Here is a list of the day’s latest China real estate news collected from around the web:
- Hong Kong Mall Builders Go West in China
Hong Kong developers are heading deeper into China to lure shoppers, investing at least $1.3 billion to build malls in Chengdu, the city vying with Chongqing as the economic hub of the country’s west. Swire Properties Ltd. (1972) will open a 6.4 billion yuan ($1 billion) retail and office project in downtown Chengdu in early 2014.
- Germany’s Metro to double China stores in 3-4 yrs-paper
Germany’s Metro plans to double the number of its stores in China to more than 100 over the next three to four years to grab a bigger share of the country’s growing retail market, China Business News reported on Tuesday. Metro, which runs hypermarkets and consumer electronics stores in China, also launched a business-to-business online store on Monday.
- Real estate developers struggle in sea of red ink
Listed property developers’ first-quarter reports have been coming in, and they’re full of gloom: More than 60 percent of those whose shares trade on the A-share market reported lower profits or losses. According to an index tracking 149 A-share developers, compiled by Shenyin & Wanguo Securities Co, their sales edged up just 0.18 percent to an aggregate 71.7 billion yuan ($11.4 billion), while their earnings fell 3.13 percent to 9.4 billion yuan.
- Falling home prices spark protests by homeowners
More homeowners in East China’s Zhejiang province are protesting, as developers slash home prices without compensating earlier buyers. Discounts offered to attract new buyers already set off protests at three property companies in Hangzhou last week. Homeowners gathered in the sales offices, holding up signs and funeral wreaths from May 3 to 5 asking for compensation.
- April CPI growth expected to hit 3.4%
The growth rate of China’s consumer price index (CPI) is expected to reach 3.4 percent in April, according to a survey by China Business News which questioned economists from 25 financial institutions. This predicted figure is lower than the 3.6 percent CPI growth rate recorded by the National Bureau of Statistics (NBS) in March.