Here is a list of the day’s latest China real estate news collected from around the web:
In a forest on the outskirts of this former Chinese capital, 58-year-old real-estate developer Lu Jun and his 30-year-old son, Lu Xun, are set to unveil an ambitious project: a $164-million development with 11 buildings designed by leading international architects.
The centerpiece of the development: the Sifang Art Museum, a 21,528-square-foot exhibition space designed by New York architect Steven Holl that will feature works by Anselm Kiefer, Luc Tuymans and Chinese art collective Made In Company at its first exhibition, which opens Saturday. The complex also includes a hotel, conference center and 20 residential villas.
Some top-tier cities are likely to miss targets set at the beginning of the year to stabilize home prices, as prices in China’s 100 major cities continued to rise in October, a survey showed on Friday.
Despite government measures to tame runaway home prices and prevent housing inflation from eroding residents’ spending power and living quality, prices have not shown any sign of a downward correction, according to a report from the China Index Academy, the research arm of SouFun Holdings Ltd, the owner of the nation’s biggest real estate website.
Mainland cities such as Shanghai and Guangzhou are unlikely to initiate fresh measures to curb home prices in the run-up to a key Communist Party meeting this month.
They are expected to wait until the central government maps out long-term guidelines to guide the mainland’s frothy real estate market to a soft landing.
The Communist Party Central Committee’s meeting, from November 9, will cover tax, land and credit policies for the property market.
China’s property inflation quickened in October, two private surveys showed, a development that could reignite fears of a real estate bubble in the world’s second largest economy.
Prices of new homes in 288 major cities rose 0.8 percent in October from the previous month, accelerating from September’s 0.4 percent increase, a poll released on Friday by E-House China , a real estate services firm.
From a year ago, house prices jumped 10.5 percent in October, quickening slightly from September’s 10.4 percent annual gains, E-House said.
Walmart is about to make a move in China again. The American retail giant is envisioning developing commercial real estate, though the number and choice of sites have yet to be determined.
Walmart’s aiming at small community shopping centers in the so-called third- and forth-tier cities. It’s a strategy much different from the Inter Ikea Centre Group or the Wanda Group’s large shopping malls whose parking lots often accommodate thousands of cars. It means that Walmart China, with its supermarkets, its “Sam’s Club” members-only warehouse, and its “No. 1” online shopping site, is developing a new strategy in China.
Mapletree Greater China Commercial Trust said it has achieved distribution per unit (DPU) of 3.183 cents for the period from listing date at 7 March 2013 to 30 September 2013 (1H FY2013/2014).
This is an increase of 10.4% over the forecast DPU of 2.882 cents. The first distribution will be paid on Nov 29.
Cindy Chow, Chief Executive Officer of its trustee manager, said, “The bulk of leasing activities for this financial year have been completed and we have seen strong rental reversions for both Festival Walk in Hong Kong and Gateway Plaza in Beijing.
SRE Real Estate Investments, one of the most respected real estate investing firms in Los Angeles and Southern California, has today released new information showcasing the improvement of the real estate sector and encouraging investors on the fence to make their move soon. International real estate developers, primarily from China, are taking advantage of the improved real estate industry in the US and snapping up prime properties throughout Los Angeles.
SRE Real Estate Investments points to several specific factors driving Chinese firms to invest in the US real estate industry.
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