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New property cooling measures in major Chinese cities

Posted on 31 Mar 2016 | Comments Off

Chinese authorities introduced new property cooling measures in Shanghai and Shenzhen last week, after residential prices in those first-tier cities skyrocketed in February, reported Reuters and Shanghai Daily.

Latest data released by the National Bureau of Statistics shows that property prices in Shanghai soared by 21 percent last month, while prices in Shenzhen surged by 57 percent on an annual basis.

As a result, city officials decided to implement more stringent curbs.

In Shanghai, buyers of second homes must pay a down payment of at least 50 percent for normal homes, and a minimum of 70 percent for non-normal homes. Previously, they only had to pay a 40 percent deposit for both types of properties.

Normal homes within the Inner Ring Road are categorized as being not bigger than 140 sqm and priced under 4.5 million yuan (S$948,191). Those situated between the Inner and Outer Ring roads should not exceed 3.1 million yuan (S$653,151), while those beyond the Outer Ring Road should cost less than 2.3 million yuan (S$484,600).

All other residential properties are considered non-normal.

Moreover, non-local residents are only allowed to buy a home if their income tax and social security documents show that they have resided in Shanghai for more than five straight years. Previously, they were permitted to purchase a residential property if they had lived in the city for at least two years cumulatively over a three-year period.

In Shenzhen, first-time buyers who have taken out housing loans in the past two years, as well as second-timers, now need to pay a 40 percent down payment. Previously, both groups only had to fork out a 30 percent down payment.

Furthermore, the residency requirement for non-local buyers was raised to three consecutive years from one year previously.

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Posted in Overseas Property

Tagged China Property

Expats still paying top dollar for historic bungalows

Posted on 17 Mar 2016 | Comments Off

Black and white bungalows offer a luxurious lifestyle.

Sales of black-and-white bungalows, a type of good class bungalow (GCB), are few and far between given their limited number, reported The Wall Street Journal.

Designed after the mock-Tudor architectural style, these houses come with whitewashed exteriors that contrast with black-stained timber details. To make them more suitable for the tropics, they feature broad verandas, wide eaves and tall shutters for shade, as well as masonry piers to elevate the structure and alleviate humidity.

According to historian and academic Julian Davison, these homes combine the ‘Tudorbethan’ style of Victorian England and the colonial-bungalow style introduced in Singapore by the British Raj in India.

These properties are favoured by expatriates due to the luxurious lifestyle they offer and their large area, which start from about 2,000 sq ft for one-storey bungalows to around 8,500 sq ft to 11,000 sq ft for the more exclusive villas.

“They are the perfect answer for people looking for a bit of greenery and some space,” said Diana Chua, a Singapore guide.

However, sales are rare as only a few are privately owned, and these include most of the 100 black-and-white bungalows slated for conservation by the Urban Redevelopment Authority (URA).

The majority are currently being rented out by the Singapore government. Over 90 percent of the 500 units managed by the Singapore Land Authority (SLA) are leased as homes, while some are used for commercial purposes. JTC Corporation also oversees around 150 units at the Seletar and Buona Vista industrial parks.

In addition, rents of black-and-white bungalows declined from their peak in 2010 to 2012, following the introduction of property cooling measures. For instance, monthly rents for the 33 bungalows at Mount Pleasant range from $8,600 to $23,500, said Ascott Ltd, the property manager.