Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Land-scarce Hong Kong is the most expensive city in the world to rent office space in high-rise buildings and demand is not expected to wane, according to property consultancy Knight Frank.
Prime rent – or rent paid to occupy a central city area – for a skyscraper office in Hong Kong’s center is an estimated $255.50 per square foot per year. Read more>>
Less than half a year into his new job as the chief financial officer of Xinyuan Real Estate, George Liu had 40 meetings last month in New York with global investors, to address concerns including the company’s finances and China’s economic slowdown.
A Cornell University MBA graduate, Liu previously worked as chief financial officer in Asia-Pacific for global property consultancy Savills. Read more>>
Bloomfield Hills-based mall-owner Taubman Centers Inc. is bypassing Beijing and Shanghai, instead building its first two Chinese shopping malls in the second-tier cities of Xian and Zhengzhou because the potential returns are higher, Asia President Rene Tremblay said.
Taubman is investing in cities where land costs are less than half those of the most prosperous tier-one cities, which have had an explosion in mall growth in the past decade, Tremblay said. There is more potential in smaller cities where a growing middle class is fueling sales of affordable luxury and fashion brands, he said. Read more>>
Chinese real estate developer Oceanwide Holdings announced this week that it expects the company’s third quarter net profits will rise by 332 to 436 percent, compared to the same period last year.
According to the mainland developer’s management, net profits during the most recent quarter should total at least RMB 451 million ($71.07 million).
Oceanwide, which is developing projects in Los Angeles, San Francisco and New York, in addition to its China projects, said just last week that it would cut an upcoming private placement of shares, to RMB 5.8 billion yuan from RMB 12 billion. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.