Today’s China Real Estate Links | February 17, 2012

Here is a list of the day’s latest China real estate news collected from around the web:

• CIC’s Real-Estate Chief Quits

  The head of real estate for China’s giant sovereign-wealth fund resigned last week after two months on the job, following other departures from the real-estate division of one of the world’s most-active property investors. Patrick Wu, who had been with China Investment Corp. for about four years, was elevated to the top position in the real-estate group in December, succeeding Collin Lau, who took a position with the fund’s European private-equity division.

• Housing policy hits furniture market

  The tightened residential property purchasing policy in China has had a negative effect on home products companies. Experts say companies need to pay more attention on improving quality if they want to improve their development. Figures from central authorities suggest that property sales slowed in 2011 after the government announced more measures to cool the overheating real estate market.

• Assembling ideas for Ikeas in China

  In the 2010 financial year, Ikea China reported sales revenue of 4.9 billion yuan, an increase of some 20 percent from the previous year. Some 31 million customers visited Ikea stores in China in 2010, an increase of 20 percent on 2009. Some stores in China ranked as the most profitable stores on Ikea’s global map.

• The Gap Pushes Its Way Into China, After Closing Shops At Home

  Not satisfied with what they’ve found at home, a classic American brand is looking overseas to feed its need for sales. The Gap is planning on opening 30 more stores in China next year, Jeff Kirwan, the company’s chief operating officer in China, said at an American Chamber of Commerce event in Shanghai on Wednesday.

• China’s Soufun Sinks Most in Five Months as Profit Declines

  SouFun Holdings Ltd. (SFUN), owner of China’s largest real-estate website, dropped the most in almost five months after saying fourth-quarter profit fell. American depositary receipts of Soufun sank 11 percent to $16.17 by 9:51 a.m. in New York. They earlier tumbled 13 percent, the biggest intraday decline since Sept. 22.

• China Wants More Multinationals Shanghai’d

  The Chinese government wants more foreign multinationals to set up their regional corporate headquarters in its shining 21st Century super city Shanghai this year. Their goal is to bring in a whopping 50 new corporates into the city in 2012.

This list is updated daily, so tune in again tomorrow for more up to date information, or subscribe to our daily email news digest on the subscription form in the right-hand column.

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