Here is a list of the day’s latest China real estate news collected from around the web:
- Starbucks Heads for Smaller China Cities as Coffee Shops Triple
Starbucks Corp. (SBUX) is planning a bigger push into smaller cities in China as the world’s largest coffee- shop operator triples stores in the country that will become its second-biggest market by 2014. The company will have 1,500 stores in more than 70 Chinese cities by 2015 and expansion through smaller cities is “most definitely” a viable way to grow, John Culver, head for China and Asia Pacific, said yesterday in an interview at the Boao Forum for Asia in the southern province of Hainan.
- China PMI data conflict sparks variety of explanations
Different readings between rival Chinese manufacturing surveys for March had analysts searching for answers Monday, with some seeing the incongruous data as related to problems in the survey sample and seasonal adjustments.
- Best Buy plans China growth
Best Buy, the electronics retailer, is ramping up its focus on China, both by opening more stores from its Five Star chain and through leveraging effective strategies proven elsewhere.
The firm has announced plans to cut $800m in costs, including closing 50 big box branches in the US. By contrast, China was placed among its four key future priorities, alongside ecommerce, mobile and “connectivity” and offering customer services.
- Research shows real estate and retail demand
According to Jones Lang LaSalle’s latest research mainland China’s real estate sector witnessed a record level of investment activities in 2011. The research, entitled “China Retail Investment Outlook 2012: Gearing Up for Domestic Demand,” stated that investors have been buying up more real estate with total investment volume reaching approximately RMB 26.5 billion (US$ 4.2 billion).
- Chinese buy expensive U.S. homes
Buyers from mainland China and Hong Kong are snapping up luxury homes, often paying cash, in major U.S. cities such as New York, Los Angeles and San Francisco. They’re coming by the dozens to buy foreclosed properties in downtrodden cities in Florida and Nevada. Chinese buyers are even starting to snap up pricey commercial buildings and hotels in Manhattan.
- Hong Kong shares set to snap losing streak, China property strong
Hong Kong shares rose on Tuesday, with the Hang Seng Index poised to snap a four-day losing streak on strength in the Chinese property sector after several leading developers reported rising sales figures in March from the month before. Local media reported that contracted sales for Greentown China grew 192 percent in March from February, while jumping 140 percent for Evergrande, helping further dissipate gloom in the sector after 2011 corporate earnings were not as bad as some had feared.