Here is a list of the day’s latest China real estate news collected from around the web:
Property prices in China’s major cities rose for the 11th consecutive month in April, according to a report, but the growth rate slowed down slightly as the government’s latest tightening policies gradually kicked in.
Figures released on Thursday by China Index Academy, a Beijing-based real estate research institute, showed the average price of new homes in 100 cities monitored was 10,098 yuan ($1,600) per square meter during April, up 1 percent over the previous month.
China is home to half of the shopping malls under construction in the world, CBRE Group Inc, a US-based commercial real estate services company, said on Friday.
Currently, 32 million square meters of shopping malls are under construction worldwide, representing year-on-year growth of 15 percent, and half are located in China, CBRE said.
Growth in China’s services sector has slowed down in April, in line with the weak growth in the manufacturing sector, reinforcing views that the country’s economic recovery will be modest in the near future.
The National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) said the offical non-manufacturing Purchasing Managers’ Index (PMI) slipped to 54.5 in April, down from March’s 55.6. A reading above 50 indicates an expansion in the sector.
The bad news keeps coming. Following two days of dismal numbers showing China’s manufacturing sector is slowing, now the service sector has disappointed. The not-so-happy takeaways: Don’t expect an economic recovery soon, and Beijing’s much sought-after goal of rebalancing still looks far off.
On May 3, China’s National Bureau of Statistics and the China Federation of Logistics and Purchasing announced that their nonmanufacturing purchasing managers’ index cooled to 54.5 in April, down from 55.6 the month before.
Xinyuan Real Estate Co., Ltd. (XIN: Quote) said Friday that it has closed its offering of US$200 million in aggregate principal amount of 13.25% senior notes due 2018.
The company plans to use the net proceeds of the offering to repay certain existing debts, invest in new real estate projects in China and the United States and the remainder for general corporate purposes.