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Sales of new homes stay stable

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SHANGHAI'S new home sales market remained stable last week in both volume and price.

Sales of new homes, excluding those built under the city's affordable housing programs, totaled 170,100 square meters between May 2 and 8, a weekly rise of 1.5 percent, according to a report released yesterday by China Real Estate Information Corp.

The average price rose 3.5 percent to 19,995 yuan (US$3,076) per square meter.

Sales of mid- to low-end residential properties seemed to pick up during the past week with seven out of the 10 best-selling projects by area priced at lower than 20,000 yuan per square meter.

About 120,000 square meters of new homes sold last week citywide cost less than 20,000 yuan per square meter, CRIC data showed.

This kid's just too good to be true

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THIRTEEN-YEAR-OLD Huang Yibo has become a buzzword, media sensation and object of pity and ridicule for his too-good-to-be-true dedication to politics. Wang Jian, Liao Jun and Qiang Lijing report.

At the age of two, he was glued to China's Central Television news; at seven, he was reading the People's Daily newspaper. Now Huang Yibo, age 13, has published more than 100 articles in newspapers and magazines.

Huang, who comes from Wuhan in central China's Hubei Province, is one of the hottest topics in the Chinese media and talk is swirling on the Internet.

He has recently been hailed as a political prodigy by some Chinese netizens, stirring a mixture of praise, skepticism, satire and carping about his parents' child-rearing methods.

Last Updated on Friday, 16 November 2012 10:43 Read more...

China sets up office to manage Internet information flow

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THE Chinese government announced today the setting up of an office to manage Internet information in a statement of the State Council General Office.

The department, known as the State Internet Information Office, will direct, coordinate and supervise online content management and handle administrative approval of businesses related to online news reporting, it said.

The office will work to implement the policies of Internet communication and promote legal system construction in this field, it said.

It will direct the development of online gaming, online video and audio businesses and online publication industries, it said.

The office will be engaged in promoting construction of major news websites and managing government online publicity work.

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Major banks face a capital ratio of 11.5%

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CHINA'S banking regulator required the nation's systematically important banks to have a minimum capital adequacy ratio of 11.5 percent by the end of 2013 in its own version of the Basel agreement.

The ratio for non-systematically important banks is set at 10.5 percent under "normal conditions," and the lenders should fulfill the requirement by the end of 2016, the China Banking Regulatory Commission said in a statement on its website yesterday. When loan growth is considered "excessive," the CBRC said it will raise the capital ratios for all banks by as much as 2.5 percentage points.

China is tightening oversight of banks, limiting mortgages and raising interest rates to prevent a record US$2.7 trillion of credit extended in the past two years from inflating asset bubbles that may saddle lenders with bad loans.

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Local specialties given modern touch

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FULL House is the new high-end Shanghainese restaurant run by Hong Kong native Edwin Ng, of Bali Laguna, Thai Gallery and Red Bacon fame; alongside the former partner from local favorite Jesse's.

With a cozy and chic environment in the basic colors of black and white, the restaurant is designed with a fusion of contemporary and traditional, Chinese and Western.

The modern feel presides with white plates and silverware instead of more traditional styles of local dining. This is evident in the presentation of the house special, Braised Pork (48 yuan/US$7.27), which is served in a porcelain dish rather than a clay pot.

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