--File-- Chinese kids walk past some newly built residential apartment buildings in Wuhan city, central Chinas Hubei Province, January 23, 2011. Chi
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Contributor:
Imaginechina Limited / Alamy Stock PhotoImage ID:
W986RYFile size:
43.1 MB (1.1 MB Compressed download)Releases:
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3168 x 4752 px | 26.8 x 40.2 cm | 10.6 x 15.8 inches | 300dpiDate taken:
23 January 2011Photographer:
ImaginechinaMore information:
--File-- Chinese kids walk past some newly built residential apartment buildings in Wuhan city, central Chinas Hubei Province, January 23, 2011. Chinese developers are building more homes in cities across the nation away from the financial hub of Shanghai and the capital Beijing, which may be the hardest hit by government measures to curb property prices. China Vanke Co., the countrys biggest developer by market value, said an expansion into central and western Chinese cities, including Wuhan and Chengdu, helped 2010 revenue exceed 100 billion yuan ($15 billion), a target it had set for 2014, while Evergrande Real Estate Group Ltd. counted on towns in the nations interior to boost sales. Cheaper land and rising incomes in inland cities are luring developers as the government targets speculators, focused on Shanghai and Beijing, with stricter mortgage requirements and property taxes. Land investment in less affluent cities jumped 35.4 percent in the past year, according to data from China Real Estate Information Corp., which tracks 40 publicly traded developers. Absolutely policy is a driver of this, both because the policys footing in more developed cities is stricter and also because there is tremendous unmet demand for modern housing in these second-tier cities where incomes are rising quickly, said Michael Klibaner, head of China research at Jones Lang LaSalle Inc. in Shanghai. First-tier cities include wealthier Shanghai, Beijing and Guangzhou, in southern China, according to Chinas National Bureau of Statistics. The second tier includes provincial capitals and the third includes smaller cities.