Here is a list of the day’s latest China real estate news collected from around the web:
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China to unveil new real estate market policies within three months
China is expected to unveil a plan for a long-term mechanism to nurture the healthy development of the real estate market in the next three months, a senior industry official said Wednesday.
The plan outlining measures on urbanization development and a long-term development mechanism concerning the property sector is in the board room and can be expected soon, Zhu Zhongyi, vice president of the China Real Estate Industry Association, told the ongoing 2013 Bo’ao Real Estate Forum held in south China’s resort city of Sanya.
“The mechanism will not only adopt economic means such as taxation and credit policies to regulate the market, but it will also create policies to improve the housing and land supply systems,” Zhu said.
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UBS to Start Investment Fund for China Public Housing
A district government in Shanghai, UBS and an insurance company are starting a public-housing investment fund that could see public-private financing help China build more low-cost homes.
The fund will invest in completed, rental residential properties for low-income families in the Hongkou district of Shanghai.
It will later become a real-estate investment trust listed on an exchange in China, UBS said in a statement on Thursday without disclosing the size of the fund. China currently has no REITs.
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Shanghai’s Huaihai Road Readies for Retail Real Estate Revolution
RETAILERS along Huaihai Road, a premium shopping street in Shanghai, are set to compete more aggressively in the next few months as both new entrants and existing players battle each other to attract increasingly smart and discerning consumers.
From the western section to the eastern end, Huaihai Road M., one of the city’s most visited streets and often dubbed the “Oriental Avenue des Champs-Elysees,” will see several major retail projects refurbished soon as part of an ongoing government plan to inject new vibrancy to the century-old road while further enhancing its image as a shopping paradise.
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Shanghai’s new home sales fall to 25-week low
New home purchases fell to a 25-week low in Shanghai last week as a record heat wave, inadequate supply and continuously high prices jointly crimped buying sentiment.
The sales of new homes, excluding government-subsidized affordable housing, dropped 22 percent from the previous seven-day period to 149,100 square meters, the lowest weekly volume registered since mid February, Shanghai Deovolente Realty Co said in a report released yesterday.
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GLP earnings up 33% in Q1 to US$204 mil
Global Logistic Properties, the leading provider of modern logistics facilities in China, Japan and Brazil, reported a 33% increase in earnings to US$204 million ($259 million) for the three months ended 30 June 2013 (1QFY14) as the company continues to benefit from solid development momentum and rent growth across its portfolio.
1QFY14 group revenue was US$137 million. This was 20% lower than the same period last year (1QFY13), mainly due to the contribution of 33 Japan properties to GLP J-REIT. Revenue in China was up 40%, driven by developments and continued rent growth.
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Home price rebounds create paradox for gov’t policies
Strong rebounds in China’s home prices have again put the country’s policymakers in a difficult position as how to uphold the economy’s growth while keeping the property market in check, delegates said at an ongoing forum.
Less than six months after the government’s move to increase the stakes in control over the property market in March, residential home prices seemed to risk spiraling out of control again.
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What Construction Boom? Beijing Running Out of Office Space
The Beijing Olympics were accompanied by a huge infrastructure and property building spree that was supposed to set China’s capital up for years to come. The city has faced repeated accusations of building too much, too fast, and overestimating the real level of demand – not to mention urban planning buffs’ complaints that Beijing’s vast roads and fragmented sprawl ignore the profession’s best prescriptions for efficient development.
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