Or another word ... hypocrite.Originally Posted by pearly
F01 N54 Sheer Driving Pleasure
Or another word ... hypocrite.
Global recession is coming....
But you keep repeating in this forum saying that Carabelle better than Botannia, Infinity, and Hundred Trees!
You have probably broken your golden rule (unless you want to raise the price of Carabelle is it?).
F01 N54 Sheer Driving Pleasure
两名朝鲜居民因非法兑换货币被枪决
综合讯
韩国汉城
星期三, 9-12-2009, 10.10 am
影像档: 综合讯
最近朝鲜实行货币改革后，两名朝鲜居民因非法兑换货币，遭到枪决。
韩联社报道，朝广播电台“开放朝鲜广播”8日报道称：“据朝鲜保卫部一位官员说，平城市两名货币商因试图兑换超过限额的旧货币，4日遭到非公开枪决。他们将1100万旧币通过熟人兑换成10万新币，而这是朝鲜当局规定的非法行为。”
此外，一件装有相当数量旧币的背囊，4日在咸北输诚川被发现。保卫部为抓获嫌疑犯组织了专门小组进行搜查，但至今未查获嫌疑犯。
目前，朝当局已下令，从11月30日至12月6日，严厉查处非法兑换行为，并严惩丢弃、焚烧货币等行为。据悉，朝鲜当局规定，每家庭（4人）最多只能换30万旧币。
F01 N54 Sheer Driving Pleasure
Or another word ... hypo......But you keep repeating in this forum saying that Carabelle better than Botannia, Infinity, and Hundred Trees!
You have probably broken your golden rule (unless you want to raise the price of Carabelle is it?).
F01 N54 Sheer Driving Pleasure
We can buy.
Of course, ex-HDB-chief can buy.
MP can buy?
Can Minister buy? Or he/she can only watch the action from the side?
F01 N54 Sheer Driving Pleasure
Singapore’s economy may expand 5.5% next year, MAS survey shows
Shamim Adam
Bloomberg
Singapore
Wednesday, 9 December 2009, 12.00 pm CCT
Singapore’s economy may grow faster next year than economists initially predicted as manufacturing and private consumption rebound, a central bank survey showed.
Gross domestic product may expand 5.5% in 2010, after shrinking 2% this year, according to the median forecast in a quarterly survey of economists by the Monetary Authority of Singapore released today. That compares with a September forecast for 4.5% growth next year and the government’s estimate of between 3% and 5%.
Singapore, whose economy expanded in the 6 months through September after a yearlong contraction, is dependent on a revival in overseas sales to sustain its recovery. The government last month said it doesn’t expect a return to recessionary conditions even as the outlook for the second half of 2010 remains uncertain.
“The data so far has been pretty encouraging and that’s contributing to the optimism as we go into 2010,” said David Cohen, an economist with Action Economics in Singapore. “We may still get jitters in the financial markets now and then as there remains uncertainty clouding the outlook for Singapore and the global economy.”
Economists in the September survey predicted GDP to shrink 3.6% this year. Since then, as the global economy improved, the city-state’s government raised its forecast to a contraction of at least 2%.
The US$182 billion ($254 billion) economy will probably grow 4.7% this quarter from a year earlier, the survey of 20 economists showed. GDP rose 0.6% in the three months ended Sept. 30 from a year ago.
Worst Recession
A rebound in industrial production has helped Singapore emerge from its worst recession since independence in 1965. The government last month raised its 2009 forecast for exports, predicting shipments may drop between 10% and 11%.
Manufacturing will probably fall 3.4% this year, and climb 6.3% in 2010, the survey showed. Exports may increase 10.1% next year after sliding 12% in 2009, the economists said.
Singapore’s building industry may slow in coming quarters as developers including Las Vegas Sands Corp. and Genting Bhd. complete their projects. Construction will advance 7.1% next year, less than half of the 16.5% pace expected in 2009, the economists estimated.
Private consumption may climb 3.8% in 2010, while financial services may increase 6.5%, according to the median estimates.
InflatiÖn To Quicken
Singapore’s unemployment rate may be 3.4% at the end of 2009, and fall to 3% by end-2010, the survey showed. The jobless rate was 3.4% in the third quarter.
Consumer prices will probably rise 0.3% in 2009 and 2.8% next year, according to the survey. The central bank, which uses its currency rather than interest rates to manage price gains, forecasts inflation will be about zero this year and average 2.5% to 3.5% in 2010.
The monetary authority in October said it will maintain a no-appreciation stance in its currency policy, refraining from further monetary easing after opting for a de-facto devaluation of the exchange rate in April to counter collapsing exports.
The Singapore dollar will probably end this year at $1.382 versus the U.S. currency, compared with a September prediction of $1.44, the survey showed. It may strengthen to $1.35 by the end of 2010, the economists said.
The currency traded at $1.3939 as of 11:10 a.m. in Singapore today.
F01 N54 Sheer Driving Pleasure
Singapore Dollar to gain strength
Kevin Yao
Reuters
Singapore
Wednesday, 9 December 2009, 9.41 am CCT
Singapore dollar is expected to strengthen to 1.350 against the US dollar by the end of next year, compared with a forecast 1.382 by the end of 2009, a central bank survey showed on Wednesday.
Singapore's economy is forecast to grow 5.5% next year, versus expectations of a 2.0% contraction this year, as the trade-dependent city-state rebounds from its worst recession, the survey of 20 private economists said.
Economists have lifted their expectations for growth and inflation next year, which may spur the central bank to tighten monetary policy at its next review meeting in April, by allowing its currency to gradually strengthen.
The Singapore dollar, which the central bank uses as its main policy tool by managing its exchange rate against a secret trade-weighted basket of currencies, was trading at 1.3932 against the US dollar by 0400 GMT (12pm Singapore time / CCT), after having gained more than 3% this year.
The survey showed the consumer price index rising 2.8% in 2010, after a forecast 0.3% increase this year, in line with the government's 2010 forecast of a rise in the consumer price index of between 2.5% to 3.5%.
Gross domestic product was seen growing 4.7% in the fourth quarter from a year ago, the survey said, versus actual 0.6% annual growth in the third quarter when the economy returned to growth after three quarters of annual contractions.
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HK luxury home prices may rise 10% in 12 months
The Business Times
Hong Kong
Thursday, 10 December 2009
39 Conduit Road
Luxury home prices in Hong Kong may rise by 10% in the next 12 months as low interest rates and limited supply fuel demand, Colliers International Ltd said.
Hong Kong home prices have risen 28% this year, according to the weekly Centa-City Leading Index, recovering faster than London and New York on mainland Chinese buyers and record-low mortgage rates. Luxury housing has outperformed the overall property market, according to Colliers, a global real-estate broker and manager.
‘Prospective purchasers are mainly buyers coming from mainland China, 40% of the total, followed evenly by upgraders, expatriates, industrialists and investors,’ Ricky Poon, Colliers’ executive director of residential sales, said in an e-mailed statement today.
Sales of homes worth more than HK$10 million (S$1.79 million) each jumped 44% to 1,231 transactions in the first 11 months of this year from the same period in 2008, and prices rose 40% on the same basis, the statement said.
Homes worth more than HK$10 million or that are larger than 1,000 sqft are classed as luxury residences in Hong Kong.
F01 N54 Sheer Driving Pleasure
Pricey is right for 2010 home sales: observers
Mass-market sales may ease, focus is on high-end homes
Emilyn Yap
The Business Times
Thursday, 10 December 2009
Markets are stabilising and developers here are ready to roll out pricey homes. Industry watchers are keeping their fingers tightly crossed for the high-end residential sector, which could see more launches next year if economies sail smoothly towards recovery.
According to Colliers International estimates, 10,671 private homes are set for launch next year. And 46% or 4,958 units will be in the core central region (CCR).
Prime projects that could hit the market include the former Farrer Court site, which CapitaLand and partners bought en bloc in 2007, and Wheelock Properties's Ardmore 3.
Another 33% or 3,498 units will originate from the rest of central region (RCR). The outside central region (OCR) will account for the remaining 21% or 2,215 launch-ready units.
The distribution of homes already launched this year is almost exactly the reverse, with the bulk of units coming from the booming mass-market sector. Colliers estimates that by end-December, 13,542 homes will have been released, of which 43% or 5,822 units will be from OCR.
About 33% or 4,429 units will be from RCR, while 24% or 3,291 units would be from CCR.
'Developers are likely to be encouraged to release more mid-tier or high-end units in 2010,' says Colliers research and advisory director Tay Huey Ying. She cites several reasons - signs of investors and foreign buyers returning, improved economic prospects and the opening of the integrated resorts (IRs).
The strong take-up rate at Marina Bay Suites' recent preview has raised hopes. Of the 90 units released, 87 were sold and the average price ranged from $2,200-$2,500 psf.
Jones Lang LaSalle (JLL) head of South-east Asia research Chua Yang Liang adds: 'Positive sentiment from high net worth individuals and wealthy foreign buyers could return by H1 2010 and support transactional activity.'
Backing this view, a recent study by Barclays Wealth and the Economist Intelligence Unit found that wealthy individuals here plan to allocate a larger share of their investment portfolios to property in the next two years.
The big question is how much developers can sell fancy homes for, as doubts linger over the sustainability of economic recovery. DTZ Southeast Asia research head Chua Chor Hoon is one of several observers who expect 'more upside potential' for high-end property prices in the coming year.
According to Urban Redevelopment Authority indices, prices of non-landed CCR properties are still some way below the 2008 peak - 16.8% down at Q3. In comparison, non-landed OCR property prices shot up this year and were just 2.5% short of the peak.
Deutsche Bank analysts wrote in a report on Monday that high-end prices could rise 5-10% in the coming year.
But even as optimism grows, some players are quick to highlight uncertainties. JLL's Dr Chua stresses that new demand for property has to be backed by global or regional economic growth.
Several economists have flagged the risk of bubbles forming in Asian property markets. The Singapore government introduced cooling measures in September.
The Monetary Authority of Singapore also said more action may be needed if recent measures to dampen speculation prove insufficient.
City Developments executive chairman Kwek Leng Beng told BT last month the private home market here 'will slow down', following the MAS warning and the return of the confirmed list.
F01 N54 Sheer Driving Pleasure
South Korea freezes key interest rate for 10th month
Agence France-Presse
Seoul, South Korea
Thursday, 10 December 2009, 1.50 pm CCT
A South Korean security worker prepares a batch of new money for release at the central bank in Seoul. The Bank of Korea has frozen its key interest rate at a record low 2% for a 10th month, the financial body said in a statement. - Photo: Jung Yeon-Je, AFP
South Korea's central bank Thursday froze its key interest rate at a record low 2.0% for a 10th month, saying uncertainties remain about the pace of the country's economic recovery.
At its monthly policy meeting, the Bank of Korea kept the benchmark seven-day repo rate unchanged. It had cut the rate by a total of 3.25% points between October 2008 and February to bolster the economy.
'Exports and consumption have continued to improve. There still, however, remains uncertainty as to the economic growth path,' the bank said in a statement. 'There is a considerable degree of uncertainty over the actual growth path.'
Governor Lee Seong-Tae said the central bank would consider raising interest rates gradually, citing a "bright" outlook for economic growth next year.
The economy is forecast to grow between 4% and 5% next year, he said, stressing the need to prepare for a gradual tightening of rates.
He said South Korea should act "preemptively on its exit strategy" from the economic crisis because it could be too late if it waits for clear evidence of a recovery.
"We must move closer to the exit if we want to get out at a proper time," the governor said.
He predicted inflation would remain generally stable but expressed concern about a continued rise in household debt and mortgage lending.
Official data showed the rise in property prices had slowed and mortgage lending had grown on a similar scale to last month.
A series of economic numbers has fuelled optimism that Asia's fourth largest economy is quickly pulling out of the global downturn.
The economy grew 3.2% in the third quarter from 3 months earlier, the fastest quarterly expansion in more than 7 years, thanks to improving domestic demand and brisk exports.
The International Monetary Fund, in its latest estimate this week, raised its forecast to 0.25% GDP growth this year, up from October's projection of a 1.0% decline.
For 2010 it predicted an expansion of 4.5%, up from the previous 3.6% forecast.
But President Lee Myung-Bak at an economic seminar Thursday warned against complacency.
"There is a growing view that prospects for next year are somewhat positive, but I believe there are still too many uncertainties in the global economy," he said.
"I believe we must not be complacent, at least until the end of the first half of next year, and (should) preemptively implement budget spending that will help stimulate the economy."
F01 N54 Sheer Driving Pleasure
China property prices surge
Agence France-Presse
Beijing, China
Thursday, 10 December 2009, 4.32 pm CCT
Property prices in Chinese cities rose at the fastest pace in 16 months in November, the government said on Thursday, amid growing concerns about bubbles building in real estate.
Property prices in 70 medium and large cities rose 5.7% in November from a year ago, the biggest jump since July 2008, figures from the National Bureau of Statistics showed.
It was the 6th successive year-on-year increase, snapping a months-long slump dating from December last year when the government attempted to rein in runaway prices and as the global economic crisis kicked in.
After trying to cool the market a year ago, Beijing this year responded to the economic crisis with tax breaks and other measures to prop up the property sector, which accounts for more than 20% of urban fixed investments.
But concerns are rising that bubbles are building in real estate due to rampant speculation. The house price-to-income ratio - the ratio of the median market home price and the median annual household income - is expected to hit 8.3 in China this year, the Chinese Academy of Social Sciences said in a report on Monday. A rational range is between three and 6, the think tank said.
In response to mounting public complaints about excessively high house prices, the government said this week it would curb speculative home purchases next year - possibly by restricting bank loans to the sector.
Newbie
China Curbs Property Speculators, Boosts Consumption (Update1)
By Bloomberg News
http://www.bloomberg.com/apps/data?p...d=iyLtGh8k2d7w
Dec. 10 (Bloomberg) -- China scrapped a tax break on property sales and extended subsidies for auto and home appliance purchases, seeking to cool speculation while sustaining a recovery in the world’s third-largest economy.
The State Council will re-impose a sales tax on homes sold within five years after cutting the period to two years in January, the cabinet said in a statement yesterday. The government will scale back some tax breaks for car buyers, while continuing to fund vehicle purchases in rural areas.
China’s property prices rose in November at the fastest pace in 16 months, a government survey showed today, reinforcing concern that record lending and a $586 billion stimulus package may lead to asset bubbles. The benchmark Shanghai Composite Index closed 0.5 percent higher as households-goods makers and some auto stocks gained. Property companies fell.
“The government is clearly in a dilemma,” said Clement Luk, a Shanghai-based analyst at Centaline Property Agency Ltd. It “wants to address the surging property prices and concerns of a bubble, yet it dares not to take drastic measures for fear of hitting the market too hard.”
The government’s reversal of the tax on home sales “is much milder than the market had expected,” he said.
China Vanke Co., the nation’s biggest property developer by market value, fell 1 percent in Shenzhen. Hisense Electric Co., a manufacturer of flat-panel televisions, advanced 5.8 percent to a record.
Difficulties, Challenges
The nation’s economic growth accelerated to 8.9 percent in the third quarter, helping Asia to lead the recovery from the global economic slump.
China’s economy faces difficulties and challenges next year, the State Council, China’s cabinet, said yesterday. The nation needs to keep expanding consumption to drive growth, it said.
“The government is refining its policy to promote domestic consumption,” Jun Ma, Deutsche Bank AG’s Hong Kong-based Chief Economist for Greater China, said in a phone interview. “The reinstatement of the property tax period to five years is an early signal that the government is concerned about speculative demand in the property market.”
China announced plans to reduce the real-estate sales tax and extend preferential lending rates for buyers of second homes in December 2008. Prices in 70 major Chinese cities fell for the first time on record that same month and didn’t post an increase until June this year, according to government data.
Prices Rise
Prices rose 5.7 percent in November after gaining 3.9 percent in October, the National Bureau of Statistics said today on its Web site.
Premier Wen Jiabao said Nov. 28 in Shanghai that the government will support the development of affordable housing for low- and middle-income earners, the official Xinhua News Agency reported. Property speculation must also be suppressed to promote a healthy real-estate industry, Xinhua cited Wen as saying.
“The Chinese central government wants to gradually control the bubble in the real estate market,” Andy Xie, former Morgan Stanley chief Asian economist, said by phone. “At the same time, the government does not want to see a sharp fall in property prices after a rapid rise since the sector plays an important role in the country’s economy.”
The government will also scale back preferential tax rates offered for purchases of vehicles with engines of 1.6 liters or smaller, according to the statement.
Carmakers Gain
Chongqing Changan Automobile Co. rose 2 percent in Shenzhen and Tianjin FAW Xiali Automobile Co. added 1.6 percent.
China in January cut the sales tax on the vehicles to 5 percent from 10 percent between Jan. 20 and Dec. 31. It introduced the incentive to revive demand after auto sales rose at the slowest pace in a decade last year. The rate will be 7.5 percent next year, the statement said.
Government support helped fuel a 42 percent jump in nationwide vehicle sales to 12.2 million in the year through November, putting China on course to surpass the U.S. as the world’s largest auto market. China’s full-year auto sales may be about 13 million, according to Booz & Co., which advises carmakers and investors in China.
China will also pick five cities for trials of subsidies designed to encourage individuals to buy alternative energy and energy efficient cars, the State Council said. The government will increase automobile trade-in subsidies to between 5,000 yuan and 18,000 yuan, according to the statement.
Auto Subsidies
China will extend subsidies for purchases of automobiles, appliances and farming equipment in rural areas, according to the statement, which didn’t give a time frame for the program. China will continue appliance trade-in subsidies beyond May 2010, when they had been set to expire. Subsidies for motorcycle purchases will be extended to the end of January 2013, the State Council said.
Yesterday’s announcement came after the central government held its annual economic work meeting to plan policies for the coming year. The government said it will add flexibility to some monetary economic policies next year and rein in new investment projects after the conclusion of the meetings on Dec. 7
For Related News and Information: Stories about China’s real estate market: TNI CHINA REL BN <GO>
Last Updated: December 10, 2009 03:21 EST
F01 N54 Sheer Driving Pleasure
China scraps tax break on property sales
It will extend subsidies for purchases of cars, home appliances
The Business Times
Friday, 11 December 2009
China scrapped a tax break on property sales and extended subsidies for car and home appliance purchases, seeking to cool speculation while sustaining a recovery in the world’s third largest economy.
The State Council will re-impose a sales täx on homes sold within 5 years after cutting the period to 2 years in January, the Cabinet said in a statement on Wednesday. The government will scale back some tax breaks for car buyers, while continuing to fund vehicle purchases in rural areas.
China’s property prices rose in November at the fastest pace in 16 months, a government survey showed yesterday, reinforcing concern that record lending and a US$586 billion stimulus package may lead to asset bubbles.
The nation’s economic growth accelerated to 8.9% in the third quarter, helping Asia to lead the recovery from the global economic slump.
‘The government is clearly in a dilemma,’ said Clement Luk, a Shanghai- based analyst at Centaline Property Agency Ltd. It ‘wants to address the surging property prices and concerns of a bubble, yet it dares not to take drastic measures for fear of hitting the market too hard’.
The government’s reversal of the tax on home sales ‘is much milder than the market had expected’, he said.
China’s economy faces difficulties and challenges next year, the State Council, China’s Cabinet, said yesterday. The nation needs to keep expanding consumption to drive growth, it said.
‘The government is refining its policy to promote domestic consumption,’ Jun Ma, Deutsche Bank AG’s Hong Kong-based chief economist for Greater China, said in a phone interview.
‘The reinstatement of the property tax period to 5 years is an early signal that the government is concerned about speculative demand in the property market.’
China announced plans to reduce the real estate sales tax and extend preferential lending rates for buyers of second homes in December 2008. Prices in 70 major Chinese cities fell for the first time on record that same month and did not post an increase until June this year, according to government data.
Prices rose 5.7 per cent in November after gaining 3.9% in October, the National Bureau of Statistics said yesterday on its website.
Premier Wen Jiabao said on Nov 28 in Shanghai that the government will support the development of affordable housing for low and middle-income earners, the official Xinhua News Agency reported. Property speculation must also be suppressed to promote a healthy real estate industry, Xinhua cited Mr Wen as saying.
‘The Chinese central government wants to gradually control the bubble in the real estate market,’ Andy Xie, former Morgan Stanley chief Asian economist, said by phone.
‘At the same time, the government does not want to see a sharp fall in property prices after a rapid rise since the sector plays an important role in the country’s economy.’
The government will also scale back preferential tax rates offered for purchases of vehicles with engines of 1.6 litres or smaller, according to the statement.
China in January cut the sales tax on the vehicles to 5% from 10% between Jan 20 and Dec 31. It introduced the incentive to revive demand after car sales rose at the slowest pace in a decade last year. The rate will be 7.5% next year, the statement said.
Government support helped fuel a 42 per cent jump in nationwide vehicle sales to 12.2 million in the year till November, putting China on course to surpass the US as the world’s largest car market.
F01 N54 Sheer Driving Pleasure
Americans' net worth up for 2nd straight quarter
Daniel Wagner and Dave Carpenter
Associated Press
Washington, D.C., U.S.
Friday, 11 December 2009, 5.31 am U.S. EST
In this Friday, Nov. 27, 2009 file photo, shoppers look at TomTom GPS devices at a Target store in Mayfield Heights, Ohio. Americans got wealthier for a second straight quarter in the fall, as the economic recovery again boosted home values and investments. - Photo: Amy Sancetta, AP
Inch by inch, Americans are recovering some of their vast loss of wealth from the recession, thanks to gains in stock investments and home values.
It's likely to be a long trek.
Net worth — the value of assets such as homes, bank accounts and investments, minus debts like mortgages and credit cards — rose 5% last quarter, to $53.4 trillion, the Federal Reserve said Thursday. That was the second straight quarterly increase.
Yet even with those gains, Americans' net worth remains far below its revised peak of $64.5 trillion reached before the recession began. That underscores the vast loss of wealth over the past 2 years. Net worth would need to rise an additional 21% just to return to its pre-recession height.
And many analysts don't expect a repeat of the strong 2nd- and 3rd-quarter gains any time soon. That's why Scott Hoyt, senior director of consumer economics at Moody's Economy.com, thinks household wealth won't match its pre-recession peak until about 2012.
"We're clearly moving in the right direction, although we have questions about whether we can get there as quickly as we have in the past couple of quarters," Hoyt said.
Stock investments delivered the biggest boost to net worth in the July-September period. The value of stocks jumped $1.04 trillion, or about 17% — slightly less than the previous quarter's rise.
That increase mirrored the stock market's powerful showing. The Standard & Poor's 500 index, a barometer of the market, rose 15% in the 3rd quarter. And it's surged about 60% since March.
Still, even with an additional 4% gain so far in the 4th quarter, the S&P index is still 32% off the peak of October 2007. The recession began in December 2007.
Net worth hit bottom at $48.5 trillion in the first quarter of 2009. That followed three huge quarterly declines: 5% in the 3rd quarter of 2008, 10% in the 4th quarter and 6% in the first quarter of this year.
In coming months, the gains in net worth are expected to slow, along with the broader economic recovery. Credit remains tight. And consumers still aren't spending freely.
Some analysts fear the Fed's policy of cheap lending and the weak dollar are inflating stock market performance and encouraging too much speculation. They say the gains of recent quarters aren't sustainable.
"We will eventually recover the loss in net worth, but it may take 3 to 5 years," said Mark Vitner, senior economist for Wells Fargo Securities in Charlotte, N.C.
Real estate was a smaller part of the increase in third-quarter net worth. The value of American households' real estate holdings rose 2%, or $348 billion. But analysts expect prices to dip again this winter as foreclosures spread and economic growth remains modest.
Barclays Capital economist Michelle Meyer forecasts an 8% drop in prices before they hit bottom next spring. Other analysts expect a drop of 5 to 10%.
Americans also are paying off debt at record levels, the Fed said. They reduced mortgages, credit cards and other loans by 2.6% in the 3rd quarter and have been cutting household debt levels for a year. That's a healthy sign for personal finances, but a cautionary one for economic growth: Consumers are paring their debt with money they might otherwise be spending.
Economists say they doubt the higher net worth will lead many consumers to spend more, thereby invigorating the economic recovery.
"The psychological effects of the big declines are so fresh that people are still scared — they don't have faith in the wealth," Hoyt said. "And much of the gains are from stock increases. How many consumers are confident enough that those gains are real and not going to evaporate next week that they're going to go out and spend more?"
Even though stocks remain far below their pre-recession levels, employees who have stayed invested in 401(k) plans and continued to contribute have fared better: Major 401(k) providers say nearly 60% of such participants now have more money in their accounts than before the market decline.
A higher net worth has made Michael Robinson a lot more hopeful than when the recession began — enough to start spending a bit more freely and to plow some of his pay back into the stock market. His investment accounts grew about 10% in the 2nd and 3rd quarters.
"I feel more optimistic," said Robinson, 64, a professor of business and economics at Saint Mary's College in Notre Dame, Ind., who hopes to retire in about two years. "I was really worried if I was going to retire when the market was down 50%."
Alan Hull of Canton, Mich., doesn't feel any richer. His 401(k) account has recovered some. But his other investments have a long way to go.
"To say that we are wealthier — that's kind of a misnomer," said Hull, 56, who works in information technology for Ford Motor Co. "But I'm starting to see the light at the end of the tunnel, and I don't feel like it's an oncoming train."
Senior
China scraps tax break on property sales
It will extend subsidies for purchases of cars, home appliances
The Business Times
Friday, 11 December 2009
China scrapped a tax break on property sales and extended subsidies for car and home appliance purchases, seeking to cool speculation while sustaining a recovery in the world’s third largest economy.
The State Council will re-impose a sales täx on homes sold within 5 years after cutting the period to 2 years in January, the Cabinet said in a statement on Wednesday. The government will scale back some tax breaks for car buyers, while continuing to fund vehicle purchases in rural areas.
China’s property prices rose in November at the fastest pace in 16 months, a government survey showed yesterday, reinforcing concern that record lending and a US$586 billion stimulus package may lead to asset bubbles.
The nation’s economic growth accelerated to 8.9% in the third quarter, helping Asia to lead the recovery from the global economic slump.
‘The government is clearly in a dilemma,’ said Clement Luk, a Shanghai- based analyst at Centaline Property Agency Ltd. It ‘wants to address the surging property prices and concerns of a bubble, yet it dares not to take drastic measures for fear of hitting the market too hard’.
The government’s reversal of the tax on home sales ‘is much milder than the market had expected’, he said.
China’s economy faces difficulties and challenges next year, the State Council, China’s Cabinet, said yesterday. The nation needs to keep expanding consumption to drive growth, it said.
‘The government is refining its policy to promote domestic consumption,’ Jun Ma, Deutsche Bank AG’s Hong Kong-based chief economist for Greater China, said in a phone interview.
‘The reinstatement of the property tax period to 5 years is an early signal that the government is concerned about speculative demand in the property market.’
China announced plans to reduce the real estate sales tax and extend preferential lending rates for buyers of second homes in December 2008. Prices in 70 major Chinese cities fell for the first time on record that same month and did not post an increase until June this year, according to government data.
Prices rose 5.7 per cent in November after gaining 3.9% in October, the National Bureau of Statistics said yesterday on its website.
Premier Wen Jiabao said on Nov 28 in Shanghai that the government will support the development of affordable housing for low and middle-income earners, the official Xinhua News Agency reported. Property speculation must also be suppressed to promote a healthy real estate industry, Xinhua cited Mr Wen as saying.
‘The Chinese central government wants to gradually control the bubble in the real estate market,’ Andy Xie, former Morgan Stanley chief Asian economist, said by phone.
‘At the same time, the government does not want to see a sharp fall in property prices after a rapid rise since the sector plays an important role in the country’s economy.’
The government will also scale back preferential tax rates offered for purchases of vehicles with engines of 1.6 litres or smaller, according to the statement.
China in January cut the sales tax on the vehicles to 5% from 10% between Jan 20 and Dec 31. It introduced the incentive to revive demand after car sales rose at the slowest pace in a decade last year. The rate will be 7.5% next year, the statement said.
Government support helped fuel a 42 per cent jump in nationwide vehicle sales to 12.2 million in the year till November, putting China on course to surpass the US as the world’s largest car market.
am i blind or did they not mention how much is the sales tax ... ??
F01 N54 Sheer Driving Pleasure
Advanced economies should keep rates low: IMF
Agence France-Presse
New York, New York, U.S.
Thursday, 10 December 2009, 4.50 pm U.S. EST
Advanced economies should maintain loose monetary policies and extra-low interest rates for 'some time' to ensure a global economic recovery stays on track, said John Lipsky, deputy managing director of the International Monetary Fund, pictured in October 2009. - Photo: Bulent Kilic, AFP
Advanced economies should maintain loose monetary policies and extra-low interest rates for "some time" to ensure a global economic recovery stays on track, a top IMF official said Thursday.
"With generalized inflationary pressures absent in most advanced economies at this time, monetary policy most likely can remain accommodative for some time, especially in many advanced economies," said John Lipsky, deputy managing director of the International Monetary Fund.
Speaking to the Japan Society in New York, Lipsky reiterated that the IMF wants member nations to continue stimulus efforts as long as necessary, warning that the recovery remained "tentative" in many places and "the upturn is still vulnerable to new shocks."
Still, he again called on governments to prepare "exit strategies," notably on budget policy.
"Monetary policy typically can adapt more readily than discretionary budget policy to changing circumstances," he said, according to the text of his speech.
Lipsky's comments came as central banks of the 3 global economic powers hold rates at extremely low levels -- essentially Ö% in the United States and Japan and 1.0% in the eurozone -- and show no intention of tightening credit anytime soon.
To restore strong, sustainable global growth, the senior IMF official recalled, the institution proposes an increase in domestic demand in Asian emerging economies, such as China, while deficit countries would need to "contribute importantly" to the rebalancing process.
"In these countries, including the United States, fiscal consolidation is imperative," he said as the US budget deficit is forecast to hit a record above US$1.5 trillion for the current fiscal year, according to official US data.
Lipsky stressed that exchange-rate policy imbalances pose a major challenge to balanced economic growth.
"Based on our analysis, many Asian countries' currencies are undervalued relative to their major trading partners when viewed in the context of medium-term, multilateral equilibrium values," he said.
"As long as this condition persists, balanced global growth will be difficult to achieve. While these policies should be analyzed in a broad context, it seems inevitable that increased currency flexibility in many Asian countries, including China, will form part of the rebalancing effort."
F01 N54 Sheer Driving Pleasure
I think sales tax is unchanged at 5% of net gains.
Previously, property which has been owner-occupied for 5 years prior to the sale is exempt. Now, instead of 5 years, it is 2 years.
Senior
hhhmm 5 pct is so half hearted effort ... it probably wouldnt deter any speculators
any idea what is property agent's comm in China ?
F01 N54 Sheer Driving Pleasure
There is already a sales tax in place. This sales tax is not something new. I do not believe they are changing it.
(I think it is 5%. I may be wrong. Someone please correct me.)
What is changed is the exempt period for owner-occupied property. (Last time 5 years, now 2 years.)
Maybe China is trying to expand consumption to drive growth and to promote domestic consumption. Maybe that's why the market says its reversal of the tax on home sales ‘is much milder than the market had expected’.
F01 N54 Sheer Driving Pleasure
Consumer prices rÏse and industrial output Üp as China powers out of crisis
Allison Jackson
Agence France-Presse
Beijing, China
Friday, 11 December 2009, 10.55 am CCT
Consumer prices in China rose for the first time in nearly a year, the government said Friday. - Photo: AFP
Consumer prices in China rose for the 1st time in nearly a year and industrial production picked up pace in November, while retail sales slowed slightly, the government said Friday.
The National Bureau of Statistics said China's consumer price index, the main gauge of inflatiÖn, rose 0.6% in November from a year ago, taking the Asian giant out of deflation after nearly a year of falling prices.
The increase was the first since January. Consumer prices likely rose last month in part because early snowstorms in northern and central China destroyed crops and disrupted transport, driving up the cost of food.
The increase also is due to government efforts to raise state-controlled prices for fuel, electricity and water to better reflect market forces.
Industrial output, which shows activity in the millions of factories and workshops around the country, expanded by 19.2% in November from a year ago, up from 16.1% in October.
Retail sales, the main measure of consumer spending, rose by 15.8% in November compared with the same month a year earlier, down slightly from the 16.2% increase posted the previous month.
The Chinese government sees consumer spending as a key factor in boosting the economy.
Fixed-asset investment in urban areas rose 32.1% in the January to November period, after growing 33.1% in the first 10 months of the year.
Junior
Who says I have failed in preaching "propertism"?
I have just successfully converted 30 non-believers into "propertism".
From only 2 believers in Mar 2008 willing to contribute a tithe of up to only $78 per sermon of faith (psf), now there are 32 devout propertism believers in Dec 2009 willing to contribute a tithe of up to $254 psf.Business Times - 09 Dec 2009
Jurong West landed housing site draws 32 bids
Top bid of $38.5m for popular plot comes from Kheng Leong unit Chappelis
By UMA SHANKARI
A LANDED housing site at Jurong West put up for sale by the government drew a whopping 32 bids at the close of the tender yesterday.
The top bid of $38.5 million or $254 per sq ft of land area came from Chappelis, a unit of Wee Cho Yaw'sprivately held Kheng Leong.
The huge interest in the 151,759 sq ft site is a stark turnaround from last year. The 99-year leasehold parcel was put up for tender in March 2008 via the government's confirmed list, but was not awarded because the two bids tendered - $11.8 million and $10.3 million - were considered too low. The top bid then worked out to just $78 psf of land area.
How can you say I have failed in preaching "propertism"?
In fact, to test their faith, I brought them to this place called Hillcrest Villa.
I asked them "Are you sure you want to bid for landed property? Cannot rent out! Low rental!".
At first, a few of them hesitated and wanted to withdraw their bidding.
Then I showed them this picture, which made them all reach for their wallets to contribute generously ...
See how happy the top bidder has become ...
F01 N54 Sheer Driving Pleasure
OK OK.Who says I have failed in preaching "propertism"?
I have just successfully converted 30 non-believers into "propertism".
From only 2 believers in Mar 2008 willing to contribute a tithe of up to only $78 per sermon of faith (psf), now there are 32 devout propertism believers in Dec 2009 willing to contribute a tithe of up to $254 psf.
How can you say I have failed in preaching "propertism"?
In fact, to test their faith, I brought them to this place called Hillcrest Villa.
I asked them "Are you sure you want to bid for landed property? Cannot rent out! Low rental!".
At first, a few of them hesitated and wanted to withdraw their bidding.
Then I showed them this picture, which made them all reach for their wallets to contribute generously ...
See how happy the top bidder has become ...
Now let's see if you can convert Fiona Chan from The Straits Times?
Hee hee!
Difficult right?
F01 N54 Sheer Driving Pleasure
InflatiÖn could hit 4%
Fiona Chan
The Straits Times
Friday, 11 December 2009, 8.13 pm
Inflation could hit a high of 4% in the next 6 months on account of the surge in asset prices here, according to a new report by HSBC. - Photo: John Heng, ST
InflatiÖn could hit a high of 4% in the next 6 months on account of the sürge in ässet prïces here, according to a new report by HSBC.
It said investors feeling rich from the stock market rally are likely to spend more, raising demand - and prices - for goods and services.
At the same time, a continued increase in pröperty prices will also lead directly to a rise in inflation.
This will help boost the consumer price index - the key indicator of inflation here - next year, said HSBC economist Robert Prior-Wandesforde.
He has raised his inflation forecast for next year to 2.9% from 2.5% previously, with inflation expected to peak at about 4% probably in the second quarter of next year.
Investors who have directly made money from shares will naturally spend more, helping fuel inflation, but even people who do not buy shares will feel the 'confidence effects', said Mr Prior-Wandesforde.
Junior
Fiona Chan doesn't need me to convert her.
Her employer will convert her.
How come nowadays your posts got so many Mickey Mouses?
InflatiÖn could hit 4%
Fiona Chan
The Straits Times
Friday, 11 December 2009, 8.13 pm
Ö
Is it to celebrate the arrival of Mickeymousation?
Newbie
You sell high you buy high but if you got no house now, to buy one is at your own risk. Anything go up must also come down.
Iam also a buyer and eyeing for Floravale. In Aug last year the price was $600K and now $880. So only a crazy fellow will buy.
Junior
But the seller,once sell high. He got to pay more again for same location of similar unit, with all stamp duty and misc documents admins charges.
So if u think buyer crazy to buy high.
What abt seller who need to buy higher too in the end, unless he got more than 1 house.
Or he just downgrading to HDB/smaller unit/or ulu location.
Newbie
Just some thoughts
Types of buyer/seller
1. New Home owners - Got no choice, price high also have to buy. Carrots!
2. Upgrading/Downgrading/Switching - Not much difference, buy high sell high, sell high buy high and moving between towns (for personal reasons such as schooling, near parents etc).
3. New Homeless - Migrating, staying with parents, moving to rental, bankruptcy etc.
The worst off group is the new home owners who have to stomach a fall should price correct. They may survive till the other peak if and only if they have holding power. Good Luck!
Junior
Holding power,and a FH property.
They can survive til the next peak
F01 N54 Sheer Driving Pleasure
I think you are right. Her employer must has convertered her.
She is a true believer now, judging from the 3 points in her article
"property market to continue to strengthen
private home prices to rise an average of 2% to 3% for each quarter next year":
1. A jump in transactions often leads to a sürge in housing prices.
2. A narrow price gap usually means that more HDB dwellers will üpgrade to private housing.
3. A concerns of an oversupply are överblown. The 34,100 figure of unsold units in the 3rd quarter of this year is much lower than the 43,400 in the 4th quarter of last year, and not far from the all-time löw of 30,300 in 2007.
F01 N54 Sheer Driving Pleasure
Flat prices wÏll rÏsË but still be affordable
Zakir Hussain
Political Correspondent
The Straits Times
Monday, 14 December 2009
MM Lee Kuan Yew with National Development Minister Mah Bow Tan (centre) on the skybridge of The Pinnacle@Duxton. - Photo: Lau Fook Kong, ST
Singaporeans can expect the prices of HDB flats to këëp ön rïsïng as long as the economy continues to grow, Minister Mentor Lee Kuan Yew said yesterday.
However, he assured young couples that the Government will help them to own their first flats.
The Housing Board will also keep building affordable homes ’so that each generation of Singaporeans will continue to have a stake in the nation’, he added.
Mr Lee gave the assurance when he visited the newly-completed crown jewel of Singapore’s public housing, which he said is symbolic of the spectacular transformation of the country.
The Pinnacle@Duxton, rising 50 storeys high, stands on a plot that was occupied by the first rental blocks in Tanjong Pagar constituency, of which Mr Lee has been the MP for 54 years.
Yesterday, he recalled how he used the two Duxton Plain blocks then under construction in his 1963 election campaign, when the leftists were determined to win his seat.
‘I said: ‘If you vote for me, these will be completed and will be yours’. If not, the Barisan Sosialis will win and you will have a bleak future.’
Such blocks were built in the 1960s as a quick fix for Singapore’s rapidly-growing population who were ‘living in overcrowded shophouses or squatter huts’.
‘People were poor and life was hard. No running water, no modern toilets, no expectation of a better future,’ said Mr Lee in a speech that traced the ‘breathtaking’ transformation of Singapore’s housing landscape since the 1960s.
Later, he told reporters that the direction of HDB home prices depends on the people.
If they have confidence in the country and support the Government, then prices ‘müst gö üp’ as they have every year since 1965, he said, in response to reporters asking what he would say to young couples lamenting the sharp price increases in recent years.
The alternative, MM Lee said, is grim.
‘They’ve got to decide if the country is going to go up or go down. If the country is going to go down, then the economy will go down, people’s incomes will be down, unemployment will be up and property values will go down.’
In the last 45 years, HDB home prices have soared. For instance, a 3-room flat in Queenstown in 1964 cost $6,200, but would fetch at least $200,000 today.
However, much of the increase in prices has taken place in the past few years.
In his speech, Mr Lee also dwelt on the many benefits of a home-owning society, which had its roots in the policy introduced in 1964.
It gave a community of immigrants a sense of rootedness in Singapore, he said, adding: ‘It is the foundation upon which nationhood was forged.’
Owning their homes also gives people a pride that is critical in preventing housing estates ‘from turning into slums, which is often the fate of public housing estates in other countries’, he said.
But the key advantage is that the policy gives people ‘a tangible stake in worth’ and motivates them to work hard.
‘If Singapore prospers, their flat values wïll äpprëcïätë and they share in the growth,’ he said.
He added: ‘If all the 900,000 HDB flats built over the past 50 years were rental flats… We would not have the stability, progress and prosperity that a stake in home ownership of a growing asset has made possible.’
As assets, HDB homes have become more valuable partly because their prices have moved in tandem with the economy, thus allowing citizens to share in the fruits of growth, said Mr Lee.
This can be seen in the high demand for the flats at the Pinnacle@Duxton, he said.
It has 1,848 flats. At the first launch in 2004, its four-room flats cost an average $335,000 and the five-room flats, 395,000. This year, the HDB priced these same-sized flats at an average of $486,000 and $590,000 respectively.
Mr Lee described the building of the Pinnacle as ‘a strong testament to our tenacity and capabilities as a people’.
‘I see more and more of these old blocks being demolished, and new blocks like the Pinnacle being built,’ he added.
MM Lee assured young couples that the Government will help them to own their first flats. -- Photo: Francis Ong, ST
‘We could easily have sold (the Duxton plot) and then a condominium would have stood in its place.
‘But it would not have the same effect because here, we have kept the HDB residents in place, so we are sharing the growth of the city with the people who are of that class who built the city. We could have maximised the value by selling it off, and then a condo would have been built. We didn’t do that.’
- MM Lee on the Pinnacle@Duxton’s special location in the city centre.
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