Here is a list of the day’s latest China real estate news collected from around the web:
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CIFI & Henderson China to Jointly Develop RMB 763 Mil Hangzhou Project
CIFI Holdings (Group) Co. Ltd, one of China’s Top 50 Real Estate Developers, is pleased to announce that it has entered into a Cooperation Agreement with Henderson China Properties Limited to jointly develop a piece of land, for which CIFI had made a successful bid, located at Chong Xian New Town, Yuhang District, Hangzhou and designated primarily for residential and commercial use.
CIFI succeeded in acquiring the Site in May 2013 with a bid of RMB763 million. With a total site area of approximately 86,700 sq.m. and a planned GFA of approximately 216,700 sq.m., the Site is intended for residential and commercial uses, with residential GFA of not less than 90% of total.
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GNC Announces Opening of First Store in China; Plans 25 More Within Year
GNC Holdings, Inc. (NYSE: GNC), a leading global retailer of health, wellness and sports nutrition products, today announced that it is expanding its retail presence in China by opening the first stand-alone GNC store in Shanghai. The move complements GNC’s existing marketing footprint in the world’s largest consumer market. GNC plans on opening an additional 25 locations in China within the next 12 months.
Joseph Fortunato, GNC’s Chairman, President & Chief Executive Officer, said, “In only two years, the GNC brand has developed strong acceptance among Chinese consumers. GNC will continue to expand our retail store presence in this dynamic and fast-growing market, and we are excited about finding new opportunities to address the needs of China’s many health & wellness consumers with new and innovative products.””
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Global Logistic Properties leases 47,000 Sqm of Warehouses in China
Singapore-listed Global Logistic Properties (GLP) will lease another 474,000 sq ft of space to Goodbaby, a China-headquartered global leading manufacturer and retailer of infant and children products.
The new leases are for facilities in China’s Suzhou and Langfang regions and will bring the total space Goodbaby is leasing from GLP to 549,000 sq ft, GLP said on Tuesday.
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China’s Yancheng Halts Home Price Limits, People’s Daily Says
The city of Yancheng in eastern China has halted limits on home prices because an increase in supply was putting pressure on prices, the official People’s Daily newspaper reported today.
Yancheng, in Jiangsu province, has suspended the price limit for “a period of time,” the newspaper said, citing an unidentified employee from the city’s housing authority. The city ordered developers in 2009 to register with the government before marketing their home projects and capping sale prices below the registered price.
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Ascott Residence distribution income up 14% on China, Germany gains
Ascott Residence Trust’s second-quarter distribution income jumped 14 per cent on-year to S$30.9 million, helped by an increase in revenue from China and Germany, with distribution per unit (DPU) increasing 3 per cent to 2.45 cents.
The real estate investment trust’s (REIT) revenue for China and Germany surged 35 per cent and 200 per cent, respectively, in the second quarter ended June 30, mainly due to contributions from Ascott’s newly acquired Ascott Guangzhou and Madison Hamburg properties.
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Shanghai Free Trade Zone to Boost Area Real Estate Market
Although the plan to establish a 28-square-kilometer free trade zone (FTZ) in Shanghai is still in its early stages, investors have already started to exploit the opportunities it offers.
On July 3, the same day when the State Council announced its approval of the onshore FTZ plan, which will be a first in the country, a syndicate led by domestic property developer China Vanke announced that they had won an auction to buy an area of land in Pudong district in Shanghai for 4.87 billion yuan ($793.8 million), at a premium of 88.6 percent above the initial bidding price.
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