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Overseas Property News

China ban on sale of homes on rural land remains

China has reinforced a ban on selling property built by villages or farmers on rural land, state media reported yesterday, dashing hopes for a quick policy change after a top-level party meeting.

The Business Times - November 26, 2013

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China ban on sale of homes on rural land remainsOut of reach: Sky-high property prices in urban projects such as these have driven many city dwellers to buy low-cost homes in the villages. - PHOTO: BLOOMBERG

[BEIJING] China has reinforced a ban on selling property built by villages or farmers on rural land, state media reported yesterday, dashing hopes for a quick policy change after a top-level party meeting.

The Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development have jointly issued an urgent circular ordering a halt to sales of "small-property-rights housing", which is built on rural land without going through state planning, the Economic Information Daily said.

Expectations that the government may relax controls on sales of such property rose after the party meeting this month pledged to allow rural construction land to be traded in a unified urban-rural market, enjoying the same rights and prices as state-owned land.

Chinese urban citizens have been prohibited from buying rural houses with limited property rights, with the government warning that such purchases do not enjoy legal protection. But sky-high property prices in cities have driven many urban dwellers to buy such low-cost homes.

"A buying frenzy has occurred in some places amid hopes that such 'small-property-rights housing' could be legalised," the newspaper said.

China's home prices have continued to set new records even after a four-year long official campaign to cool the market. The government is concerned that runaway prices could foment social unrest.

The paper quoted Xu Deming, a vice-land minister, as saying that the party plenum's decision to allow some rural land to enter a unified urban-rural land market was "on the premise of conforming to the planning and is under usage supervision".

In China, land in urban areas is owned by the state and can be freely traded. Land in rural areas is owned by collectives - villages and townships - and contracted out to farmers.

Rural land can only be used for property or industrial development after being requisitioned by the state. - Reuters

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Gambling tycoon Stanley Ho buys bungalow from descendants of Tan Tock Seng for $145m

Gambling tycoon Stanley Ho buys bungalow from descendants of Tan Tock Seng for $145m

The Business Times - 24 May 2016

Shun Tak Holdings, a company founded by gambling billionaire Stanley Ho, has made its first foray into the Singapore property market.


Stars of Kovan: Lower than average indicative prices

Stars of Kovan: Lower than average indicative prices

The Business Times - 23 May 2016

60 units of private condominium project Stars of Kovan have been at an average price of S$1,408 per square foot - lower than the average pricing that it had indicated ahead of the VIP pre-sale over the weekend.


8,940 BTO flats launched for sale

8,940 BTO flats launched for sale

The Business Times - 24 May 2016

A total of 8,940 flats were launched by HDB under the build-to-order (BTO) and sale of balance flats (SBF) exercise in May, with one-quarter of the BTO flats located in the popular mature estates of Ang Mo Kio and Bedok.

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China developers targeting smaller cities

The Business Times - November 26, 2013