospectus said.


The units will be tradable in yuan, officially called the renminbi, and Singapore dollars.


"Dynasty REIT will be the first renminbi-denominated REIT listed on the SGX-ST and offers investors unique exposure to the potential appreciation of (the) renminbi," the prospectus said.


Li and Singapore-listed ARA were also involved in the first offshore yuan IPO through last year's $1.6 billion offering in Hong Kong of Hui Xian REIT, which has stakes in Beijing office properties, Dow Jones Newswires said.


If successful, Dynasty REIT's IPO would be the largest in Singapore this year, surpassing a US$526 million flotation by Far East Hospitality Trust in August, it added.


Singapore is aiming to be an alternative to Hong Kong as a trading hub for the fast-growing offshore yuan market.


Offshore trading of the yuan would allow Chinese banks to do more business outside the mainland and also bolster Beijing's aim to promote its currency as an international unit.


Copyright AFP (Agence France-Presse), 2012

]]> (Muhammad Iqbal) Real Estate Wed, 10 Oct 2012 11:49:04 +0000
China home prices rise for 4th month in September: survey china-flagBEIJING: Average home prices in China's 100 big cities edged up for a fourth straight month in September, a private survey showed, reinforcing signs of a mild recovery as the government seeks to boost growth while avoiding a real estate bubble.


Average home prices rose 0.17 percent to 8,753 yuan ($1,400)per square metre in September, moderating from August's month-on-month increase of 0.24 percent, the China Real Estate Index System (CREIS) said.


A steady rise in home prices will, however, renew concerns about property inflation that could prompt Beijing to further tighten property controls in the run-up to a once-a-decade leadership transition this year.


Property prices flared up after the central bank cut interest rates twice in June and July to restore momentum to the world's second largest economy.


A housing ministry official said last month that Beijing will stick to its tight property sector policies to curb price rises, and a nationwide rebound remains unlikely.


"Seeing no let-up in property controls, most developers have launched more new projects and set home prices cautiously in September," said CREIS, a consultant affiliated to China's largest online real estate firm Soufun Holdings.


Compared to a year ago, however, home prices in the 100 cities are still down 1.4 percent in September, the sixth month of year-on-year declines since June 2011, when CREIS began calculating year-on-year changes.


In China's top 10 cities, including Beijing and Shanghai, average home prices rose 0.22 percent from August, but were down 1.35 percent from a year ago, the survey showed.


The Chinese government is due to publish September home prices in 70 major Chinese cities on October 18. Home prices in these cities rose 0.1 percent in August from July, extending a modest increase into a second straight month.


Copyright Reuters, 2012

]]> (Shoaib-ur-Rehman Siddiqui) Real Estate Tue, 09 Oct 2012 05:02:08 +0000