Here is a list of the day’s latest China real estate news collected from around the web:
China will have 4,000 shopping malls by 2015, a more than 40 percent increase over the present number, according to the latest report by the China Chain Store and Franchise Association.
The country had 2,812 shopping malls with a construction area of 177 million square meters by the end of 2011, said the 2012 Development Report on Cooperation between China Shopping Malls and Chain Brands, conducted by CCFA and Deloitte Touche Tohmatsu Ltd.
Shui On Land Ltd. (272), the Chinese developer that issued a profit warning this week, said it will spin off the unit that developed the Xintiandi restaurant and bar district to focus on development.
“Shui On’s portfolio and coverage is so big and property market is so competitive,” Chief Executive Officer Freddy Lee said in Shanghai yesterday. “It is very difficult to do both development and operation. After setting up China Xintiandi, we hope Shui On could focus more on development. Shui On will also try to do more smaller projects, so that will give financing a relief.”
Despite a slowing economy, first time homebuyers were the main market-driver of Shanghai’s residential property markets in 2012, says global real estate consulting firm Jones Lang LaSalle.
Government tightening measures continued in 2012 which included Home Purchase Restrictions (HPRs), which remained firmly in place in Shanghai in 4Q12.