Here is a list of the day’s latest China real estate news collected from around the web:
Poly Real Estate Group Co, China’s leading property developer, said Monday that its sales across the nation have reached 111.09 billion yuan ($18.29 billion) in the first 11 months of this year, a growth of 20.72 percent from the same period last year, according to a company filing on the Shanghai bourse.
It is now the third housing developer to have earned sales of more than 100 billion yuan after China Vanke and Greenland.
According to Poly, the contracted area from January to November was 9.6 million square meters, up nearly 18 percent. In November alone, its contracted sales were 10.37 billion yuan, up 19.14 percent year-on-year.
Fitch Ratings has assigned property developer China Vanke Co., Ltd’s (Vanke; BBB+/Stable) proposed three-year senior unsecured Chinese yuan-denominated notes a rating of ‘BBB+(EXP)’. The notes, to be issued by Bestgain Real Estate Lyra Limited (Bestgain), are to be jointly and severally guaranteed by Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), a wholly owned subsidiary of Vanke. The final rating on the notes is contingent upon the receipt of final documents conforming to information already received.
China’s real estate investment rose 19.5 percent in the first 11 months of 2013 from the same period a year earlier, while revenue from property sales rose 30.7 percent, the National Bureau of Statistics said on Tuesday.
The rise in investment compares with an increase of 19.2 percent for January to October, while the increase in revenue compares with a 32.3 percent rise in January to October.”
Pullman Hotels and Resorts, under French hospitality group Accor, is set to open Pullman Shanghai South in China’s premier commercial city in January 2014.
Housed in a 23-storey building in the city centre, the hotel will be a part of Star Plaza, a development that will also include a separate commercial building and a four-level shopping mall. The location is a 20 minutes’ drive from Shanghai Hongqiao airport, and within easy reach of South Xujiahui Business Circle, Caohejing Hi-Tech Park, Shanghai South Railway Station, and Shanghai Stadium.
Comac, an aerospace firm based in Shanghai, China, has purchased 4350 Von Karman Ave., a 68,425-square-foot office building here, from MIG Real Estate LLC for $19.85 million. The four-story building is 78% leased to several prominent companies including LNR, Public Agency Retirement Services and iStar Financial.
Jones Lang LaSalle’s Orange County team members Steve Economos, Geoff DeWolf and Andy White represented the seller, while the buyer was represented by Anita Jer of Garry Jer & Assoc. “Coma wanted to be located in a building with a Newport Beach address,” says Economos.
Growth in China’s factory output and investment eased slightly in November while retail sales grew at their strongest rate this year, official data showed, suggesting the economy is on track to achieve the government’s growth target this year.
Industrial output grew 10.0 percent in November, a four-month low and slightly below market expectations, the National Bureau of Statistics said on Tuesday.
The government’s cooling measures for the overheated property market have been in force for 10 months. Yet prices remain high, making it harder for average people to buy their own home.
Research by property consultant Knight Frank shows prices have fallen only 3 per cent since the government introduced further housing measures in February.
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