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Decline in China’s home prices eases as demand returns in big cities

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China’s home prices in 70 monitored cities saw the decline ease on a monthly basis, official data for January showed on Monday, as authorities made efforts to support buyer sentiment, particularly in big cities.

New home prices in China’s four first-tier cities – Beijing, Shanghai, Guangzhou and Shenzhen – rose by 0.6 percent from a month earlier on average in January, compared with a 0.1-percent decrease in December 2021, according to data from the National Bureau of Statistics (NBS).

Beijing reported a month-on-month increase of 1 percent in new home prices, while new home prices in Shanghai climbed 0.6 percent from a month ago. Prices in both Guangzhou and Shenzhen went up by 0.5 percent on a monthly basis.

New home prices in 31 second-tier cities went up by 0.1 percent month on month, compared with a decrease of 0.3 percent in December, while prices in 35 third-tier cities edged down 0.2 percent, narrowed by 0.1 percentage point from the decline in December.

In January, prices in the second-hand home market in first-tier cities remained unchanged from a month-on-month increase of 0.1 percent in December 2021, wherein prices in Beijing and Shanghai rose by 0.5 percent and 0.6 percent, respectively.

However, prices of second-hand houses in Guangzhou and Shenzhen dropped by 0.2 percent and 0.5 percent, respectively, from a month earlier.

In 31 second-tier cities and 35 third-tier cities, prices of second-hand houses declined by 0.2 percent and 0.4 percent month on month, respectively.

NBS data showed that on a year-on-year basis, new home prices in first-tier cities rose by 4.4 percent in January, unchanged from December 2021, while those in second-tier and third-tier cities went up 2.5 percent and 0.5 percent, respectively.

Banks in some Chinese cities, such as Chongqing Municipality, Heze in east China’s Shandong Province and Ganzhou in east China’s Jiangxi Province, have reduced the down payment ratio for home buyers to boost flagging housing demand.

“We expect more policy fine-tuning by other local governments or government entities in the next few months to counter the overall deterioration in property sales or investment sentiment,” said Nomura in a note on February 18.

Source: CGTN 

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CWEIC office to establish in Maldives, Janah as Chair

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Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

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Dubai company awarded the development of SEZ

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An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

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Over USD 713M generated attributing to revenue increasing by 3.7%

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Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

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