Deutsche BankInside the Great Wall:Zhengzhou to implement pr
Zhengzhou to implement price limit on primary property market
The Henan branch of Ministry of Housing and Urban-Rural Development(MOHURD) and Ministry of Land and Resources (MLR) jointly issued a noticeto curb the price increase in Zhengzhou. The notice stipulated that ASP of newprojects cannot be higher than the price level on Oct 2016 of the nearbyprojects. For cities/counties with an inventory period of less than 12 monthsand a sales volume up 30% or price up 20%, the ASP of the new projectscannot be higher than the price level on Apr 2017 of the nearby projects. (CFI)Deutsche Bank’s comment: Like other T1 and core T2 cities, the price curb couldlead to a few different outcomes: 1) decrease in new house supply and 2)dragging demand in the secondary market to the primary market due to theprice curb. As such, if developers are willing to launch the projects within thecontrolled range, the sell-through could be high. Secondary volume will likelydecrease, followed by price adjustment pressure among sellers.
Deutsche BankInside the Great Wall:Zhengzhou to implement price limit on primary property market。 Hong Kong top news
Retail sales 8% y-y at Kwun Tong APM mall
Shopping mall APM of SHKP (0016.HK) recorded 10% y-y growth in foot trafficof 56m in 1H2017. Total retail sales amounted to HK$2.2bn ( 8% y-y), whilethe beauty category led with 35% y-y growth. The process of signing a newtenancy and tenancy renewal for a total floor area of 120k sf was completedfor the second half of this year, with a double-digit increase in rent to a rangeof HK$100 to 450 psf. In the coming summer vacation season, Fung Sau YimMaureen, director of Sun Hung Kai Properties (China), expects the mall’s totalretail sales to reach HK$480-500m (about 10% y-y) in 47 days, ending onAugust 31. (Oriental Daily)
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