Sky City. It was going to be supertall, now it’s super-not-happening
It’s dragon boat day here on the mainland, but there’s still news to report, as second-hand home prices in China’s capital reach record levels, and a plan to build the world’s tallest tower in a Chinese second-tier city run afoul of wetland protection. Read on for all these stories and more.
Shanghai 2nd-Hand Home Prices Reach Record High in May
THE average cost of existing homes in Shanghai hit a record high last month.
Pre-owned houses sold for an average 27,500 yuan (US$4,178) per square meter, up 6.9 percent from April, Shanghai Homelink Real Estate Agency Co said in a report.
Some 19,900 units of pre-occupied houses were sold across the city last month, a rebound of 14.1 percent from April, when sales plunged more than 60 percent compared to March following measures by the local government to cool the market. Read more>>
Changsha Supertall Site Declared Protected Wetland
Plans to build what would be the world’s tallest building in central China—on ice since 2013—have been dealt a further setback. Authorities in the southern city of Changsha last month designated the area where the 202-story Sky City project site was to be located as a protected wetland area.
Property development is prohibited in such areas, according to a 95-page 10-year development plan issued for Changsha’s Xiangjiang New District. Read more>>
Shenzhen’s Surging Home Prices Seen Threatening City’s Development
Surging property prices in Shenzhen, China’s technology hub, will restrict the city’s development in the long term, analysts say.
In the first quarter of the year Shenzhen’s economic growth came in at 8.4 per cent, outpacing that of Beijing and Shanghai, but its home prices are growing at an even faster rate. Read more>>
CSCEC Signs $580M Kuwaiti Contract
The Middle East unit for China State Construction Engineering Corporation (CSCEC) has signed a $580 million contract to build Kuwait’s government-run Sabah Al Salem University City.
The engineering firm will take over the construction, operation, and maintenance of the project’s management facilities, reported Trade Arabia news. The project is set to be one of the world’s largest campuses featuring world-class educational facilities. Read more>>
Hong Kong Startup Boom Drives Demand for Co-Working Space
Hong Kong has seen a rising demand for co-working office spaces amid the rapid growth of start-ups in the city.
The new demand is unlikely to threaten landlords of Grade A office space in the Central Business District, but it will help landlords of lower-tier office properties widen their tenant base to fill up offices. 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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