Ronnie Chan has a lot to say, but not many positive words for retail just now
One of the region’s most loquacious mall developers has little good to say about the region’s retail market, China’s real estate recovery continues to spread from tier-one cities to areas just next to them, and Wang Jianlin makes a big bet on the city of broad shoulders. All these stories and more as the region gets back to work after the labour day holiday.
Hang Lung’s Ronnie Chan Says Retail Will Eventually Recover
Hang Lung Properties chairman Ronnie Chan Kai-chung said both the local and mainland retail markets are going to remain weak for the foreseeable future. “It will eventually go up again” the tycoon said after the firm’s shareholders’ meeting, “but just not in the foreseeable future.”
Weak performance of the Chinese retail market is compelling even high-end luxury brands to cut prices. Italian fashion house Valentino said yesterday that it was cutting prices by 8-18 percent in Asia. Read more>>
Tier One Still the Centre of China’s Housing Recovery Say Surveys
China’s property market saw broad-based recovery last month, with more cities reporting growth in new home prices.
In major cities such as Shanghai and Shenzhen, home prices grew at a slower pace after the recently announced cooling measures. But cities close to tier-one cities and an increasing number of tier -2 and tier-3 cities saw significant rise, according to research firm China Real Estate Index System’s (CREIS) tracking of 100 cities. Read more>>
Wanda Breaks Ground on 95-Storey Chicago Tower
Wanda just broke ground on the Vista Tower in Chicago
China’s largest commercial property company, Dalian Wanda, and a Chicago real estate developer on Monday announced they will build a $900 million skyscraper, the largest-ever real estate investment by a Chinese company in Chicago.
Builders will break ground this summer on the Vista Tower, a 95-story condominium and hotel complex that will be Chicago’s third-largest skyscraper, the two companies and Chicago city officials said in a statement. Read more>>
CIFI Stays Focused on Shanghai Market
CIFI Holdings (Group), a Shanghai-based property developer that has grown rapidly in recent years, sees great potential in the city and plans to continue with its focus on China’s financial capital.
Shanghai introduced the toughest curbs on homebuyers in March, choking off sales and triggering concerns about prices coming crashing down in the city. Read more>>
VAT Rolled Out to Real Estate Enterprises
CHINA has replaced all business tax with value-added tax (VAT) after extending the policy to cover the construction, real estate, finance and consumer services sectors on Sunday. They were the last four sectors still taxed based on their revenue.
VAT refers to a tax levied on the difference between a commodity’s price before taxes and its production cost. Revenue tax refers to a levy on a business’s gross revenues. Read more>>
Chinese Investor Buys Melbourne Site for A$32,333,333
A group of 23 Melbourne property owners who clubbed together to sell their properties found a Chinese buyer inspired by the “lucky” numeral 3 who paid $32,333,333 for their sites.
The individually owned offices, apartments and car spaces in Southbank were combined to form a large 1856-square-metre development site stretching between 107-117 Queensbridge Street and 216-222 City Road. 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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