Here is a list of the day’s latest China real estate news collected from around the web:
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Wang Jianlin Loses #1 China Billionaire Spot to Robin Li
Robin Li passed Wang Jianlin as the richest man in China today by just $64 million, according to the Bloomberg Billionaire Index.
The founder of China’s largest Internet search engine Baidu Inc., has become the wealthiest individual in the world’s second-biggest economy, 14 days after he took the No. 2 spot. Li’s net worth has climbed by $4.8 billion, or 65 percent, to $12.231 billion so far this year as Baidu shares rallied. Wang, chairman of closely held Dalian Wanda Group, has seen his fortune rise by $2.9 billion to $12.167 billion in 2013. Four of China’s top billionaires are worth about $12 billion.
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Growth in China Property Prices Set to Slow; HK Prices to Fall Further
Mainland property prices are expected to grow at a slower pace next year after recording sharp increases this year, property consultants say.
Thomas Lam, head of research (Greater China) at Knight Frank, said while overall price growth would be maintained next year, luxury residential prices in first-tier cities were likely to rise by 5 to 15 per cent – versus increases of 10 to 20 per cent this year.
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China Starts Selling Collective Land in Shenzhen
The first parcel of collective rural land to be made available for public auction in Shenzhen will be offered for sale on December 20.
The move is seen as an experiment in changing rural land policy on the mainland and comes as the central government undertakes a gradual liberalisation of the rural land market.
Urban land designated for construction can be sold or mortgaged, but until now rural land could not be used by entities outside the village.
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HK Developers Use Discounts to Prop Up Home Demand
Developers of Hong Kong residential projects are in a rush to lock in sales while buying sentiment remains positive in the wake of discounts offered on recent new launches.
Buoyed by the positive sentiment triggered by the price discounts, 527 new homes were sold over the weekend of November 30 and December 1 – up twelvefold from the 41 sold the previous weekend and the most sold in a single weekend since October 2010.
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Investors Unimpressed by Taubman’s Asia Mall Plans
In late October, executives from Taubman Centers Inc., TCO +0.32% the luxury retail real-estate empire built by the Taubman family of Michigan, gathered with local officials and business leaders in Hanam City, South Korea, to celebrate the groundbreaking of a massive mall the company is building there.
The project, Hanam Union Square, is part of a commitment Taubman made in 2012 to invest $550 million in malls in South Korea and China. South Korea is attractive to Taubman because rising rents and rising consumer demand have boosted the market for retail real estate, while the recovery in the U.S. has remained slow.
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SouFun Proposes $250 Mil Convertible Debit Issue
SouFun Holdings Limited (NYSE: SFUN) today announced that it proposes to offer up to US$250 million in aggregate principal amount of convertible senior notes due 2018 (the “notes”), subject to market conditions.
The notes are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act. The conversion rate and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering. The Company intends to grant to the initial purchasers a 30-day option to purchase up to an additional US$50 million principal amount of notes solely to cover over-allotments, if any.
The notes will be unsecured and unsubordinated obligations of the Company and will rank equally in right of payment with all of the Company’s future unsecured and unsubordinated indebtedness.
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