A ten percentage point hike in downpayment levels seen to have done little to cool the fever for high-end real estate in Shenzhen, and a Chinese developer moves a step closer to winning approval for an 18-storey Miami Beach tower, and Shenzhen makes plans for a cruise ship port. Read on for all these stories and more.
Shenzhen’s high-end housing market remains on the boil despite the city government’s introduction of tighter buying restrictions.
A newly launched residential project facing Shenzhen Bay, The Peninsula phase three, sold 409 flats – more than 80 per cent of those on offer – last weekend, with the value of sales totalling 5.2 billion yuan (HK$ 6.2 billion). The average price per unit was more than 10 million yuan. Read more>>
The first major project by a Chinese developer on Miami Beach got a vote of approval on Tuesday from the Miami Beach Historic Preservation Board, which unanimously approved two variances allowing the project to proceed.
China City Construction (CCCC Miami Beach LLC) plans to build an 18-story tower with 42 residences and 87 parking spaces at 6747-6757 Collins Avenue in North Beach. The lot is one of the last undeveloped oceanfront properties on Miami Beach and one of the smallest measuring just 0.98-acres on a rectangular-shaped plot of land. Read more>>
Swire Properties’ deeper discount strategy proved effective in attracting buyers for its luxury residential project Alassio in West Mid-Levels with the first batch of 40 units sold in only two hours.
The project registered 240 prospective buyers for the first batch of 40 units, which collectively were worth HK$763 million. Read more>>
CapitaLand Retail China Trust (CRCT) on Wednesday posted a distribution per unit (DPU) of 2.71 Singapore cents for its first quarter ended March 31, 2016, 2.7 per cent higher than what it paid out a year ago.
A weaker yen has eroded its gains. Gross revenue rose 1.9 per cent to S$55.6 million, but if denominated in yuan, it was a larger 2.5 per cent increase to 256.5 million yuan. Read more>>
Singapore-listed Genting Hong Kong Ltd and China Merchants Shekou Holdings have partnered to develop Tai Zi Bay in Shekou into an international homeport to accelerate the Chinese cruise industry’s growth.
Genting Hong Kong, which is also listed in Hong Kong, said it signed a strategic cooperation framework agreement woth China Merchants that will see its liner SuperStar Virgo anchoring at Tai Zi Bay in Shenzhen city as its homeport, beginning November this year. Read more>>
Parkson Retail Group Ltd (PRG), a unit of Parkson Holdings Bhd, is confident its new shopping mall in Qingdao, China, which opens later this month, will attract strong retail interest, even as rapid economic growth in China cools down.
The Asian Development Bank has predicted the Chinese economy to grow 6.5% this year. Retail sales in the world’s second largest economy expanded 10.6% in the first two months of this year. Read more>>
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