Here is a list of the day’s latest China real estate news collected from around the web:
When completed in 2015, the Shanghai Tower will be China’s tallest building. The 632-meter (2,074-feet) skyscraper will also deepen a glut of offices in the city, putting pressure on rents.
The project, in the Lujiazui financial district, will add 220,000 square meters (2.4 million square feet) of office space, or more than 10 percent of the new supply forecast for the city in 2015, according to RET Property Consultancy Ltd. About 2 million square meters of grade-A offices will be added between 2014 and 2015
Local governments in China have become increasingly reliant on revenue from real estate development to keep the engine of economic growth running at high speed. But what happens when you run out of land to develop?
For some cities, like Shiyan in Hubei province, the solution has been to level nearby mountains.
Mainland developers need to optimise their land bank portfolios because while first- and second-tier cities are safer bets, some exposure to selected third-tier and even fourth-tier cities is necessary to counter policy and industry headwinds in the next few years, analysts said.
A private report in July on the 50 riskiest cities for property investment – all third-tier including Ordos, Lhasa and Quzhou – sparked concerns about oversupply and stagnating sales in the mainland’s many lower-tier cities.
Forest City Enterprises, Inc. and Shanghai-based Greenland Group Co. today announced that they have signed a definitive agreement for a joint venture to develop Atlantic Yards, a 22-acre residential and commercial real estate project in Brooklyn. The two companies had announced a memorandum of understanding for the joint venture in October.
The Knight Frank Global House Price Index, which tracks mainstream residential prices in 53 countries as well as Dubai and Hong Kong, has exceeded its pre-financial crisis high.
The Knight Frank Global House Price Index rose by 4.6% over the 12 months to the end of September. The index now stands 4% above its previous peak in Q2 2008.
Dubai, China and Hong Kong recorded the largest annual rise in mainstream prices, increasing by 28.5%, 21.6% and 16.1% respectively.
Shopping is only part of the experience at the mall network that Adrian Cheng Chi-kong is building on the mainland. Art and culture are also offered at the K11 development in Shanghai, which has quickly emulated the success of the namesake shopping centre in Tsim Sha Tsui that launched the concept.
Cheng, joint general manager of New World Development and founder of its K11 art-shopping fusion project in Hong Kong, said he wanted “to bring a new and unique experience to shoppers” under the firm’s expansion plans for the themed malls.
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Sentiment for new home sales cools in Shanghai
NEW home sales in Shanghai stayed below 200,000 square meters for the second straight week as buying sentiment continued to cool as the year-end approaches.
The purchases of new homes, excluding government-subsidized affordable housing, edged up 0.22 percent from the previous week to 198,500 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
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