Tech giant Tencent’s new headquarters is under construction in Shenzhen
Shenzhen is building itself into the hub of China’s high tech economy, and that shift to tech manufacturing may help explain why the southern Chinese city’s home prices have jumped over 60 percent in the last year. Meanwhile Cinda Real Estate picks up another pricey land parcel and Yuexiu REIT keeps those malls coming in Guangzhou. Read on for all these stories and more.
How Shenzhen’s Soaring Home Prices Sync With Silicon Valley
The southern city of Shenzhen aspires to become China’s Silicon Valley. But while it boasts some well-known technology companies, perhaps its strongest resemblance to the U.S. tech hub is something less enviable: sky-high housing prices.
Shenzhen topped Beijing and Shanghai to become China’s most expensive housing market in May 2015, according to E-house China R&D Institute, a real-estate research organization. Read more>>
Cinda Pays RMB 5.8B for Shanghai Land
CINDA Real Estate Co yesterday paid the highest premium so far this year of over 5.8 billion yuan (US$879 million) for a residential plot in Shanghai’s Baoshan District, beating off a challenge from more than 20 rival bidders.
The Shanghai-listed company paid a premium of 303 percent to the reserve price for its successful bid for the 106,400-square-meter site in outlying Gucun area. Read more>>
Yuexiu REIT Opens Guangzhou IFC Mall
With the rapid growth of the Zhu Jiang New Town CBD, Hong Kong-listed developer Yuexiu REIT has opened a retail podium in its Guangzhou IFC complex.
Yuexiu describes the retail precinct as “a new landmark for elite” and further evidence of its plan to upgrade and integrate modern shopping facilities in its mixed use developments. Read more>>
Estee Lauder Sees Beauty in China’s Emerging Cities
Cosmetics giant Estée Lauder is focused on pushing into Tier 2 and Tier 3 cities in China as it continues to invest heavily in the Chinese market despite a softening economy, the company’s CEO said.
China sales grew 8 percent in the last quarter, down from the company’s historic highs of 20 percent, led primarily by gains in e-commerce and mobile commerce. Read more>>
Carrefour Opens Logistics Hub in Dongguan
Carrefour has opened a 21,000-square-metre logistics hub in Dongguan, Guangdong, China in order to aid the retailer in its south-China expansion project.
The new facility is the fifth supply chain plant opened by Carrefour in China. It will support Carrefour outlets in the provinces of Guangdong, Hainan and Fujian, while a sixth facility is scheduled to open in the middle of June. Read more>>
Why Investors Love Japanese REITs in 2016
Japanese real-estate investment trusts have become one of the silver linings in the cloud of concern hovering over the Pacific Rim’s real-estate sector.
Overall, shares of listed property companies in the region have been dragged down this year by the cooling of the Chinese economy. But the Tokyo Stock Exchange REIT index has gained 8.5% in 2016. 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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