Here is a list of the day’s latest China real estate news collected from around the web:
The world’s largest furniture retailer IKEA will open an outlet in Xi’an, capital of northwest China’s Shaanxi Province, according to a Xi’an municipal government statement.
The outlet as well as its logistics center will be located in Fengdong New Town in Xi’an, the statement said.
“We will sign an agreement with IKEA in early July, and preliminary work for the program is underway,” said Yao Haijun, deputy director of the Fengdong New Town’s management committee.
China’s plan to spend $6.5 trillion on urbanization to bolster the economy is running into snags, sources close to the government said, as top leaders fear another spending binge could push up local debt levels and inflate a property bubble.
Premier Li Keqiang has rejected an urbanization proposal drafted by the National Development and Reform Commission (NDRC), seeking changes to put more emphasis on economic reform, according to the sources, who are familiar with the matter.
Construction cranes are familiar sights across Shanghai but even set against this city’s frantic pace of development, the plans for its prestigious waterfront are ambitious.
The Bund is a strip of 19th- and early 20th-century grand banking offices and wharves lining the western bank of the Huangpu river, directly opposite the ultra-modern skyscrapers of Shanghai’s Pudong financial quarter.
Shanghai’s Pudong New Area contributed half of the proceeds of the city’s robust land sales so far this year, according to latest market data.
As of yesterday 65 land parcels, excluding those for public uses, had been sold in the city, fetched 40 billion yuan (US$6.45 billion), Century 21 China Real Estate said in a report. Land sales earned 74 billion yuan in 2012.