Briefs, September 26, 2012

PUBLISHED : Wednesday, 26 September, 2012, 12:00am
UPDATED : Wednesday, 26 September, 2012, 3:33am

Guangzhou curbs sales of unusually costly flats

Guangzhou is the first mainland city to impose restrictions on developers preselling homes at "unusually high prices". The move is in line with the central government's policy of regulating home prices to ensure healthy development of the housing market, the Municipal Land Resources and Housing Administrative Bureau said on its official microblog. It did not identify the projects, define "unusually high prices" or give details of the restrictions. The government only allowed a third of units eligible for presale to be brought to market, media reports had said. Peggy Sito


Melco Crown raises bet on Studio City project

Melco Crown Entertainment is committing a further US$350 million of equity capital to Studio City, a proposed integrated entertainment, retail and gaming resort in Macau. Melco Crown has a 60 per cent stake in SCI, Studio City's developer, and the rest is held by New Cotai, a firm ultimately controlled by funds managed by Silver Point Capital and Oaktree Capital Management. The joint venture originally agreed to invest in SCI equity capital of up to US$800 million, of which US$150 million had been committed. Sandy Li


Demand for foreign cash rises on mainland

Mainland banks sold more foreign currency last month than they bought for clients, resulting in net sales of US$6.3 billion in foreign exchange in over-the-counter transactions, State Administration of Foreign Exchange figures show. That reverses US$500 million of net purchases in July. In the year's first eight months, net foreign exchange purchases were US$23.6 billion. Reuters


Two sites in eastern districts up for tender

The Lands Department announced yesterday a residential site in Tseung Kwan O and a business site in Kowloon Bay will be up for tender on October 19. The residential site near Tseung Kwan O MTR Station covers 229,338 square feet and has to provide at least 535 flats. The 27,760 sq ft commercial site allows a maximum gross floor area of 333,124 sq ft. Tendering will end on November 23. Yvonne Liu