Here is a list of the day’s latest China real estate news collected from around the web:
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Microsoft to Lead Retail Expansion with New Stores in China
Microsoft has already announced that it was looking to expand its retail network worldwide, and China seems to be one of the first countries to get an official store this year.
The company has posted a job listing on its Careers website, revealing that it’s looking for a Senior Director Retail Operations International to work in Shanghai, China.
“As we develop our footprint internationally, we’re looking for a Sr. Director Retail Operations International who’ll be responsible for all Physical Store Operations. This is a key role on the leadership team and will be responsible to drive the build out and staffing of physical stores,” the job ad reads.
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China Ranks 2nd to US on Fortune 500 Company List
The newly released Fortune Global 500 list of the world’s 500 largest companies features 95 Chinese enterprises, with only the U.S. having more companies on the list.
The facts about these 95 Chinese companies make for interesting reading: 48 of the 85 mainland companies have established their headquarters in Beijing and most of them belong to energy and monopoly industries such as oil, finance, coal and electricity.
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China’s economy not in crisis: Finance Minister
China’s Finance Minister denied that the world’s second-largest economy was entering a crisis period, adding that he believed growth could even accelerate, as quoted by the official Xinhua news agency in an interview.
The report quoted Mr Lou Jiwei, speaking on the sidelines of the G-20 conference on Saturday, as saying he expected China’s economic growth to end the year at 7.5 per cent, the official target rate.
A Xinhua report on July 12 that quoted him saying he expected growth to come in at 7 per cent caused brief market confusion, but the news agency later changed the report to quote the figure at 7.5 per cent.
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Real Estate Developers Lead Sell-Off as Shanghai Index Falls below 2,000
A MASSIVE sell-off across the board dragged the key Shanghai stock index down below the 2,000-point mark yesterday, with property developers and financial firms leading the decline.
The Shanghai Composite Index slumped 1.52 percent to 1,992.65. The barometer ended the week with a 2.3 percent loss, ending a two-week winning streak.
Homebuilders recorded a 3.7 percent drop, dented by talk about the potential expansion of a pilot property tax program being trialed in Shanghai and Chongqing.
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China to Invest $160 Billion in Indian State
Within less than a week after the cap on Foreign Direct Investment (FDI) was hiked in 13 sectors to boost India’s sagging economy, China’s economic advisor Shoosan Maa announced that the country will invest $160 billion in various sectors in Andhra Pradesh.
In a bid to improve its bilateral relations with India, China is ready to invest the staggering amount in Andhra Pradesh, according to Shoosan.
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