China Vanke’s July property sales up 14 pct – and more of Today’s China Real Estate Links | August 6, 2012

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

• China Vanke’s July property sales up 14 pct
  

  China Vanke Co Ltd, the country’s largest real estate developer by sales, said its July sales rose 14 percent from the same period a year earlier to 10.39 billion yuan ($1.63 billion), as China’s property market extends its rebound. Vanke sold 960,000 square metres of property in July. For the first seven months of the year, Vanke hit 72.93 billion yuan in sales on 6.99 million square metres of property sold, the company said in a statement to the Shenzhen stock exchange on Friday.

• China’s non-manufacturing growth slower in July

  China’s non-manufacturing activities expanded at a slower pace in July due to weakening domestic demand. The official non-manufacturing Purchasing Managers’ Index, which measures the performance of mostly state-owned enterprises in the service industry, declined to 55.6 in July from June’s 56.7, the China Federation of Logistics and Purchasing and the National Bureau of Statistics said yesterday.

• China Slowdown Forcing Discounting at Gome to McDonald’s

  For years, China’s increasing affluence fueled surging sales for consumer companies. That boom is waning as slower spending translates into inventory overloads, discounting and losses for some brands. To lure increasingly price-sensitive shoppers, companies from electronics retailers to footwear makers are being forced to offer discounts that are hurting margins and driving down earnings.

• China landlords push urban rents higher

  A 26-year-old woman who moved to Beijing from a distant town for work could be a poster child for urban China’s latest housing market phenomenon: skyrocketing rents. The woman, surnamed Fang, said goodbye to Liaoning Province three years ago for a job that paid 2,400 yuan ($376) monthly and a one-room basement apartment on the Third Ring Road shared with a work mate that cost her 600 yuan (US:USDCNY) a month.

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