Chinese Property Stocks Rally on Hope for More Policy Support
Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
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Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes, officials announced.
Land Securities Group Plc wrote down the value of its City of London office portfolio by almost 14% last year, dragging the UK commercial real estate landlord to a full year loss.
Football’s global governing body opened the door to potentially moving its headquarters from Zurich, while stressing that it’s “happy” for now having its main office in Switzerland
China’s economic recovery tilted even further toward manufacturing, leaving it more vulnerable to trade barriers and highlighting the stakes of a new bid to shore up domestic demand.
Feb 4, 2024
Bloomberg News
,Canada has lengthened a ban on foreign home buyers for two additional years as the real estate market begins to show signs of a rebound, stoking concerns about the cost of shelter in cities like Toronto and Vancouver.
Prime Minister Justin Trudeau’s government acted to prohibit non-Canadians from buying residential real estate in 2022, with the measure to expire on Jan. 1, 2025. That date has now been moved to Jan. 1, 2027.
“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class,” Finance Minister Chrystia Freeland said in a statement Sunday, adding that the government is concerned about residents being priced out of their local housing markets.
The government has carved out exemptions for non-Canadians buying vacant land or residential property for development. There are also exemptions for foreign students and people on work permits, provided they have been in the country for an extended period and have not already purchased property.
Activity in the housing market has begun to heat up recently as it becomes clearer than the Bank of Canada may be in a position to cut interest rates later this year.
The national benchmark home price in December was $730,400, an increase of 36 per cent in five years. It’s $1.2 million in greater Vancouver and $1.1 million in greater Toronto.
Multiple levels of government in Canada have adopted measures aimed at cooling housing costs. This week, Toronto city council will consider a motion to tax the home purchases of non-residents at a rate of 10 per cent of the property value. That’s in addition to the 25 per cent “non-resident speculation tax” imposed by the province of Ontario.
Toronto Mayor Olivia Chow’s office did not immediately respond to a request for comment Sunday.
The motion to be considered Feb. 6 is intended to “maintain a level of affordability in the residential real estate market by discouraging international buyers from purchasing property in the City of Toronto, particularly those buyers who do not intend to live in the property,” according to a recommendation by the city’s executive committee.