Here is a list of the day’s latest China real estate news collected from around the web:
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CapitaMalls Buys Qingdao Retail Site From Vanke
CapitaMalls Asia (6813) has acquired a site in Qingdao to be developed into a six-story mall, while also purchasing a shopping mall in Tokyo at a total cost of nearly HK$4 billion. The Singapore-based company said the Qingdao site – acquired from Vanke – will become its seventh mall in northeast China. The new mall, slated for completion in 2015, will have total gross floor area of 89,700 square meters.
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Despite Downturn Local Disposable Incomes on the Rise
The disposable income of residents in 29 inland provinces, regions and municipalities including Beijing and Guangdong Province, has increased due to labor shortages and lower inflation, experts said Sunday. China’s average disposable income was 12,509 yuan for the first half of the year, growing 13.3 percent and inflation-adjusted 9.7 percent year-on-year, according to figures from the National Bureau of Statistics. The disposable income in the majority of these provinces, regions and municipalities grew more than 10 percent in the first six months compared with the same period of last year, china.com.cn, a business news portal, reported Sunday, citing data from local statistics available at the end of last week.
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China Statistics Chief Says Economy Will Rebound in Q3
China’s economy is likely to bottom out in the current quarter, resulting in a pick-up in growth in the second half of the year over the first six months, an official with the National Bureau of Statistics said. Pan Jiancheng, deputy director of China Economic Monitoring and Analysis Center with the statistics agency, also said the government will cut the deposit reserve requirement several more times in the second half as part of a moderate loosening of monetary policy, but will move cautiously on rate cuts.
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