Here is a list of the day’s latest China real estate news collected from around the web:
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Hong Kong rents rivalling 5th Avenue chase retailers away
Hong Kong’s main shopping district is gaining on New York’s 5th Avenue for the title of world’s most expensive retail zone as rents rise by 35 percent a year, pushing chains such as H&M out to the cheaper suburbs. Swedish fashion chain Hennes & Mauritz’s first store in Asia was a 30,000 sq ft (2,800 Sq m) flagship in Central, the heart of Hong Kong. But with the lease up for renewal and the rent set to double, the world’s second-largest clothing retailer wil l close the location next year and seek new store space elsewhere.
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China’s local property markets under scrutiny
The State Council said on Tuesday that it will send eight teams later this month to inspect the implementation of property policies as local authorities come up with various ways to relax property curbs.The move aims to “further ensure that the property regulation measures are implemented, speculative housing demand is curbed, and to strengthen the effects of the property regulation measures”, the State Council said in a statement.The teams will go to 16 municipalities and provinces, to inspect how well policies on housing purchase limits and differential credit have been carried out, and check the supply and management of residential land and the implementation of tax policies, it said.
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Interstate Hotels & Resorts Announces 10th Management Agreement in China
Interstate Hotels & Resorts today announced that Interstate China has signed an agreement to manage the 396-room Jiaxing Jin Jiang Xiang Jiadang Lake Hotel, its 10th managed or signed hotel in China. The Jiaxing hotel is anticipated to open in 2013 and is the third Jin Jiang branded hotel managed by Interstate China.
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