Here is a list of the day’s latest China real estate news collected from around the web:
- China tops world in shopping-mall construction
China dominates the world in terms of shopping-mall construction, with some cities little-known in the West throwing up retail centers on a scope unmatched anywhere else in the world, as developers place high expectations on the spending power of the Chinese consumer. In terms of shopping-center space under construction, China holds the top three spots worldwide, and accounts for 8 of the cities that make up the top 10, according to CBRE, which released the data as part of its global retail survey earlier last week.
- China Vanke’s Q1 profit up 15.8%
The net profit of China Vanke Co, the country’s largest property developer by market value, rose 15.8 percent year-on-year in the first quarter of 2012 to 1.4 billion yuan ($222.3 million), according to new financial results.
Revenue climbed 29.8 percent to 10.35 billion yuan in the first three months, the company said in a statement filed to the Shenzhen Stock Exchange on Monday. - More villas sold, new homes dip
THE market for new homes in Shanghai dipped last week but purchases of villas soared to the highest so far this year, a research showed yesterday. The sales of new homes, excluding government-funded affordable housing, shed 0.13 percent from a week earlier to 152,400 square meters in the city during the seven days ended Sunday, according to a report by Shanghai Deovolente Realty Co.
- China’s Biggest Banks Are Squeezed for Capital
China’s banks are among the biggest and most profitable financial institutions in the world. But the state-backed banks are also starved for capital, after an aggressive lending spree that was encouraged by the government.
- E-House Announces Completion of CRIC Merger and Management Changes
E-House (China) Holdings Limited (“E-House” or the “Company”) EJ -2.15% , a leading real estate services company in China, today announced the completion of the merger with China Real Estate Information Corporation (“CRIC”) CRIC +0.54% . As a result of the merger, CRIC has become a wholly owned subsidiary of E-House.
- China’s Suguo Opened 50 New Retail Outlets In Q1 2012
During the first quarter of 2012, the Chinese supermarket retailer Suguo maintained rapid growth, and by the end of March, it had opened 50 new outlets, making the total number of its owned stores reach 1,250.
These newly opened stores are mainly located in Jiangsu and Anhui provinces. Of which, 12 shopping plazas and eight community stores are respectively located in Liuan, Jingjiang, Xuzhou, Xinghua, Yangzhong, Huoshan, Hefei, Hongze, and Huainan; and 30 standard supermarkets and convenience stores are respectively located in Nanjing, Maanshan, and Tongling.
- China Manufacturing Activity Improves In April: HSBC PMI
China’s manufacturing activity improved in April compared to March but continued to contract for the sixth straight month, according to the preliminary HSBC flash Purchasing Managers Index (PMI) released Monday.
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