Here is a list of the day’s latest China real estate news collected from around the web:
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China’s 10 Most Expensive Cities for Real Estate
March saw housing prices across China’s major cities go up for the tenth consecutive month. Shanghai is the most expensive city to live, with its average property price of 28,147 yuan per square meter, 0.45 percent higher than that in February.
According to China Index Academy, a Beijing-based real estate research institute, the average price of new homes in 100 major Chinese cities was 9,998 yuan (US$1,612.45) per square meter during March, up 1.06 percent from the previous month. Their median price reached 6,892 yuan (US$1,111.52) per square meter, a rise of 1.92 percent.
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China Vanke Q1 net profit up 16 pct amid market recovery
China Vanke, the country’s largest real estate developer posted a 16 percent rise in first-quarter profit on the back of strong sales.
Net income during the Jan-March period rose to 1.61 billion yuan ($260.62 million) from 1.40 billion yuan a year earlier, the company said in an exchange filing.
The company posted revenue of 14 billion yuan, up 35 percent from 10.35 billion yuan a year ago.
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Ascott Expands into Nanjing Serviced Apartment Market
CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited , has secured a contract to manage its first serviced residence in Nanjing. The contract was awarded by Nanjing Lek Yuen Property Development Company Limited, a major property developer in Nanjing. Citadines Baijia Lake Nanjing, which will have approximately 290 apartment units, is slated to open in the second half of 2014.
The latest addition has reinforced Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 8,300 apartment units in 46 properties across 18 cities.
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