Here is a list of the day’s latest China real estate news collected from around the web:
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BlackRock to Buy Real Estate Firm MGPA for Asia Expansion
BlackRock Inc. (BLK), the world’s largest asset manager, agreed to buy private-equity property investment advisory firm MGPA for an undisclosed amount to expand real-estate business in the Asia-Pacific region and Europe.
MGPA manages about $12 billion, focusing on real estate funds management, co-investments and separate-account mandates for institutional investors, BlackRock said today in a statement. The transaction is expected to close in the third quarter and won’t materially affect BlackRock’s earnings per share, the New York-based firm said.
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China Targets Broader Investments in U.S.
China’s currency-reserves manager has set up a New York operation to invest in private equity, real estate and other U.S. assets, according to people with knowledge of the move.
The move by the State Administration of Foreign Exchange, or SAFE, which oversees the world’s largest stockpile of foreign-exchange holdings, comes as it steps up diversification away from U.S. government debt, the people said.
The agency recently established the operation on Fifth Avenue in Manhattan to make the alternative U.S. investments. The new office is separate from one the agency has been running for years in the U.S. that focuses on buying government debt and to a lesser extent corporate bonds and asset-backed securities, the people said.
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Former top Chinese banker to face graft charges
A former top Chinese banker has been expelled from the ruling Communist Party for taking bribes and turned over to prosecutors, the government said Monday, following reports he was implicated in huge improper loans.
Yang Kun, a former vice president of Agricultural Bank of China Ltd., was expelled from the party after investigators concluded he “took advantage of his position to seek favors for others and received huge bribes,” the Ministry of Supervision said.
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Conference Board LEI for China Rebounds in April
The Conference Board Leading Economic Index® (LEI) for China increased 1.5% in April. The Index stands at 260.8 (2004 = 100), following a 0.6% decline in March and a 1.3% increase in February. Four of the six components contributed positively to the index in April.
Says Andrew Polk, resident economist at The Conference Board China Center in Beijing, “The LEI for China rebounded in April primarily due to renewed real estate activity and credit expansion. But both factors remain major wild cards for growth: Real estate activity has been volatile recently, and credit has become less effective at boosting the economy. While these drivers may help ease the slowdown in the short-term, the shackle of overcapacity in the industrial sector will remain a drag on the economy.”
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