Here is a list of the day’s latest China real estate news collected from around the web:
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UK retailer Tesco gives up on cracking China alone after 9 years
After nine years in China, British supermarket firm Tesco (TSCO.L) is to fold its unprofitable operation into a state-run company as a minority partner, becoming the latest foreign retailer to give up on trying to crack China on its own.
Lured by the prospect of a rapidly growing middle class in the world’s second-biggest economy, many foreign firms have waded into China’s retail market only to find they lack local expertise, particularly in building supplier relationships.
The world’s No.3 retailer said on Friday it was in talks to team up with China Resources Enterprise Ltd (CRE) (0291.HK), a move that follows decisions to abandon the United States and Japan and focus on investing in its British home market.
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Developers signal optimism with 20.5% surge in spending
China’s property investment kept going strong in the first seven months of the year, and investment growth in new projects accelerated to the highest in July this year, suggesting real estate companies are confident in the industry outlook, analysts said.
Property investment grew 20.5 percent year-on-year to 4.4 trillion yuan ($713.7 billion) from January to July, the National Bureau of Statistics said Friday.
The pace of expansion was 0.2 percentage point faster than from January to June.
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CalPERS increases firepower of Chinese property strategy
The California Public Employees Retirement System (CalPERS) has allocated more capital to its Chinese real estate strategy after ARA Asset Management successfully deployed $300m (€224m) on its behalf.
CalPERS had already committed $500m to China Investment Partners, its single-investor fund managed by ARA, but has increased this to $830m, according to ARA.
John Lim, ARA Group CEO, said the company appreciated “the continued endorsement from CalPERS”.
China Investment Partners is a 10-year life fund, but it includes two six-year extensions, potentially giving it a lifetime of up to 22 years.
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Beijing may adopt long-term plan to curb rising housing prices
China is studying a long-term plan to curb the country’s constantly fluctuating real estate prices, and is likely to tackle the issue through financial and land reform, as well as a tax plan aimed at restricting speculation, reports Guangzhou’s 21st Century Business Herald, citing industry insiders.
The country’s Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, Ministry of Finance, and National Tax Bureau have jointly established an institute to study feasible plans to curb speculation.
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Ex-journalist is Now China Property Billionaire
WU YAJUN, founder and Chairwoman of Longfor Properties (HK: 960), wasn’t born with a silver spoon in her mouth.
But late last year, she was China’s richest woman and the fifth most affluent person in the country, with a massive net worth of 4.4 billion usd.
Ms. Wu began life in decidedly humble surroundings. She was born in 1964 in the Southwestern Chinese city of Chongqing.
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China July property investment quickens even as sales cool
Growth in real estate investment in China ticked up in the first seven months of this year, official data showed on Friday, and developers remain optimistic about the market this year due to strong demand, boding well for the broader economy.
Real estate investment, which affects more than 40 other sectors from cement and steel to furniture, rose 20.5 percent in the first seven months of 2013, accelerating from an annual increase of 20.3 in January-June, the National Bureau of Statistics (NBS) said on Friday.
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Recent Economic Data Shows China Improving
The risk to China is now titled to the upside. So is China getting better, naysayers? The answer, according to the recent data, is yes.
Chinese July activity data generally came in better than expected and stronger than its June levels.
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