Cities along route face land sales hits
By Maggie Zhang |
July 26, 2011, Tuesday
|
Print Edition
Print Edition
SATURDAY'S high-speed train accident, combined with the "constant malfunctioning" of the Beijing-Shanghai bullet train, could dampen property investors' interests in cities along the new railway lines, Credit Suisse said yesterday.
"Saturday's accident could trigger a movement that could affect developers' existing land banks," Credit Suisse said in a research report.
Land sales in several cities along the Beijing-Shanghai bullet train line surged in 2009 and last year, the report said.
Coincidentally, Premier Wen Jiabao last week demanded investigations into the illegal confiscation of land by local governments in the name of railway and highway development.
Credit Suisse maintained an "underweight" rating on China's property sector.
Individual insurance claims made to China's three largest insurers for Saturday's train collision
(up until July 25)
? China Life Insurance (Group) Co
One client dead, estimated compensation of 13,000 yuan (US$ 2,017). (incomplete data)
? Ping An Insurance (Group) Co
Twenty-three clients (eight dead, 15 injured), estimated compensation of 731,000 yuan.
? China Pacific Insurance (Group) Co
One client dead, five injured, two still missing; 200,000 yuan for the client who died in the accident, total compensation still unknown.
Sources: the three insurers, Shanghai Daily research
"Saturday's accident could trigger a movement that could affect developers' existing land banks," Credit Suisse said in a research report.
Land sales in several cities along the Beijing-Shanghai bullet train line surged in 2009 and last year, the report said.
Coincidentally, Premier Wen Jiabao last week demanded investigations into the illegal confiscation of land by local governments in the name of railway and highway development.
Credit Suisse maintained an "underweight" rating on China's property sector.
Individual insurance claims made to China's three largest insurers for Saturday's train collision
(up until July 25)
? China Life Insurance (Group) Co
One client dead, estimated compensation of 13,000 yuan (US$ 2,017). (incomplete data)
? Ping An Insurance (Group) Co
Twenty-three clients (eight dead, 15 injured), estimated compensation of 731,000 yuan.
? China Pacific Insurance (Group) Co
One client dead, five injured, two still missing; 200,000 yuan for the client who died in the accident, total compensation still unknown.
Sources: the three insurers, Shanghai Daily research
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