China’s New Home Prices Rise at Fresh Record Pace in Nov – Today’s China Real Estate Links | December 19, 2013

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

• China’s New Home Prices Rise at Fresh Record Pace in Nov

  China new home prices hit a fresh record growth rate in November, despite repeated measures by Beijing to cool the red-hot property sector.

  Prices of new homes rose 9.9 percent in the month from the year ago period, according to Reuters calculations based on data from the National Bureau of Statistics Wednesday. This compares to an annual rise of 9.6 percent in October.

• China’s Wanda to open 80 IMAX theaters by 2021

  China’s Wanda Cinema Line Corp. is expanding its partnership with IMAX Corp., signing on 80 new IMAX theaters in a deal that would make China the big-screen company’s largest market.

  Wanda, a unit of real estate conglomerate Dalian Wanda Group Co. and China’s largest movie-theater chain by outlets, plans to open the 80 IMAX theaters by 2021, rolling out 20 each year starting in 2016, said IMAX Chief Executive Richard Gelfond.

• China Shoppers Dropping Department Stores

  Department stores in China’s big cities likely will face increasing pressure to be profitable in 2014 due to mounting consumer preference for other retail formats, rising rents and a shifting of growth to lower-tier cities, analysts and market insiders said.

  A report by Fitch Ratings put China’s department store outlook in 2014 as “negative” despite an anticipated mild acceleration in sales growth, as stiff competition and customers drawn to other sales channels will continue to challenge the sector’s recovery.

• China Luxury Growth Slows to Weakest Pace Since 2000

  China’s luxury spending grew this year at the slowest pace since at least 2000 as more shoppers traveled abroad and the government’s anti-corruption efforts curbed purchases, consultant Bain & Co. said.

  Spending in luxury goods is estimated to have increased about 2 percent in 2013, compared with 7 percent last year, the Boston, Massachusetts-based company said in a report released yesterday.

• Mainland Chinese Drive Vancouver Housing to World’s 2nd Priciest

  Vancouver, the gleaming city in British Columbia in far western Canada, boasts the highest real estate prices in North America, and second-highest in the world (after only Hong Kong), according to a study by Demographia International Housing Survey, a housing pricing service.

  For example, the average house in the wealthy West Side district of Vancouver clocks in at C$2.1 million (US$2 million), second only to Hong Kong.

• Ascott Crosses Milestone Of 10k Apts In China

  CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited, has crossed its milestone of having 10,000 apartment units in its key market of China, cementing its leadership position as the largest international serviced residence owner-operator in the country with 56 properties across 20 cities. This brings Ascott closer to its target of achieving 12,000 apartment units in China by 2015.

• Conference Board Leading Index Rises 1.4% To 278.0

  The Conference Board said its Leading Economic Index for China rose 1.4% in November to 278.0 following +0.7% in October and +1.0% in September.

  Three of the six of the index’s components contributed positively in November.

  “Growth in the China LEI accelerated in November, driven entirely by real estate and new lending. Despite the uptick, the economy does not appear to be gaining any underlying momentum, as manufacturing, exports and consumer expectations all continue to struggle,” said Andrew Polk, resident economist at The Conference Board China Center in Beijing, in an accompanying statement.

This list is updated daily, so tune in again tomorrow for more up to date information.

Digest powered by RSS Digest