Here is a list of the day’s latest China real estate news collected from around the web:
- CapitaMalls to build $458m Beijing shopping centre
Singapore-based shopping centre developer CapitaMalls Asia said on Wednesday it would spend 2.3 billion yuan (S$458.40 million) to develop a mall in southern Beijing, buying the land from a subsidiary of the Poly Real Estate Group. The development will feature a seven-storey, 122,000-square-metre mall, representing a total cost of around 19,190 yuan per square metre for construction and land, the company stated. The project is due for completion in 2015.
- Former Morgan Stanley Real Estate Star in China Pleads Guilty
A former Morgan Stanley executive pleaded guilty to conspiring to evade internal controls required by a U.S. anti-bribery law, in a case that underlines the fall of a once high-flying dealmaker for the firm in China. Garth Peterson, who was a managing director in Morgan Stanley’s real estate investment and fund advisory business, also settled on Wednesday related charges with securities regulators, and agreed to roughly $3.7 million in sanctions and a permanent bar from the industry.
- CapitaMalls Asia profit up by 36% in Q1
Shopping-mall developer CapitaMalls Asia posted profit after tax of S$66.8 million for the first quarter, up 36 per cent from the same period a year earlier, after the acquisition of new malls helped boost revenue. Revenue rose by 41 per cent to S$70.9 million mainly due to contributions from its three newly acquired Japan malls, rental revenue from Queensbay Mall in Malaysia and higher contributions from its management-fee business, it said yesterday.
- China Helps First-Home Buyers as Market Cools: Mortgages
Kevin Xi had no trouble getting a mortgage to buy a 1.53 million yuan ($242,563) one-bedroom apartment in Beijing last month, even as China’s government tries to cool the housing market. He even got a 10 percent reduction on interest.
- CBRE Group Marginally Beats Estimates
CBRE Group Inc. (CBG), the world’s largest commercial real estate services firm in terms of fiscal 2011 revenue, reported first quarter 2012 revenues of $1.35 billion compared with $1.19 billion in the year-earlier quarter, reflecting an increase of 14%. The revenues in the reported quarter marginally beat the Zacks Consensus Estimate by $2 million.
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