Here is a list of the day’s latest China real estate news collected from around the web:
China’s State Administration of Foreign Exchange is seeking to acquire a large shopping center in Paris with the aim of diversifying its investment portfolio into the European high-end commercial real estate market, according to a French media report.
SAFE, which manages the country’s $3.4 trillion in foreign-exchange reserves, is among the potential bidders to buy the Beaugrenelle shopping mall situated in a prime location of the capital, the French newspaper Le Figaro reported.
The report didn’t specify whether SAFE had designated any fund or investment company to make the bid.
China’s economic growth has slowed but commercial property developers are still counting on the ravenous appetite of the country’s ever-increasing middle class population for retail therapy.
According to research by the China Chain Store and Franchise Association, the number of shopping malls in China is expected to increase by some 40 per cent over the next two years.
Chinese supermarket chain Wumart Stores Inc. (>> Wumart Stores Inc.) is buying the majority of CP Lotus Corp.’s retail outlets in China for between US$350 and US$400 million, a person familiar with the matter said Tuesday, the latest move in consolidating China’s fragmented grocery retail market.
The acquisition will add to Hong Kong-listed Wumart’s fleet of 145 supermarkets and 396 mini-markets across China. CP Lotus, listed in Hong Kong and controlled by Thai billionaire Dhanin Chearavanont, has 54 hypermarkets, large stores that sell household goods and clothing in addition to food, and two supermarkets in China. The deal is expected to be announced later today, people familiar with the situation said.
De Beers Diamond Jewellers, the definitive destination for diamond jewellery, celebrates the opening of a new De Beers store at Shanghai’s new mall – IAPM. Located in the Xuhui District, the luxury mall offers a variety of fine jewellery and fashion brands. Shanghai is an epicenter of luxury shopping and the establishment of De Beers here marks the brand’s sixth store in China.
The new 120 square meter space features De Beers’ unique store design concept of glass and light, where clients are invited to discover the natural beauty and timeless mystique of diamonds. De Beers’ most beautiful creations will come to life in this setting, including stunning solitaires, timeless classics and unique High Jewellery creations.
China Overseas Land & Investment Ltd , the largest property developer by market value, and smaller rival Shanghai Shimao Co Ltd posted strong nine-month contract sales on Thursday, despite official efforts to curb the market.
The government wants to prevent a bubble from forming and head off unrest if people cannot afford to buy homes. However, it cannot tighten too much as a strong property market has helped offset an economic slowdown.
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