Here is a list of the day’s latest China real estate news collected from around the web:
US-based Taubman Centers Inc. (NYSE: TCO) said its Chinese subsidiary has formed a joint venture with one of the country’s leading department store chains to be a co-owner and manager of a large mall in the heavily populated area of Xi’an, China.The project with Beijing Wangfujing Department Store (Group) Co. Ltd. marks the first Chinese retail development by Taubman TCBL, a subsidiary of Hong Kong-based Taubman Asia, since the company’s formation late last year.
While foreign investment in China’s realty market has been shrinking, foreign investors are seeking other ways to invest in projects in the country, analysts said. Investment in realty developments in China has seen a significant change since the beginning of the year. Of the 5.08 trillion yuan ($800 billion) invested in realty development in China between January and July, only 22.8 billion yuan of that was foreign funds, a 54.3 percent year-on-year decrease, according to the National Bureau of Statistics.
China’s outbound direct investment (ODI) hit a record high but grew at a slower pace in 2011, according to a government report released on Thursday. The country’s ODI increased 8.5 percent year on year to 74.65 billion US dollars in 2011, ranking sixth worldwide, said the report jointly released by the Ministry of Commerce, the National Bureau of Statistics and the State Administration of Foreign Exchange. The annual growth was much milder compared with the 21.7-percent rate recorded in 2010.