Sales of homes in Shanghai rose 20% by volume last week
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Sales of Shanghai Homes Jumped 20 Percent Last Week
Sales of new homes in Shanghai surged 20 percent by area last week on continued strong buying sentiment while extremely robust sales of luxury homes pushed the average cost to a record high, according to latest market data.
The area of new homes sold, excluding government-subsidized affordable housing, jumped 20.1 percent to 405,700 square meters last week, lifted by buying sentiment for a third straight week. Read more>>
Shanghai Govt Vows to Rein in Home Prices as Sales Rebound
In a surprise move to improve Shanghai’s competitiveness, the mainland’s most developed city has rolled out a controversial policy – reining in a real estate boom it blames for deterring foreign investment.
City officials say they are serious about capping property price growth despite speculation national austerity measures will be eased to spur the sector amid the economic slowdown. Read more>>
Vanke’s Cultural Revolution – Developer Bans the Word “Boss”
China Vanke, the country’s largest property developer by market value, has banned the custom of calling superiors “boss,” according to an internal notice from its Shanghai branch revealed online.
The move, approved by general manager of the firm’s Shanghai branch, Sun Jia, aims to strengthen partnership, cooperation, and shared responsibility, according to the notice. Read more>>
Bad China Malls Suffer Despite Rising Consumption
The Di Mei shopping center in downtown Shanghai is a surprisingly depressing place to shop.
The underground mall is located in one of the most shopping-mad cities in China, and yet it is run down and starved of customers. “Sometimes I cannot sell even one dress in a day,” said dress shop owner Ms Xu, who rents a space in Di Mei. Read more>>
China Overseas Land Operating Profits Rise 16% in Q3
State-owned China Overseas Land & Investment Ltd reported on Monday a 16.7 percent rise in operating profit for the first three quarters from a year earlier, and said it expects the property market will continue to improve.
Operating profit reached HK$27.2 billion ($3.51 billion), while unaudited turnover increased 17.8 percent and contracted sales rose 16.1 percent. Read more>>
China’s 8 Biggest Buyers of UK Real Estate
With the Chinese realty sector passing the “golden 10 years” and entering the “silver 10 years”, more Chinese companies have started to tap the United Kingdom property industry.
The investments take on different forms, as some acquire landmark buildings and others develop buildings for residential or commercial purposes. Let us take a look at these companies and the investments they have announced. 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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