Here is a list of the day’s latest China real estate news collected from around the web:
China Construction America Inc (CCA), a wholly owned subsidiary of China State Construction Engineering Corporation Ltd, completed the acquisition of 99 Hudson, a mixed-use development site overlooking Hudson River in Jersey City, New Jersey, the company said Thursday.
The acquisition – at a price of approximately $70 million – was CCA’s second all-cash real-estate transaction in Metro New York since the company purchased 445 South Street, a premier Class A office building, in Morristown, New Jersey in April.
Cross-border property transactions in the Asia-Pacific region increased in the third quarter of 2013, with China seeing the greatest share of the investment, a report from real estate service provider CBRE showed.
Asia-Pacific cross-border activity rose by 5.5 percent quarter-on-quarter to $5.2 billion in the third quarter.
Australia, China and Japan saw the greatest share of non-domestic buyers, with China and Australia, in particular, seeing strong activity from buyers from outside the region.
FINAL tests are taking place on the new Metro Line 16, which runs to Lingang New City in the Pudong New Area and is set to go into service next month.
The Metro operator said yesterday that it had finished primary debugging on the 12 trains that will run on the route.
Trains will have three carriages initially, and in the future the number may increase to six, depending on passenger volumes on the new line.
China has unleashed a flurry of detailed economic and social reform plans in a bid to secure the country’s future growth.
According to a document released by the Communist Party, following a four-day conclave of its top leaders, China said it plans to cut red tape by scrapping residency restrictions in small cities and townships, while also integrating urban and rural social security systems.
This includes the establishment of an exchange market for rural property rights transfers.
Global Logistic Properties (GLP) has launched a China-focused logistics infrastructure fund, CLF Fund I, which will invest over $3bn to develop modern logistics facilities in the country.
The fund will take advantage of the significant opportunities arising from growing domestic consumption and the shortage of modern logistics facilities in China.
The mainland’s urbanisation push will drive down home prices as the government allows freer transfer of vast areas of rural land and steps up efforts to help farmers integrate into city life, property sector experts said.
Exactly how the authorities will redefine urbanisation is anyone’s guess, as the mainland’s top economic planner is still finalising a proposal for submission to the State Council.
One World Trade Center was declared the tallest building in the United States this week, and for China Center (CCNY) the 104-story building in New York, its future home, reflects how the global economy is evolving and how deeply interrelated are China and US connections.
“The Center will foster bilateral cultural exchange by providing economic, political and cultural activities to our members and clients,” Feng Lun, chairman of CCNY and Vantone Real Estate, wrote in an e-mail to China Daily. “China Center is a symbol of China’s future development. “”
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