Du Jinsong News
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China Vanke Co., Poly Real Estate Group Co. and Gemdale Corp. led shares of developers lower after the China Securities Journal reported that Shaanxi province imposed a cap on profit margins for property projects.
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Chinese equities posted the biggest drop in more than two weeks in New York, led by SouFun Holdings Ltd., on concern falling home prices will exacerbate a sixth quarter of slowing growth in Asia’s largest economy.
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A Chinese baby-formula maker selling imported Australian milk to safety-conscious parents invested in the risky debt of lead, arsenic and cadmium refiners, seeking higher returns for its cash.
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Liu Xuejun, a building-equipment dealer, couldn’t restock his Shanghai showroom fast enough in 2009 as he sold an excavator every three days. Now he might wait six months between sales.
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Danny Deng and his bride-to-be dreamed of their lives together as they walked through the showroom for a Shanghai housing project almost three months ago. Pooling his own and his parents’ savings, a loan from his boss and a 1.1 million yuan ($172,000) mortgage, he bought an apartment and secured his fiancee’s hand.
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Beijing will ban residents from buying more than two homes after the Chinese government extended property curbs to prevent a housing bubble, China Central Television reported.
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China Vanke Co ., the country’s biggest developer by market value, said first-quarter profit rose 7 percent as it sold more homes in smaller cities that were shielded from the effects of government curbs.
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China will release two new indexes for home prices and change the survey’s methodology, the National Bureau of Statistics said, as the government is facing pressure to rein in rising property prices.
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Chinese Premier Wen Jiabao said downward pressure on the economy is still “relatively large” and the government will intensify fine-tuning of policies even as measures taken since April are helping stabilize a slowdown.
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China’s January new home prices rose from a year earlier in all but two of the 70 cities monitored by the government, defying property curbs to keep housing affordable.
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