Here is a list of the day’s latest China real estate news collected from around the web:
The “Jeju Dream Tower,” or “Twin Building” will be built in Nohyeong-dong, Jeju City, after Donghwa Investment and Development Co. Ltd., an affiliate of Lotte Tour, signed a contract with Greenland Holding Group Co. Ltd. to construct the landmark hotel.
Greenland is one of the biggest real estate development companies in China and it pledged to invest 900 million US dollars as Donghwa sold the corporation 23,301 square meters of land. The company reported that the land, located at an important traffic hub, Nohyeong junction, and 3 k.m. from the airport, received planning permission for the construction of two bulidings, 61 and 63 storeys, and preliminary engineering was completed.
Two out of the region’s five hottest shopping districts are in Greater China, with the mainland set to be the centre of growth, according to a report released today by real estate consultancy Jones Lang LaSalle.
A decade ago many international retailers saw the risk-reward ratio in China to be challenging, as despite the nation’s rapid economic growth, the population was not yet know for liberal spending. Jones Lang now predicts that China’s shopping potential will lead the way in the near future.
Xinyuan Real Estate Co. Ltd. recently announced that it has acquired four land parcels in China via auction and intends to primarily develop residential apartments.
Located in Jinan, Shandong Province, the first two land parcels are adjacent to each other and offer a total site area of approximately 140,155 square meters (1,508,615 square feet). The land parcels are next to the city’s high-speed railway station and Xinyuan paid a total of RMB 1.2 billion (approximately $197 million) for the land-use rights. The residential real estate developer plans to develop high-rise residential apartments on the site with a total estimated gross floor area of around 420,465 square meters (4,525,847 square feet).
The Sheraton Gateway Los Angeles Hotel, a 15-story inn next to Los Angeles International Airport, has been sold for $96 million to a Chinese real estate developer.
The deal falls on the heels of the recent sale of the Torrance Marriott South Bay to another Chinese property developer.
Hazens Investment bought the 802-room Sheraton Gateway from an affiliate of Long Wharf Real Estate Partners, according to real estate broker Harry Pflueger of Maxim Hotel Brokerage Inc.
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