Latest news with #CentralUrbanWorkConference
Business Times
a day ago
- Business
- Business Times
China's Xi touts ‘new model' of property development in rare meeting
[BEIJING] Chinese President Xi Jinping called for the acceleration of a 'new model' for property development, advocating a more measured approach to urban planning and upgrades while falling short of some investors' expectations for more aggressive policies. China will 'steadily advance renovation of urban villages and dilapidated houses', the official Xinhua News Agency reported, citing the Central Urban Work Conference that was held on Monday (Jul 14) and Tuesday. The announcement follows a pledge by the government last October to renovate one million homes in older, rundown dwellings in large cities. Ahead of the official readout, there was much anticipation of the meeting reminiscent of a 2015 campaign that was then used to boost home-buying demand and galvanise domestic investment. That year, China also held the Central Urban Work Conference, which was the first of its kind in decades and attended by Xi and top Politburo members. While Tuesday's announcement lacked detailed support measures that some investors were hoping for, it's not uncommon for China's top leaders to set a general policy direction and task lower-level officials with working out specifics to be revealed in the weeks and months that follow. The country's prolonged housing downturn has stifled efforts to boost consumer demand and shore up the economy as exports remain at risk from trade tensions with the US. Official data on Tuesday showed a weakening home market in June, with new-home prices falling the most in eight months. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'Investors pinned too much hope on the meeting earlier and may sell the news now,' said Jeff Zhang, a property analyst with Morningstar. 'Usually, a meeting convened at such a high level wouldn't announce detailed measures in its official readout.' A gauge of Chinese developer stocks fell as much as 4.27 per cent on Tuesday in Hong Kong, trimming gains from last week's rally driven by speculation over potential stimulus. The 2015 programme pumped at least 3.2 trillion yuan (S$573 billion) into the economy, by replacing older buildings with shiny new tower blocks. At the time, it worked by using newly-created central bank yuan to give occupants of old communal housing brand-new apartments, cash, or both. Now, China is seeking to 'change its approach in urban development', as its pace of urbanisation has stabilised, according to the readout. It said urban development should shift to improving existing homes from large-scale incremental expansion. One of the goals is to make cities more comfortable and convenient. Such a goal would mean a variety of measures including supplying more affordable homes with better quality, said Yan Yuejin, vice-president of Shanghai E-house's research arm. The country will carry out 'high-quality' urban renewal and limit extremely tall buildings and enhance housing safety. That includes improving infrastructure such as upgrading old pipelines. It will also 'steadily promote' the renovation of urban villages and run-down houses, according to the meeting readout. China has already renovated at least 33 million shantytown units between 2015 and 2020, according to government announcements and official media. Despite expectations for China's property market to stabilise as soon as this year, its real estate recovery has stalled. The top 100 developers' contracted sales may fall another 12 per cent this year, after tumbling 66 per cent in the four years to 2024, according to Bloomberg Intelligence. China's demand for new homes in cities is expected to stay at 75 per cent below its 2017 peak in the coming years due to a shrinking population and expectations of price declines that have been hurting investment interest, according to a Goldman Sachs report in June. BLOOMBERG
Business Times
a day ago
- Business
- Business Times
Xi touts ‘new model' of property development in rare meeting
[BEIJING] Chinese President Xi Jinping called for the acceleration of a 'new model' for property development, advocating a more measured approach to urban planning and upgrades while falling short of some investors' expectations for more aggressive policies. China will 'steadily advance renovation of urban villages and dilapidated houses', the official Xinhua News Agency reported, citing the Central Urban Work Conference held on Monday (Jul 14) and Tuesday. The announcement follows a pledge by the government last October to renovate one million homes in older, rundown dwellings in large cities. Ahead of the official readout, there was much anticipation of the meeting reminiscent of a 2015 campaign that was then used to boost home-buying demand and galvanise domestic investment. That year, China also held the Central Urban Work Conference, which was the first of its kind in decades and attended by Xi and top Politburo members. While Tuesday's announcement lacked detailed support measures that some investors were hoping for, it's not uncommon for China's top leaders to set a general policy direction and task lower-level officials with working out specifics to be revealed in the weeks and months that follow. The country's prolonged housing downturn has stifled efforts to boost consumer demand and shore up the economy as exports remain at risk from trade tensions with the US. Official data on Tuesday showed a weakening home market in June, with new-home prices falling the most in eight months. 'Investors pinned too much hope on the meeting earlier and may sell the news now,' said Jeff Zhang, a property analyst with Morningstar. 'Usually, a meeting convened at such a high level wouldn't announce detailed measures in its official readout.' A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up A gauge of Chinese developer stocks fell as much as 4.27 per cent on Tuesday in Hong Kong, trimming gains from last week's rally driven by speculation over potential stimulus. The 2015 programme pumped at least 3.2 trillion yuan (S$573 billion) into the economy, by replacing older buildings with shiny new tower blocks. At the time, it worked by using newly-created central bank yuan to give occupants of old communal housing brand-new apartments, cash, or both. Now, China is seeking to 'change its approach in urban development', as its pace of urbanisation has stabilised, according to the readout. It said urban development should shift to improving existing homes from large-scale incremental expansion. One of the goals is to make cities more comfortable and convenient. Such a goal would mean a variety of measures including supplying more affordable homes with better quality, said Yan Yuejin, vice-president of Shanghai E-house's research arm. The country will carry out 'high-quality' urban renewal and limit extremely tall buildings and enhance housing safety. That includes improving infrastructure such as upgrading old pipelines. It will also 'steadily promote' the renovation of urban villages and run-down houses, according to the meeting readout. China has already renovated at least 33 million shantytown units between 2015 and 2020, according to government announcements and official media. Despite expectations for China's property market to stabilise as soon as this year, its real estate recovery has stalled. The top 100 developers' contracted sales may fall another 12 per cent this year, after tumbling 66 per cent in the four years to 2024, according to Bloomberg Intelligence. China's demand for new homes in cities is expected to stay at 75 per cent below its 2017 peak in the coming years due to a shrinking population and expectations of price declines that have been hurting investment interest, according to a Goldman Sachs report in June. BLOOMBERG
Bloomberg
2 days ago
- Business
- Bloomberg
Xi Urges ‘New Model' for China Urban Plan in Rare Meeting
By Updated on Save Chinese President Xi Jinping called for the acceleration of a 'new model' for property development, advocating a more measured approach to urban planning and upgrades, while falling short of investor expectations for more aggressive policies. China will 'steadily advance renovation of urban villages and dilapidated houses,' the official Xinhua News Agency reported Tuesday, citing the Central Urban Work Conference held on Monday and Tuesday. The announcement follows a pledge by the government last October to renovate 1 million homes in older, rundown dwellings in large cities.
Reuters
2 days ago
- Business
- Reuters
China to promote renewal of urban villages, dilapidated houses
BEIJING, July 15 (Reuters) - China will steadily push forward with the improvement of urban villages and dilapidated houses, state news agency Xinhua reported on Tuesday, citing the first high-level urban planning meeting in a decade. The Central Urban Work Conference last met in 2015, when China launched a massive state-backed redevelopment of informal settlements, which helped boost the country's property market and fuelled a surge in housing prices. The meeting was held on Monday and Tuesday with President Xi Jinping giving a speech on the country's urban planning. "China's urbanisation is shifting from rapid growth to stable development, and urban development is shifting from a stage of large-scale expansion to a stage focused on improving the quality and efficiency of inventories," Xinhua said, citing the meeting. The world's second-biggest economy has limited room to repeat such a large housing stimulus as 2015, given the changed landscape of the property market - marked by a massive oversupply of housing and weak demand as a result of job and income insecurity amid ongoing trade tensions, analysts said. The property sector, which accounted for about a quarter of economic activity before it collapsed roughly four years ago, remains a drag on government efforts to achieve its annual growth target of "around 5%". China's new home prices fell at the fastest monthly pace in eight months in June, official data showed on Tuesday, adding to calls for additional market support.
Straits Times
2 days ago
- Business
- Straits Times
Xi urges ‘new model' for China's urban development in rare meeting
Find out what's new on ST website and app. China has faced a prolonged housing downturn, with a weakening home market in June. Chinese President Xi Jinping called for the acceleration of a 'new model' for property development, advocating a more measured approach to urban planning and upgrades, while falling short of investor expectations for more aggressive policies. China will 'steadily advance renovation of urban villages and dilapidated houses,' the official Xinhua News Agency reported on July 14, citing the Central Urban Work Conference held on July 13 and 14. The announcement follows a pledge by the government last October to renovate 1 million homes in older, rundown dwellings in large cities. Ahead of the official readout, there has been growing speculation of a meeting reminiscent of a 2015 campaign that was then used to boost home-buying demand and galvanise domestic investment. That year, China held the Central Urban Work Conference, which was the first of its kind in decades and attended by Mr Xi and top Politburo members. The country's prolonged housing downturn is stifling efforts to boost consumer demand and shore up the economy as exports remain at risk from trade tensions with the US. Official data on July 14 showed a weakening home market in June, with new-home prices falling the most in eight months. BLOOMBERG Top stories Swipe. Select. Stay informed. Singapore $3b money laundering case: MinLaw acts against 4 law firms, 1 lawyer over seized properties Singapore Air India crash: SIA, Scoot find no issues with Boeing 787 fuel switches after precautionary checks Opinion What we can do to fight the insidious threat of 'zombie vapes' Singapore $230,000 in fines issued after MOM checks safety at over 500 workplaces from April to June Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years
