Here is a list of the day’s latest China real estate news collected from around the web:
Sitting in an empty Papa John’s pizza restaurant, real-estate developer Yang Boqun said he would somehow catch up on loan payments for 150 million yuan ($24.7 million) he borrowed to finish a five-story shopping mall in the eastern Chinese city of Jinhua.
But the mall’s only tenants are a Bentley car dealership, movie theater and the restaurant–and the loan’s interest rate is a steep 40%. The reason: When construction costs on the two billion-yuan project soared surprisingly high, traditional banks couldn’t lend more to Mr. Yang.
Land purchases in major Chinese cities are booming, with record prices being set in first and second-tier cities, including Beijing and Shanghai.
Land deals struck in four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen this year reached an historic high of 501.4 billion yuan (US$82.5 billion), 2.5 times the figure reported in 2012.
China’s economy had a roller-coaster 2013, with a rosy start giving way to a slowdown and widespread gloom, before a rebound in the third quarter brought things full circle.
The full-year growth figures, due to be released in January, will likely clock in around 7.6%. While that kind of pace would be stupendous for developed countries currently stuck in the doldrums, it would mark China’s slowest growth since 1999.
Hong Kong business magnate Li Ka-shing, Asia’s richest person, intends to tackle South Korea’s real estate market, reports the Shenzhen-based Securities Times.
It has been reported that Li, the world’s eighth richest man based on Forbes’ latest rich list with net assets of US$31 billion, is participating in the acquisition of the Macquarie Group’s Korean unit via Singapore-based ARA Asset Management, an affiliate of Li’s Cheung Kong Holdings conglomerate.
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