Greentown China plans substantial land purchases in second half of 2017 [Reuters]
Fang Holdings Limited American Depositary Shares (Each representing Four Class A Ordinary Shares, HK$1.00 par value) (SFUN)
Last fang holdings limited american depositary shares (each representing four class a ordinary shares, hk$1.00 par value) earnings: 11/30 06:22 am
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Source: Reuters
BEIJING Property developer Greentown China plans to spend heavily on land purchases in the second half of the year when bidding from its rivals is expected to recede, Chief Executive Cao Zhounan said on Thursday. Land bids by Chinese real estate developers have unexpectedly remained strong this quarter, Cao said, but added that their ability to fund purchases would wane as government curbs on the red hot property market hurt sales. "I originally thought the first quarter would be a good time to invest. But from what we're seeing now we might have to wait until the third or fourth quarter," Cao told Reuters in an interview in Beijing. The Hangzhou-based developer plans to focus on core areas in major cities, he said. China's property sales surged in the first two months of the year despite government measures to cool the market, though growth in real estate investment showed signs of easing, according to official data on Tuesday. Authorities have slam
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