Poly Real Estate profit down 10.16% in 1st Half – and more of Today’s China Real Estate Links | August 24, 2012

Here is a list of the day’s latest China real estate news collected from around the web:

• Poly Real Estate profit down 10.16% in 1st Half

  Poly Real Estate Group, China’s second-largest property developer, said Wednesday its net profit dropped 10.16 percent year-on-year in the first half to 2.51 billion yuan ($396.22 million). Poly said in a statement filed with the Shanghai Stock Exchange that the decline was mainly because its partners in several real estate projects took a larger share of the profits in the first half.Its revenue rose 32.86 percent from a year earlier to 20.18 billion yuan. Earnings per share dropped 10.16 percent to 0.35 yuan, the developer said.

• Beijing rated world’s top office market

  Beijing has ranked first among 100 leading global city office markets and won five out of six possible “gold medals”, according to a research report released on Aug 22 by US real estate services company Cushman & Wakefield. In the report, the “gold medals” were awarded to cities with the fastest growth and the strongest rental or yield recovery since the last global downturn. San Francisco ranked second, with rental values supported by strong demand from its tech-driven economy, while Moscow came third, with the strength of commodities prices aiding its recovery.

• Qatar buys 22 pct stake in China investment firm CITIC Capital

  A unit of Qatar’s sovereign wealth fund has bought a 22 percent stake in CITIC Capital Holdings, linking one of the Middle East’s most powerful investors with one of China’s top investment funds.While the sum Qatar is paying for the stake is likely in the tens of millions of dollars, the partnership could have a big impact globally, given the hundreds of billions of dollars in cash each fund has access to. CITIC manages $4.6 billion, but is partly owned by CIC, China’s own sovereign wealth fund, which manages $482 billion.

• Shanghai to offer new subsidies for green buildings

  Shanghai will subsidize green property development projects to minimize pollution and boost energy efficiency across the city, the local urban construction commission announced at a press conference Wednesday. Property developers can apply for the green subsidy from September 15, said Qin Yun, deputy director of the Shanghai Urban Construction and Communications Commission, which oversees construction and transportation projects in the city.

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