Hong Kong/China Property Daily:Inside the Great Wall

Beijing further tightens house purchasing requirements for non-hukou holders

    The Beijing Municipal Commission of Housing and Urban-Rural Developmentand Beijing Local Taxation Bureau jointly announced yesterday that non-hukouholders in the city wishing to purchase a flat are required to have paid incometax for five consecutive years. Also, each is allowed to buy only onecommodity residential unit (whether it is in the primary or secondary markets).(Hexun)

    Jiaxing imposes higher down payment ratio on foreign buyers

    Jiaxing’s Housing Security Bureau announced that effective from 22 March,the down payment ratio for non-hukou or hukou holders with an outstandingmortgage loan increases to 50%. Hukou holders who are first-time buyers aresubject to a down payment ratio of 30%. (Guandian)HONG KONG

    Li Ka-shing: solid purchasing power in HK property market; no significantdownside risk in next two years。

    CK Property (1113.HK) Chairman Li Ka-shing sees no substantial downsiderisks for a year or two in the Hong Kong property market, in view of the solidpurchasing power from buyers. Those who seek residences and can affordthem would buy flats, in his opinion. On the land bidding practices of Chinesedevelopers, he thinks they are based on fair and just commercial decisions.(Apple Daily)

    KWG and Logan plan HK$7.5bn bank loan to pay Ap Lei Chau land premium

    KWG (1813.HK) announced that KWG and Logan (3380.HK) have each givenHK$4.685bn to their joint venture, as part payment for a land premium ofHK$16.856bn on an Ap Lei Chau site they had bid for successfully. The JVproject company will finance the payment of the land premium by way of aHK$7.5bn bank loan. KWG and Logan have each provided several guaranteesfor up to 50% of the repayment obligations of the project company in respectof the bank loan. (Company)