The Shanghai Tower was among 62 new skyscrapers completed in China last year
Despite a slowdown in investment, China once again led the world in tall buildings last year, adding 62 new skyscrapers. Also Wang Jianlin announces that his new credit cards will spread worldwide in five years and Blackstone’s chairman says China’s economy may be better than you think. Read on for all this and more headlines.
China Built 58% of World’s Skyscrapers in 2015
China’s economy may have decelerated to its slowest pace in 25 years, but the country’s appetite for tall buildings still appears to defy gravity.
For the eighth straight year, China in 2015 built the world’s greatest number of towers that are more than 200 meters high The 62 new skyscrapers it built represent 58% of the global total constructed in 2015 according to a new report by the Council on Tall Buildings and Urban Habitat. Read more>>
Wang Jianlin Aims to Vanquish Visa with 500M Feifan Cards
ang Jianlin, China’s richest man, is turning his sites on the global credit and payment card system, saying he has plans to become a major player in the sector by 2020.
Wang, the chairman of Dalian Wanda Group, China’s largest commercial property company, told the Asia Financial Forum in Hong Kong on Monday that he hopes to issue 500 million Feifan cards, a type of credit and payment card for Wanda merchants and customers, in the coming five years. Read more>>
Blackstone’s Schwarzman Says China Not in Freefall
Blackstone chief Stephen Schwarzman says China’s economy is “not in freefall.”
Fears about the implications for global trade of a slow down in China, and it’s impact on oil prices in particular, 8is emerging as the dominant theme as at the World Economic Forum’s annual conference in Davos, Switzerland gets underway today.
It is a sign of the pace at which markets have fallen in recent weeks that the question of whether China, and connected developing economies are in trouble, barely makes the formal agenda for this years event. Read more>>
Rising Auction Prices Drive More Off-Market Land Deals in China
Chinese real estate developers plan to acquire more land outside the primary market – purchasing from other companies and through redevelopment – as escalating land costs crimp profit margins.
China’s property market bottomed late last year with prices recovering in the biggest cities such as Beijing, Shanghai and Shenzhen, but costly land prices are spoiling the party for developers who must find new ways to ease the squeeze. Read more>>
IMF Says HK Home Prices Could Rebound If Supply Falters
Hong Kong property prices have fallen in recent months but could rise due to concerns about a shortage of supply, the International Monetary Fund (IMF) said.
“While property prices are showing some early signs of levelling off, the propensity for further increases remains because of the underlying shortfall in supply,” the Washington-based IMF said after assessing Hong Kong’s economic development in consultation with the city’s government. Read more>>
Anbang Chairman Says He’s Not Done Buying in New York
Anbang Insurance Group Co., the Chinese insurer whose almost $2 billion purchase of New York’s Waldorf Astoria hotel set a U.S. industry record, isn’t done investing in the financial capital.
“New York has a lot of investment opportunities, just like in China,” Chairman Wu Xiaohui said Tuesday at the annual gala of the China General Chamber of Commerce, held at the landmark hotel in Manhattan. More investment and jobs brought by Anbang “will benefit both China and the U.S. economy,” he said without providing details. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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