Wang Sicong opened the Wanda Reign hotel in Shanghai this weekend
China’s 2016 housing boom is already showing signs of tapering off, as fewer cities reported rising prices in May, according to the latest government figures. The home price news hasn’t stopped developers from paying record prices for land, and the fight for control of Vanke threatens to show how mainland companies really work. Read on for all these stories and more.
China May Home Prices Rise in Fewer Cities Amid Slower Sales
China’s home prices rose in fewer cities in May than the previous month, with gains in some second-tier locations surpassing those in Shanghai and Shenzhen.
New-home prices excluding affordable homes climbed in 60 cities, down from 65 in April, among the 70 tracked by the government, the National Bureau of Statistics said Saturday. They dropped in four places, compared with five a month earlier, and were unchanged in six. Read more>>
China’s Land Kings Reappear as Home Prices Rise
It had been a nickname for Chinese developers paying sky-high prices for land parcels during China’s property boom earlier this decade, which left “ghost cities” of unsold housing across China.
Now, with housing prices in China’s larger cities again rising rapidly, frothy bids for land parcels are back. Read more>>
Vanke Battle Shines Light on Chinese Corporate Governance
Wang Shi has many public faces: University of Cambridge visiting scholar, passionate mountaineer, spokesman for a jeep brand and new president of the Asian Rowing Federation.
But it’s as chairman of China’s largest property developer, Vanke, that he is facing the struggle of his life in a battle for control of the company. Read more>>
Wang Sicong Opens 7-Star Wanda Reign Hotel in Shanghai
Shanghai will officially welcome its first “seven-star” hotel on Saturday, located smack dab on the famed waterfront known as The Bund, news site Shanghaiist.com reported this week.
Built by 28-year-old Wang Sicong, better known as the son of Chinese real estate billionaire Wang Jianlin, the 3.4 billion yuan ($516 million) Wanda Reign on the Bund hotel was designed by award winning British architect, Norman Robert Foster. Read more>>
Chinese Home-Buyers Disappear as Sydney Taxes Foreign Investors
Sydney is imposing new taxes on foreigners buying homes as concerns grow that a flood of mostly Chinese investors is crowding out locals and killing the “Great Australian Dream” of owning property.
Ownership rates across the country are among the highest in developed nations, with having your own house long viewed as a key aspect of Australian identity. Read more>>
Chinese Online Giant Buys Santa Clara Site from Yahoo for $250M
Beijing-based LeEco is one of the largest online video companies in China. With it’s purchase of Yahoo’s 48.6-acre site in Santa Clara for $250 million, it is marking its territory squarely in the middle of Silicon Valley, and on the remains of another company that may not be around much longer. The story was reported by the Silicon Valley Business Journal.
The site, which is bounded by Tasman Drive to the north, where four buildings presently sit, Old Ironside Drive to the east and Patrick Henry Drive to the west is mostly vacant with some surface parking lots. The site is approved for a development up to three million square feet. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
Leave a Reply