Here is a list of the day’s latest China real estate news collected from around the web:
Shui On Land Plans IPO for Shanghai Xintiandi Unit
Shui On Land Ltd. (272), the developer controlled by billionaire Vincent Lo, plans to sell shares in its Xintiandi entertainment complex unit to investors in a separate listing in Hong Kong. The Shanghai-based company has submitted the proposal to the Hong Kong stock exchange, Shui On said in a statement late yesterday. The company didn’t say how much it plans to raise and when the listing, which is subject to the stock exchange’s approval, will be completed.
China’s Yuexiu sells world’s 10th-tallest skyscraper to REIT for $1.4 billion
Chinese developer Yuexiu Property (0123.HK) said on Monday it sold one of the world’s tallest buildings, a skyscraper in the southern city of Guangzhou, into its affiliated real estate investment trust for 8.85 billion yuan ($1.4 billion). The Yuexiu REIT will pay the developer to take over a 99 percent stake in the Guangzhou International Finance Center, the companies said in a filing to the Hong Kong stock exchange. It will pay $9,999 in cash and take on the rest in debt.
China’s urban wages grew by double digits in 2011
Average wages for urban Chinese workers rose by double digits across various categories of employment last year, the National Bureau of Statistics said Tuesday. By giving workers more disposable income to spend, higher wages will aid China’s goal of rebalancing toward domestic demand. At the same time, they will pose challenges by contributing to inflation and putting pressure on corporate profit margins.
The European Chamber of Commerce said that while China was an increasingly important market for its members, many were deterred by rising prices and regulatory barriers in the world’s second largest economy. In all, 22 percent of respondents in its annual business confidence survey were considering shifting investment from China to other markets, it said.
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