Here is a list of the day’s latest China real estate news collected from around the web:
- China’s Growth to be Slowest Since the Global Financial Crisis
THE growth of the Chinese economy is expected to reach its slowest point since the global financial crisis, as authorities deliberately restrain the Asian powerhouse.
First quarter GDP figures published this week are likely to show growth has eased from 9.2 per cent last year, to 8.4 per cent in the first three months of this year.
- Poly Real Estate’s Profits up 30% in Q1 2012
Poly Real Estate Group Co. Ltd, China’s second-largest property developer by market value, said Thursday in its annual report that its net profit jumped 32.74 percent year on year to 6.53 billion yuan (1.04 billion U.S.dollars) in 2011. In a statement filed to the Shanghai Stock Exchange, Poly said the company’s performance was “good” in the reporting period given the “complicated market condition” and “grim policy environment.”
- Shanghai land sales plunge in Q1
LAND sales dived in Shanghai in the first quarter of this year on slack sentiment among real estate developers, an industry report said yesterday. Sales of land parcels, designated for all sorts of developments, excluding public use, totaled 6.82 billion yuan (US$1.1 billion) in value between January and March, plunging 80 percent from the same period a year earlier and a drop of 79 percent from the fourth quarter of 2011, according to data released by Soufun.com, operator of the country’s largest real estate website.
- Real Estate Billionaire Tops New Forbes China Philanthropy List; Giving Drops
Billionaire real estate developer Hui Ka Yan topped the latest list of China’s top philanthropists published by Forbes China, the licensed China-language edition of Forbes. Hui, chairman of Hong Kong-listed Evergrande Real Estate Group, gave 388 million yuan, or $62 million, to charity last year.
- Vanke Posts 57% Increase In Transactions In March
China Vanke posted a 56.9 percent month-on-month rise in transaction value in March to 11.52 billion yuan on a 52.6 percent increase in transaction area to 1.1 million square meters, reports 163.com, citing a company filing.
Compared with last March, transaction value rose 23.5 percent, while transaction area was up 31.6 percent.
For the first three months, the largest developer in China recorded transaction value of 31.07 billion yuan on transaction area of 3.01 million square meters.
- Lawson in Talks to Buy at Least Three China Store Chains
“Lawson Inc. (2651), Japan’s second-largest convenience-store chain, is in talks to buy at least three operators in China in its first overseas acquisition as the company looks to faster growing markets to increase sales.
“There will be a huge opportunity to acquire businesses in China,” Chief Executive Officer Takeshi Niinami said in an interview in Tokyo April 3, declining to name any targets. “We are negotiating with more than three or four parties.” ”
- Shui On Said to Sign Loan With Credit Suisse and 11 Banks
“Shui On Development Holding Ltd. (272), a unit of property developer Shui On Land Ltd., signed a $339 million equivalent loan with 12 banks, according to a person familiar with the matter.
Credit Suisse Group AG arranged the facility, which was funded at the end of March and matures in 2015, the person said, asking not to be identified because the details are private. Eleven banks joined in syndication, the person said. ”