Here is a list of the day’s latest China real estate news collected from around the web:
As China rises, so do many shopping malls in the country.Last year, 15 million square meters of floor space for at least 1,500 malls were under construction in China.
“And that’s just about enough,” said Guo Zengli, president of the China Shopping Center Development Association. “It’s enough of the large and trendy malls we see in megacities such as Beijing and Shanghai.”
Shanghai sold a downtown commercial plot of land at the highest price this year as a recovery in sales boosted developers’ expectations for a market rebound even as the government maintained property curbs.
The 107,500-square-meter (1.2 million-square-foot) site near Shanghai South Railway station was sold yesterday for 5.4 billion yuan ($864 million), according to the local land reserve center. A group of four companies, led by China Vanke Co. (000002), the country’s biggest developer, and Shanghai Greenland Group Co., which is building China’s second-tallest tower, bought the site, said property broker Century 21 China Real Estate.
Miami-based Lennar Corp. has gotten approval on $1.7 billion in loans from China Development Bank to fund the development and construction of two major projects in San Francisco, according to a person familiar with the transaction.
The contract, set to close by Dec. 31 subject to various conditions, would mark the first U.S. loan by the big state-owned Chinese bank. One condition — tagged the “Chinese component”— is that China Railway Construction Corp. be included as a general contracting partner in the project, the person said.
Billionaire Anil Ambani’s Reliance Group said on Thursday it signed an accord with China’s Dalian Wanda Group to set up a joint venture to work in areas including development of real estate and multiplex business.
The joint venture’s first priority will be to build integrated township projects in India, Reliance Group’s flagship Reliance CommunicationsBSE -3.37 % said in a stock exchange filing.