Showing posts with label China. Show all posts
Showing posts with label China. Show all posts

Thursday, 23 August 2012

Turkey opens part of real estate market to Chinese nationals

A new Turkish real estate law, which was approved by President Abdullah Gul recently, conditionally opens real estate market to Chinese nationals, an attorney said on Thursday.

Compare to opening real estate market to individuals of 89 nationalities previously, the new law authorizes individuals of 183 nationalities to purchase real estate in Turkey.

Berk Cektir, an attorney from Turkish law firm Yingke, told Xinhua that Chinese nationals need to ask a permission from Turkish Interior Ministry before acquiring real estate in the country, a move will boost Chinese investment in Turkey.

According to the law, Chinese citizens can buy houses in Turkey for residence purpose only, but still are restricted from buying Turkish land.

The law marks the biggest opening in Turkey's real estate market to foreign investors, said former Vice President of the government's Privatization Administration, Suleyman Yasar, adding that it is designed to make Turkey more accessible to foreign investment and make Istanbul a global city.

Expecting more than 300 billion US dollars foreign investment in real estate, Turkish property markets anticipate dramatic increase of investment from China, Europe and the Gulf states.

Meanwhile, Cektir said the new law increases the limit on the size of land that the authorized foreign buyers can purchase from 2.5 hectares of vacant land to 30 hectares. If the buyers want to purchase more than 60 hectares of land, they will need a permit from the Ministry of Environment and Urban Planning.

Also, the new law enables authorized foreign investors to purchase unconstructed properties. Buyers just need to provide plans for the construction on the land and submit the plan to the Ministry of Environment and Urban Planning within two years, according to Cektir.

If the ministry approves the project, it will be sent to the local land registry office, which will monitor the project.

Chinese investors need valid passport, Turkish residence permit, income statement and recent identity photos before acquiring real estate and they also need to apply to the local land registry office, according to the lawyer.

The application could be made in person or through legal representatives. The land registry office will check the limit on the purchase and after checking, the land registry will complete the transaction and grant the property with investor's name.

Turkey's economy has witnessed booming growth in recent years. It experienced a GDP growth rate of 8.9 percent in 2010 and 8.5 percent in 2011. It expects 6.7 percent average GDP growth from 2011 to 2017.

However, there is a high risk of earthquakes in Turkey, particularly Marmara region which is the major drawback of real estate purchase in Turkey that investors should take into consideration.

Source: http://www.globaltimes.cn/content/728856.shtml

Tuesday, 24 July 2012

Real estate off control target in June: report

BEIJING -- The heating up of China's real estate market in July could jeopardize the country's soft landing, according to a mid-year report from a leading think tank.

Official data released last Wednesday showed that 25 cities, out of a statistical pool of 70 major cities, saw new home prices rise in June from the previous month. The figure was drastically up from six cities that saw month-on-month price gains in May.

Though the performance of the overall property market in the first half of 2012 was generally within the forecasted target zone of the government control, the "warming" in June added to the complexity and difficulties to the second half, according to the housing report released Monday by the Chinese Academy of Social Sciences.

The report attributed the June retreat to the policy expectations and wide panic caused by the fine-tuning on the macro policy of property regulations, rather than the actual policy adjustments.

Gao Peiyong, head of the CASS's National Academy of Economic Strategy and leading author of the report, believed that the housing price could gradually drop towards "soft landing" and achieve health development, if proper policies were adopted in the coming months.

"The top priority is to change the market expectation," said the report, which called for enhanced regulatory measures to hold back the rebound and prevent financial risks. China has tightened its curbs on the property sector since 2010 as home prices rocketed beyond the reach of average wage earners. The government has restricted home purchases in several cities while requiring higher down payments and introducing property taxes.

A separate blue paper from the CASS forecasted that there is "almost no possibility" of an increase in the country's property prices while the real estate market will continue to stabilize in 2012.

Source: http://usa.chinadaily.com.cn/business/2012-07/24/content_15611418.htm

Tuesday, 13 March 2012

China to maintain real estate curbs this year

SHANGHAI: China will maintain its real estate curbs this year but will make sure purchases of first homes are unaffected, the official China Securities Journal reported, citing a notice by the central government.

The government had urged financial institutions to continue to support first-time home buyers while keeping in place lending restrictions on property investment, the newspaper said.

Property sales fell 20.9% in the first two months of 2012 from a year earlier as the government had introduced a series of measures including property sales taxes and lending restrictions to curb speculation.

Despite Beijing showing its willingness to ease policy selectively to bolster growth, rhetoric has been unbending on the property sector.

Shanghai last month reaffirmed its commitment to real estate curbs in an apparent attempt to dismiss expectations that China's commercial hub will ease some restrictions on purchases.

The third-tier city of Wuhu in Anhui province suspended plans to ease property restrictions after they were slammed by experts, local media has reported. - Reuters

Source: http://biz.thestar.com.my/news/story.asp?file=/2012/3/14/business/10909525&sec=business

Thursday, 8 March 2012

China's real-estate boom hits warp speed

CHANGSHA, CHINA -- In early December, Liu Zhangning was tending her cabbage patch when she saw a tall yellow construction crane in the distance. At night, the work lights made it seem like day.

Fifteen days later, a 30-story hotel towered over her village on the outskirts of the city like a glass and steel obelisk.

"I couldn't really believe it," Liu said. "They built that thing in under a month."

A time-lapse video of the project in Changsha, which shows the prefabricated building being assembled on site, has racked up more than 5 million views on YouTube and left Western architects speechless.

"I've never seen a project go up this fast," said Ryan Smith, an expert on prefabricated architecture at the University of Utah.

In other countries, the most advanced prefab construction methods can reduce building times by one-third to one-half, Smith said. The builders of the Changsha hotel did better, knocking one-half to two-thirds off the normal schedule.

"It's unfathomable," Smith said.

The warp-speed construction is a startling illustration of the building boom in China, where an exodus from the countryside to the cities has swelled the urban population by almost 400 million since 1990.

Skylines are peppered with cranes. Smog-choked streets echo with the pounding of jackhammers. Residential high-rises sprout like weeds in the plains between major cities, creating an endless sprawl along the country's east coast.

The breakneck pace of construction reflects a societal urge to catch up as fast as possible to the developed world after decades of scarcity under Mao Tse-tung, said Zhang Li, a Beijing architect.

The focus on fast construction took root during the economic reforms of the early 1980s, Zhang said. Prefabrication methods, well established elsewhere but just catching on in China, have magnified it.

Raising a 30-story tower in two weeks is possible because most of the work is done in a factory and the foundation has been laid ahead of time. China's abundance of workers also helps.

But a job done quickly is not always a job done well. Zhang said that in their race to the finish line, many Chinese construction companies skimp on the meticulous reviews and inspections that make projects in the West drag on for years.

"Incredible speed also means incredible risk," he said. "But only time will tell how serious the risk is."

The Chinese company behind the Changsha hotel, Broad Sustainable Building, says it cuts no corners on safety. To the contrary, it says, its methods will make China's construction boom safer, cheaper and more environmentally friendly.

In promotional literature, Broad boasts that its technology is "the most profound innovation in human history" and that construction on a third of the world's new buildings will be done this way "in the near future."

The hotel, called T-30, looms over dilapidated concrete homes interspersed with piles of garbage and rows of cabbages and leeks. Dogs and chickens run through muddy alleyways.

In mid-January, a month after the building's announced completion, its interior was a hive of activity. Many of the 500 rooms were finished, with made beds and white sofas. In others, wires protruded from unfinished walls. Paint-splattered workers hauled wooden planks past a grand piano in the pristine marble lobby.

The hotel, which will accommodate visiting clients of Broad Sustainable Building and house some of its employees, is about 400 yards from the cavernous white factory where its components were manufactured. The headquarters of the parent company, Broad Group, is a 90-minute drive away.

"This is the tallest building in this county, and it's also the fastest-built," said Rong Shengli, one of the building's planners, looking over the rural sprawl from a helicopter pad on the hotel's roof. "Next, we're going to build a 50-story building. Then a 100-story one, then a 150-story one. And they're all going to go up fast."

The time-lapse video provides a glimpse of how the hotel was made. Workers in blue jumpsuits are seen assembling "main boards," the building blocks of Broad's structures - 13-by-50-foot slabs containing ventilation shafts, water pipes, electric wiring and lighting fixtures sandwiched between ready-made floors and ceilings.

A counter at the bottom of the screen ticks off the hours as the boards are loaded onto a truck and delivered to the construction site. A crane then stacks them up like blocks. Workers bolt in pylons and piece together staircases; the glass-and-steel exterior rolls up onto the frame like a gleaming carpet.

At 360 hours, the ticker stops.

Building this way costs 20 percent to 30 percent less than traditional methods, said Jiang Yan, a senior vice president at Broad.

It's also safer, said Zhang Yue, chief executive of Broad Group, because factories are typically less risky environments than construction sites.

"The faster, the safer," Zhang said. "It's like crossing the road. If you slowly walk back and forth in the middle of the road, that's not safe."

The China Academy of Building Research has declared Broad's structures earthquake-resistant up to magnitude 9. (The largest recorded quake of the 20th century, which hit Chile in 1960, measured 9.5.) The company says the strength of its buildings comes from their lightweight steel structures and diagonal bracing.

Zhang said he got the idea to manufacture prefabricated buildings after a massive earthquake in Sichuan province in 2008 in which the collapse of poorly constructed buildings killed tens of thousands of people, many of them schoolchildren.

Zhang said it took about 200 of the company's 900 employees to put up the hotel. They are paid $500 to $800 a month, above average for China. Although some company executives acknowledged that many workers put in well over 40 hours a week, Zhang said they do not work later than 10 p.m.

Unlike most Chinese tycoons, Zhang cultivates a reputation as an environmentalist. The company touts its sparing use of concrete to cut down on waste. Its buildings have low-energy lighting, water-saving toilets and elevators that generate electricity on the way down.

Broad Sustainable Building has completed only a handful of projects. Its first was the 15-story New Ark Hotel, which the company built in about six days near Broad Group's headquarters in 2010. Soon afterward, it built a six-story building at the 2010 Shanghai World Expo in less than 24 hours.

Its first international project was a two-story building erected at the United Nations Climate Change Conference in Cancun, Mexico, in 2010. Mexican President Felipe Calderon called it a "revolution of the world's architectural and housing industry."

The company says it is negotiating technology-transfer deals with firms in Brazil, Saudi Arabia, Mexico and India and hopes to establish partnerships in the United States.

Experts say that may not be easy. Broad's buildings may not conform to U.S. fire codes. Labor laws could prevent employees from working the long hours required to construct a building with such speed.

Amy Lelyveld, a professor of architecture at Yale University, described prefabricated buildings in the U.S. as "kind of at the jewelry-making end of architecture" - an expensive niche.

Lelyveld expressed concern about the adequacy of construction oversight on a complicated, hurriedly constructed building like the Changsha hotel.

"I wonder why it was so fast," she said, adding that "if it was slower there might be more opportunities to inspect the work."

Zhang, however, said Broad could adapt to labor and fire safety laws in other countries, and that employees' workdays would drop to eight hours as the company's technology improves. "We will use international standards," he said.

Zhou Weidong, a vice president at Broad Sustainable Building, said the company was developing as quickly as its home country. Looking out the window of a company Buick, he noted that the squat concrete homes, convenience stores and auto repair shops lining the newly paved road between the headquarters of Broad Sustainable Building and central Changsha were at most a year old.

"Three years later, if you come back here, this will be a city," he said. "That's China. It changes overnight."

Source: http://www.kansascity.com/2012/03/08/3476724/chinas-real-estate-boom-hits-warp.html

Wednesday, 7 March 2012

China's real-estate boom hits warp speed

CHANGSHA, China — In early December, Liu Zhangning was tending her cabbage patch when she saw a tall yellow construction crane in the distance. At night, the work lights made it seem like day.

Fifteen days later, a 30-story hotel towered over her village on the outskirts of the city like a glass and steel obelisk.

“I couldn’t really believe it,” Liu said. “They built that thing in under a month.”

A time-lapse video of the project in Changsha, which shows the prefabricated building being assembled on site, has racked up more than 5 million views on YouTube and left Western architects speechless.

“I’ve never seen a project go up this fast,” said Ryan Smith, an expert on prefabricated architecture at the University of Utah.

In other countries, the most advanced prefab construction methods can reduce building times by one-third to one-half, Smith said. The builders of the Changsha hotel did better, knocking one-half to two-thirds off the normal schedule.

“It’s unfathomable,” Smith said.

The warp-speed construction is a startling illustration of the building boom in China, where an exodus from the countryside to the cities has swelled the urban population by almost 400 million since 1990.

Skylines are peppered with cranes. Smog-choked streets echo with the pounding of jackhammers. Residential high-rises sprout like weeds in the plains between major cities, creating an endless sprawl along the country’s east coast.

The breakneck pace of construction reflects a societal urge to catch up as fast as possible to the developed world after decades of scarcity under Mao Tse-tung, said Zhang Li, a Beijing architect.

The focus on fast construction took root during the economic reforms of the early 1980s, Zhang said. Prefabrication methods, well established elsewhere but just catching on in China, have magnified it.

Raising a 30-story tower in two weeks is possible because most of the work is done in a factory and the foundation has been laid ahead of time. China’s abundance of workers also helps.

But a job done quickly is not always a job done well. Zhang said that in their race to the finish line, many Chinese construction companies skimp on the meticulous reviews and inspections that make projects in the West drag on for years.

“Incredible speed also means incredible risk,” he said. “But only time will tell how serious the risk is.”

The Chinese company behind the Changsha hotel, Broad Sustainable Building, says it cuts no corners on safety. To the contrary, it says, its methods will make China’s construction boom safer, cheaper and more environmentally friendly.

In promotional literature, Broad boasts that its technology is “the most profound innovation in human history” and that construction on a third of the world’s new buildings will be done this way “in the near future.”

The hotel, called T-30, looms over dilapidated concrete homes interspersed with piles of garbage and rows of cabbages and leeks. Dogs and chickens run through muddy alleyways.

In mid-January, a month after the building’s announced completion, its interior was a hive of activity. Many of the 500 rooms were finished, with made beds and white sofas. In others, wires protruded from unfinished walls. Paint-splattered workers hauled wooden planks past a grand piano in the pristine marble lobby.

The hotel, which will accommodate visiting clients of Broad Sustainable Building and house some of its employees, is about 400 yards from the cavernous white factory where its components were manufactured. The headquarters of the parent company, Broad Group, is a 90-minute drive away.

Zhang said he got the idea to manufacture prefabricated buildings after a massive earthquake in Sichuan province in 2008 in which the collapse of poorly constructed buildings killed tens of thousands of people, many of them schoolchildren.

“This is the tallest building in this county, and it’s also the fastest-built,” said Rong Shengli, one of the building’s planners, looking over the rural sprawl from a helicopter pad on the hotel’s roof. “Next, we’re going to build a 50-story building. Then a 100-story one, then a 150-story one. And they’re all going to go up fast.”

The time-lapse video provides a glimpse of how the hotel was made. Workers in blue jumpsuits are seen assembling “main boards,” the building blocks of Broad’s structures — 13-by-50-foot slabs containing ventilation shafts, water pipes, electric wiring and lighting fixtures sandwiched between ready-made floors and ceilings.

A counter at the bottom of the screen ticks off the hours as the boards are loaded onto a truck and delivered to the construction site. A crane then stacks them up like blocks. Workers bolt in pylons and piece together staircases; the glass-and-steel exterior rolls up onto the frame like a gleaming carpet.

At 360 hours, the ticker stops.

Building this way costs 20 percent to 30 percent less than traditional methods, said Jiang Yan, a senior vice president at Broad.

It’s also safer, said Zhang Yue, chief executive of Broad Group, because factories are typically less risky environments than construction sites.

“The faster, the safer,” Zhang said. “It’s like crossing the road. If you slowly walk back and forth in the middle of the road, that’s not safe.”

The China Academy of Building Research has declared Broad’s structures earthquake-resistant up to magnitude 9. (The largest recorded quake of the 20th century, which hit Chile in 1960, measured 9.5.) The company says the strength of its buildings comes from their lightweight steel structures and diagonal bracing.

Zhang said he got the idea to manufacture prefabricated buildings after a massive earthquake in Sichuan province in 2008 in which the collapse of poorly constructed buildings killed tens of thousands of people, many of them schoolchildren.

Zhang said it took about 200 of the company’s 900 employees to put up the hotel. They are paid $500 to $800 a month, above average for China. Although some company executives acknowledged that many workers put in well over 40 hours a week, Zhang said they do not work later than 10 p.m.

Unlike most Chinese tycoons, Zhang cultivates a reputation as an environmentalist. The company touts its sparing use of concrete to cut down on waste. Its buildings have low-energy lighting, water-saving toilets and elevators that generate electricity on the way down.

Broad Sustainable Building has completed only a handful of projects. Its first was the 15-story New Ark Hotel, which the company built in about six days near Broad Group’s headquarters in 2010. Soon afterward, it built a six-story building at the 2010 Shanghai World Expo in less than 24 hours.

Its first international project was a two-story building erected at the United Nations Climate Change Conference in Cancun, Mexico, in 2010. Mexican President Felipe Calderon called it a “revolution of the world’s architectural and housing industry.”

The company says it is negotiating technology-transfer deals with firms in Brazil, Saudi Arabia, Mexico and India and hopes to establish partnerships in the United States.

Experts say that may not be easy. Broad’s buildings may not conform to U.S. fire codes. Labor laws could prevent employees from working the long hours required to construct a building with such speed.

Amy Lelyveld, a professor of architecture at Yale University, described prefabricated buildings in the U.S. as “kind of at the jewelry-making end of architecture” — an expensive niche.

Lelyveld expressed concern about the adequacy of construction oversight on a complicated, hurriedly constructed building like the Changsha hotel.

“I wonder why it was so fast,” she said, adding that “if it was slower there might be more opportunities to inspect the work.”

Zhang, however, said Broad could adapt to labor and fire safety laws in other countries, and that employees’ workdays would drop to eight hours as the company’s technology improves. “We will use international standards,” he said.

Zhou Weidong, a vice president at Broad Sustainable Building, said the company was developing as quickly as its home country. Looking out the window of a company Buick, he noted that the squat concrete homes, convenience stores and auto repair shops lining the newly paved road between the headquarters of Broad Sustainable Building and central Changsha were at most a year old.

“Three years later, if you come back here, this will be a city,” he said. “That’s China. It changes overnight.”

Source: http://www.therepublic.com/view/story/REAL-CHINA-FASTBUILD_7461409/REAL-CHINA-FASTBUILD_7461409/