Here is a list of the day’s latest China real estate news collected from around the web:
- Chinese Local Govt Creates Copy-Cat Kremlin Near Beijing
China has long been known for reverse engineering the great architecture of Western civilization, from the miniature Eiffel Tower in a Hangzhou housing compound to the English-themed “Thames Town” in Shanghai, which boasts a replica cathedral.
Now a local government in Mentougou, a mostly rural district about 30 kilometers (18 miles) outside Beijing, has built itself an office complex apparently inspired by another jewel of European architecture: the Kremlin, home of Russia’s rulers since the days of the tsars. One of the four extravagant buildings is home to the Mentougou weather bureau, according to a sign outside.
- China Vanke Opens First Shopping Mall in Beijing
The nation’s largest real estate developer China Vanke Co Ltd will open its first shopping mall on Tuesday, as part of its efforts to diversify its business.
With a gross floor area of 140,000 square meters, Vanke’s first shopping mall is located in Beijing’s Changping district.
- China to Promote More Foreign Invesment in Elderly Care
China will encourage investment by foreign capital in the tourism, elderly care and education sectors next year, a spokesman for the Ministry of Commerce (MOFCOM) said Monday.
The ministry wants foreign investors to enter “some newly developed sectors, such as rest homes, tourism and vacation properties, and properties with educational functions,” Shen Danyang, spokesman for MOFCOM, said during a press conference in Beijing.
- Chinese M&A Surges to All Time High of US$262 Bil
Merger-and-acquisition activity in China surged to an all-time high in 2013, with US companies a prime target. China’s M&A surge contrasted with a 2 percent drop in global deals, which observers attributed to a rise in activist campaigns, economic uncertainty and regulatory interventions.
But 2014 promises to be a better year. Analysts project an increase in 2014 global M&A of 10 to 15 percent.
- TCL Will Sell Real Estate Unit to Developer Fantasia Holdings
Chinese electronics maker TCL Corp will sell its property unit in Huizhou, South China’s Guangdong Province, for 164 million yuan ($27 million) to Fantasia Holdings Group, according to a filing posted on the Shenzhen bourse Tuesday.
Hong Kong-listed Fantasia also announced Tuesday that it acquired 100 percent equity interest in Huizhou TCL Real Estate, which reported a profit of 21.3 million yuan in the first three quarters this year, and a loss of 32.51 million yuan in 2012.
- Li Ka-Shing’s Cheung Kong Expects China Sales Record in 2014
Cheung Kong Holdings (0001) expects its home sales in China to hit a record high next year as transactions in Hong Kong falter.
The developer had record mainland sales of more than 4 billion yuan this year. At home however, it sold just HK$4 billion worth of flats, down from about HK$27 billion in 2012.
- How China’s Richest Man Plans to Take on Hollywood
Investors in China are looking to earn their fame on the big screen. China’s richest man is taking to the stage, backed by China’s most successful and well-funded entertainment and real estate firm. Should Hollywood companies like Disney and Lions Gate be concerned about this new threat? Probably not. In fact, they should be excited.
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