Here is a list of the day’s latest China real estate news collected from around the web:
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Hang Lung Underlying Profit Beats Estimates on Higher Rents
Hang Lung Properties Ltd., (101) the Hong Kong developer that makes more than half of its revenue from mainland China, posted first-half underlying profit that beat estimates on higher-than-expected rental growth in the city.
Earnings excluding revaluation gains and deferred tax fell 23 percent to HK$1.93 billion ($249 million) in the six months ended June 30 from HK$2.52 billion a year earlier, the builder said in a statement to Hong Kong’s stock exchange today. That compares with a HK$1.82 billion median estimate of five analysts surveyed by Bloomberg News.
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China, Korea drive Europe commercial property boom
Chinese and Korean investors are snapping up commercial real estate in major European countries, helping drive investment in the region in the first half of the year, according to property services firm Jones Lang LaSalle.
Net capital inflows into Europe’s commercial property sector jumped 18 percent in the first half of 2013 compared with the first half of last year to top $12 billion, and Asia-Pacific investors accounted for nearly half that amount at $5.6 billion, Jones Lang LaSalle said.
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300 million residents expected to urbanize by 2020
About 300 million rural residents of China will become city dwellers by 2020, raising China’s urbanization rate to 60 percent, a report by the Chinese Academy of Social Sciences said on Tuesday.
According to the National Bureau of Statistics, China’s urbanization rate is now 52.6 percent. The report said that is an overestimate and the actual rate is 42.2 percent.
By 2030, 390 million rural dwellers are expected to move to cities, with the urbanization rate reaching 68 percent, according to the report.
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Global Logistic Properties leases 23,000sqm logistic space in China
Singapore based Global Logistic Properties (GLP) has leased 23,000sqm of logistic space at GLP Park Zengcheng and GLP Park Yunpu in Guangzhou in Southern China to one of China’s express delivery companies.
Following the deal, the logistics firm has increased its leased area with GLP to over twice the previous footprint and will use it to meet increasing demand for express services from the e-commerce industry in the region.
The deal includes 18,000sqm of logistic facilities at the GLP Park Zengcheng and 5,000sqm logistics parks at GLP Park Yunpu, which are located in Guangzhou East Auto Industry Area and Guangzhou Development District, respectively.
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Pundits are misreading China’s rebalancing – Stephen Roach
The punditocracy has once again succumbed to the China Crash syndrome — a malady that seems to afflict economic and political commentators every few years. Never mind the recurring false alarms over the past couple of decades. This time is different, argues the chorus of China sceptics.
Yes, China’s economy has slowed. While the crisis-battered West could only dream of matching the 7.5 per cent annual gross domestic product growth rate that the National Bureau of Statistics reported for the second quarter of this year, it certainly does represent an appreciable slowdown from the 10 per cent growth trend recorded from 1980 to 2010.
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Jones Lang Q2 Earnings Miss Estimates as China Revenues Decline
Jones Lang LaSalle Inc. ‘s ( JLL ) second-quarter 2013 adjusted earnings of $1.15 per share substantially missed the Zacks Consensus Estimate of $1.41 per share. However, it came 2 cents above the year-ago quarter earnings of $1.13 per share.
Quarterly results benefited from decent growth in revenues but higher expenses acted as a dampener. Also, the company experienced leasing revenue declines in China, India and Australia.
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China can meet growth target: NDRC
China has the capability to achieve the government’s annual economic growth target of 7.5 percent this year, Xu Shaoshi, head of the National Development and Reform Commission (NDRC), China’s top economic planner, said Wednesday.
“To achieve this goal, we still have to make arduous efforts,” Xu told Xinhua in an online interview.
China’s economy has been stuck in a protracted slowdown, easing to 7.5-percent growth in the second quarter from 7.7 percent in the first three months. Worries are growing that the prolonged slowdown could affect the global economy.
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