Here is a list of the day’s latest China real estate news collected from around the web:
The demand for office space across China continued to decrease in 2012 due to the sluggish economy, with net absorption falling over 40 percent year-on-year, data from real estate service provider CBRE showed on Thursday.
In response to the slowdown of the domestic economy — compounded by a number of uncertainties in the global economy — many multinational companies suspended their expansion plans in China in 2012.
A number of domestic companies have also slowed down the pace of their business expansion, which had a profound impact on the office market.
Moody’s Investors Service is reviewing for upgrade Greentown China Holdings Limited’s B3 corporate family rating and its Caa1 senior unsecured rating.
The review follows Greentown’s announcement that it will issue senior unsecured notes to refinance its debt. At the same time, Moody’s has assigned a Caa1 rating, which is also under review for upgrade, to Greentown’s proposed USD senior unsecured notes. The proceeds of the notes will be used for refinancing certain existing short term debt and the remainder for general corporate purposes.
China’s economic growth is likely to rebound to 8.1 per cent in 2013 from 7.8 per cent last year, the weakest pace in 13 years, but the recovery could fizzle in 2014 as a pick up in inflation forces the central bank to revert to modest policy tightening, a Reuters poll shows.
The median forecast by 44 economists polled by Reuters was for annual economic growth to accelerate to 8.1 per cent in the first quarter and quicken further to 8.2 per cent in the second and third quarters, before slowing to 7.9 per cent in the final quarter.