Here is a list of the day’s latest China real estate news collected from around the web:
Fu Shou Yuan International Group Ltd., a Chinese developer of graveyards, soared on its Hong Kong trading debut as optimism the Federal Reserve will keep interest rates near record lows stoked demand for new equity.
The Shanghai-based company jumped 53 percent from its offer price at the noon trading break, heading for the biggest first-day gain for a Hong Kong initial public offering of at least $100 million since July 2009, according to data compiled by Bloomberg.
Greentown China Holdings Ltd. (3900), a property developer in the nation’s east, said it will join a venture to develop land in Hangzhou that shareholder Wharf Holdings Ltd. (4) is buying for 2.58 billion yuan ($425 million).
The two companies will form a 50-50 joint venture to develop a 70,227 square-meter (755,917 square-foot) residential site in the Zhejiang provincial capital’s Xiaoshan district, according to a Hong Kong stock exchange filing yesterday evening.
China’s stocks fell for an eighth day, capping the benchmark index’s longest losing streak since June, on concern higher funding costs will hurt economic growth. Financial, industrial and drug companies led declines.
China Minsheng Banking Corp. and Poly Real Estate Group paced a retreat for lenders and property developers with losses of more than 2 percent. China Shipbuilding Industry Co., a supplier to the country’s navy, slid to the lowest level in five weeks. Jiangsu Hengrui Medicine Co. plunged 2.9 percent, dragging down health-care companies.
While Hong Kong business tycoon Li Ka-shing hit the headlines by selling more than 10 billion yuan ($1.65 billion) of his properties in the Chinese mainland recently, his counterpart Vincent Lo Hong-shui is shifting more focus on to the mainland’s property market.
“I made a decision to exit all overseas investments seven years ago and only maintained our holdings on the Chinese mainland,” said Lo, chairman of China Xintiandi (New Heaven and Earth in Chinese) Co, which owns and operates a series of premium commercial properties in China.
Greg Foran sees a solution to Wal-Mart’s WMT -0.90% China woes in $11 pallets of bottled water and dried plums in large quantities.
Wal-Mart Stores Inc.’s China chief executive is looking to shake up operations in one of its toughest markets with an amped-up effort to sell Sam’s Club warehouse stores to Chinese, among other measures. So far, the Bentonville, Ark., retailer has focused mostly on rolling out Wal-Mart-branded stores.
The strong recovery of the housing market is attracting international buyers in record numbers reaching $82 billion in 2012. The National Association of Realtors (NAR) reports that after Canada, the People’s Republic of China (PRC) shows the strongest demand for U.S. residential property.
The Manhattan skyline has long been a magnet for global real estate investors, but travel ten miles away from the island to Flushing, Queens and you’ll find Sky View Parc.
Two-thirds of mainland households polled in a People’s Bank of China survey complained that home prices were “unacceptably high” and a third expected prices to climb further over the next three months.
The quarterly survey by the PBOC released yesterday polled 20,000 urban residents across 50 cities. It was released on the heels of latest data from the National Bureau of Statistics that showed housing inflation accelerated in November despite fresh measures taken in recent months by more than a dozen cities.
Jones Lang LaSalle JLL +0.02% , the global professional services firm specializing in real estate, today announces the opening of its Xi’an Office, with Chiao Sheng appointed as the Managing Director. This new office marks the Firm’s 11th in Mainland China and 14th in Greater China.
Jones Lang LaSalle started in West China with Chengdu in 2005,and building on good business growth, opened its Chongqing office in 2011.
This list is updated daily, so tune in again tomorrow for more up to date information.