Today’s news features couples in China turning to divorce to buy homes in the country’s overheated real estate market, while mainland malls hope to forge new marriages by providing entertainment activities for those on blind dates. Among the more serious headlines, Yuexiu Property likes the look of Suzhou so much it is spending $255 million to build a mixed-use development there, and one bank isn’t head over heels when it comes to Singapore’s real estate recovery.
China’s rising property prices this year have been inspiring desperate measures, as frenzied buyers are seeking to act before further regulatory curbs are imposed. A number of couples have turned to divorce in order to purchase homes in markets such as Shanghai.
While the latest figures out Friday show easing in some of the hottest cities such as Beijing and Shanghai, the cost of new homes surged by the most in seven years in September. Read more>>
Yuexiu Property said it agreed to acquire a 50 percent equity interest in Zhoushan Xinde Business Development for RMB 1.73 billion ($255 million).
The main objective of the transaction is for Yuexiu Property and Virtue Joy Development Limited to jointly develop the mixed-use complex to be constructed on the portion of the land parcels located at Taicang city in Suzhou. Read more>>
As e-commerce upends retailing in the world’s most populous consumer market, China’s malls are reinventing the shopping experience to retain customers and survive the onslaught.
While retail sales have held steady, China’s online shopping has been booming, growing 33 per cent in 2015 on track to reach US$1 trillion this year forcing malls to pull out all the stops in order to stay relevant. Read more>>
Don’t believe the hype about a Singapore property pick-up, Nomura said, as it addressed some “half-truths” about one of Asia’s long-time real estate hotspots that has since fallen on hard times.
That came as buyers and sellers looked cues for whether the city-state’s property market had finally neared the bottom or was heading further downward. Read more>>
Ethiopian Electric Power (EEP) has signed a construction project with CGC Overseas (CGCOC), to construct its headquarters. The delayed project is to be completed by 2019.
Short-listed for the project were CGCOC and China State Construction Engineering Corporation (CSCEC), which constructed the African Union headquarters. Read more>>
A real estate agent has been arrested for spreading false rumors that sparked a sudden rise in housing prices. Pudong District People’s Procuratorate said the suspect, surnamed Shen, 34, had spread the rumors in an attempt to stimulate the real estate market.
The manager of a real estate agency called Jinfeng was accused of fabricating news via WeChat on August 22 that authorities intended to tighten mortgage policy in September. Read more>>
Under-used and often run-down properties are being converted across the country into affordable facilities to look at China’s ageing population with mainland developers looking to profit.
With people living longer, and generally healthier, this burgeoning group is putting immense strain on not only the China’s publicly funded elderly care system, but also their offspring. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.