Apple is set to open a new retail store in China on Friday, January 10 at the China Central Mall in the Chaoyang District of Beijing, approximately two miles from the existing Sanlitun Apple Store in Beijing.
The China Central Mall is an upscale shopping center with more than 70 shops and restaurants, including stores like Gucci, Prada, and Chanel. It’s also flanked by two major hotels, the Ritz-Carlton and the JW Marriot Hotel.
Another lawyer has joined an ongoing fight against China Vanke Co, the country’s largest property developer by market value, which has recently faced a lot of criticism over allegedly not paying land appreciation tax (LAT), according to a report aired Sunday by China National Radio (CNR).
Liu Yajun, a lawyer with Beijing-based Changge Law Offices, has sent an indictment to a local court in Shenzhen, South China’s Guangdong Province on Thursday, requesting the court to order Vanke to publicly reveal the amount of LAT that it has allegedly not paid for its 162 finished projects which met LAT payment criteria before the end of 2012.
The highest year-end bonuses in China were given to employees in the finance, real estate and internet sectors, reports our sister paper Want Daily, citing market research figures.
Over half of all Chinese companies will increase their year-end bonus from 10% to 20% this year, while only one tenth of the companies will decrease their bonus amounts.
China Vanke, the country’s largest property developer by sales, sold 170.9 billion yuan (HK$219 billion) worth of new homes last year, setting an industry record in the mainland. By contrast, Hong Kong’s Cheung Kong (Holdings) (0001) reaped about HK$5 billion worth of flat sales in 2013.
Vanke’s 2013 performance represented a 21 percent improvement from 2012, the Shenzhen-based company said yesterday.
Mainland developers must localise when venturing abroad and wean off rich mainlanders’ global hunt for cheap homes, say industry advisers.
Developers, including China Vanke, Guangzhou R&F and Dalian Wanda Group, have recently made their first moves to go beyond the mainland, following in the footsteps of industry pioneers such as Greenland Group, Vantone and Country Garden.
When the mainland opened up its real estate market to overseas investment about a decade ago, Goodwin Gaw knew it was the opportunity of a lifetime.
With his knowledge and connections in China, the California-born Chinese in 2005 co-founded Gaw Capital Partners, a private equity real estate fund management firm, with his younger brother Kenneth to bring foreign capital into the mainland’s property sector.
The worst is over for Hong Kong’s housing market, says Cheung Kong executive director Justin Chiu Kwok-hung, who has a blunt assessment of pundits calling a market correction because of reduced US monetary stimulus: they are “too simple-minded”.
“I believe the low interest rate environment will continue into 2015, as the US tapering is being launched in a gradual process,” said Chiu, referring to a cut in the Federal Reserve’s bond-buying programme.
Taiwan’s finance minister, Chang Sheng-ford, warned on Thursday that the country’s property prices are too expensive, and just like Florentijn Hofman’s giant rubber duck which exploded at Taiwan’s northern Keelung Port, the property bubble may burst any time, reports our sister paper China Times.
Among the property’s 10 bubble indicators, more than half of them, including the ratio of home prices to incomes, the return rate of rentals, and the ratio of mortgages to GDP, have all approached the levels of warning territory, Chang said.