Here is a list of the day’s latest China real estate news collected from around the web:
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China Construction Buys NJ Office Building in U.S. Expansion
China Construction America Inc. (601688), a unit of a Beijing-based developer, bought a suburban New Jersey office building for $71 million as it expands in U.S. real estate investment and development.
The building at 445 South St. in Morris Township, New Jersey, is the company’s first property purchase in the state. It’s close to the U.S. unit’s headquarters in Jersey City as well as its construction projects in and around New York, said Phillip Gesue, who joined China Construction last year to lead its U.S. real estate operations. Gesue previously oversaw real estate for Orient-Express Hotels Ltd. (OEH), based in Bermuda. -
China’s Home Prices Gain as Guangzhou Rises Most in 2 Years
China’s property rebound gathered pace in March as new home prices in the southern city of Guangzhou jumped the most in more than two years, underscoring concerns that a bubble may be building.
Guangzhou prices rose 11.1 percent from a year earlier while those in Beijing climbed 8.6 percent and Shanghai posted a 6.4 percent increase, the National Bureau of Statistics said in a statement today, all showing the biggest gains since January 2011 when the government changed its methodology for the data.
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Widening gap between housing supply and demand
China has a sufficient amount of real estate and construction space to provide housing for 120 million people, according to the National Bureau of Statistics, 21st Century Business Herald reported.
According to the data released on April 15, there are 424 million square meters of real estate for sale and 353 million square meters of construction area.
Qin Hong, director of the Department of Housing and Urban Policy Research Center, believes that the biggest problem in housing development is not the imbalance between supply and demand, but housing resources.
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