Here is a list of the day’s latest China real estate news collected from around the web:
SHANGHAI’S Grade A office market in central business district areas continued to register a mixed performance in the third quarter with Puxi seeing some signs of a coming pick-up in business amid increasing optimism among corporate tenants, major international real estate services provider Jones Lang LaSalle said in its latest quarterly report.
Pudong Grade A rentals climbed 1 percent quarter-on-quarter to 9.2 yuan (US$1.50) per square meter per day while rents in Puxi remained flat at 9 yuan per square meter during the July-September period, according to data released today.
Poly Real Estate Group paid the highest price for a Shanghai site this year, bidding 4.5 billion yuan (HK$5.54 billion) for a commercial-residential block in the city’s centre at a municipal government auction yesterday.
The Shanghai-listed developer teamed up with its investment company to bid for the waterfront Xuhui district site.
The block attracted aggressive bidding from developers and the Poly Real Estate consortium secured it only after 99 minutes and on the 445th bid.
Foreign investment in China rose 6.2 per cent year-on-year in the first nine months of the year, the government said yesterday.
Beijing said foreign direct investment (FDI), which excludes financial sectors, reached US$88.6 billion (S$110 billion) from January till last month.
For last month alone, FDI climbed 4.9 per cent to US$8.84 billion, well up from the 0.62 per cent rise seen in August.
But the figure reflects a sharp slowdown from the 24.13 per cent seen in July and 20.12 per cent in June.
The vast majority of money comes from a group of 10 Asian countries and regions, including Japan, Thailand, Singapore, Hong Kong and Taiwan. FDI from the group jumped 7.5 per cent to US$76.3 billion from January till last month.
“China’s economy grew 7.8 percent in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales.Yet any optimism from the government figures released on Friday could fade quickly as global demand remains volatile, which was underlined by a surprise fall in exports in September. Efforts at home to engineer slower but more sustainable growth will also weigh on the economy in coming quarters, analysts say.”
Under Armour, in a race to expand its brand globally, opened its first-ever Under Armour Experience, a blend of retail store and promotional venue, in Shanghai, China.
Kevin Plank, founder and CEO of the Baltimore-based athletic apparel maker, hosted the grand opening Friday of the new store with Olympic swimming superstar Michael Phelps, at the Jing An Kerry Centre
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