Here is a list of the day’s latest China real estate news collected from around the web:
Zhang Xin who claims to have grown up in poverty and often tells the story of laboring in a factory starting at age 14, is no a billionaire. Today, she is richer than Donald Trump, Steven Spielberg and Oprah Winfrey.
Zhang, a Chinese real estate developer, is the seventh richest self-made women in the world, worth $3.6bn, according to Forbes. She’s worth $800million more than Oprah Winfrey, the world’s best known “self-made” female billionaire.
Chinese landlords are forgoing rent and paying to outfit stores for mass-market fashion brands including Zara and H&M, a bid to blunt the impact of a boom in shopping-mall construction that threatens to push up vacancies.
Preferential leasing terms were reserved until recently for luxury brands such as Louis Vuitton and Gucci, which are coveted because they bring shoppers into malls. Now moderately priced labels are being enticed with offers as landlords work harder to fill shops, according to Cushman & Wakefield Inc. and RET Property Consultancy Ltd.
Shanghai has become the new darling of real estate investors this year, edging out Chengdu for the top spot, a recent industry study showed.
Chengdu had held onto that coveted position for two years, according to the Mainland China Real Estate Markets 2013, a survey of 111 executives from property developers and fund management firms in mainland China and Hong Kong by the nonprofit research organization, the Urban Land Institute.
The number of shopping malls in China is expected to climb to a historic high by the end of 2013 after the nation’s retail business began slowing in late 2012, according to a report released by Jones Lang LaSalle.
China’s retail business is in a transition, the report said. From late 2012 to early 2013, just two to three major malls in Shanghai and Beijing saw month on month sales increase while most malls in the two cities suffered decline.
The report expects China’s retail sector to recover in the second half of 2013 as consumer sentiment improves on government policies aimed at spurring domestic consumption.
China Vanke Co, Greenland Group and China Overseas Land & Investment Ltd topped the realty sales list for the first half of the year, according to a key report.
China Vanke maintained pole position with half-year sales of 83 billion yuan ($13.43 billion), according to a report by the China Real Estate Information Corp, a subsidiary of E-House, a real estate services company.
Greenland Group jumped from the fourth to second, with sales of 65.3 billion yuan.
Beijing Capital Land Ltd. (“Beijing Capital Land or the “BCL; stock code: 2868) announced today that it has entered into an agreement with J.P. Morgan Asset Management to establish a strategic joint venture to invest in the China real estate market.
Tang Jun, Executive Director and President of Beijing Capital Land, commented, “We are pleased to be working with J.P. Morgan Asset Management – Global Real Assets, a leading global investment manager with over 40 years of real estate asset and fund management and investment experience. Combining BCL’s local real estate development capabilities with J.P. Morgan Asset Management’s fund management experience and investment expertise, uniquely positions the joint venture to capitalize on opportunities in the China real estate market.