Here is a list of the day’s latest China real estate news collected from around the web:
The Dalian Wanda Group of China, privately controlled by the billionaire Wang Jianlin, said on Wednesday that it would invest about $1.6 billion to build a luxury hotel and apartment complex in London and acquire the British yacht maker Sunseeker International.
Dalian Wanda, which last year paid $2.6 billion for AMC Entertainment, an American operator of cinema chains, said the two British investments would further its goal of expanding beyond the Chinese real estate market and into the luxury, entertainment and tourism industries outside China.
CapitaLand has acquired a 70-per cent stake in a mixed-use development in Shanghai for S$397.5 million.
In a statement, the property firm said its wholly owned business unit CapitaLand China bought a 70-per cent stake in Shanghai Guang Chuan Property Co Ltd, a unit of Shanghai Shentong Metro Assets Management (Shentong Assets).
Shentong Assets is responsible for the development and asset management of properties above the group’s metro stations or along the metro lines in Shanghai.
Hong Kong luxury homes may lose their mantle as the most expensive in the world as measures aimed at curbing property prices begin to bite this year.Finding wealthy buyers in the present climate is proving increasingly difficult as investors turn away from the market because of concerns over the measures, say analysts.”We will not invest in the local luxury residential market in the short term,” said Tai Hung Fai Enterprise chairman Edwin Leong Siu-hung, a veteran investor in luxury properties.
GF Fund Management Co., an asset-management unit of China’s fourth-largest brokerage, will next month start the country’s first fund that tracks a U.S. property index to meet rising demand from local investors.
The fund will seek to match the performance of MSCI US REIT Index and invest through China’s QDII program, which allows purchases of financial assets from within the country, Chairman Wang Zhiwei told reporters in Shanghai today. Wang declined to comment on how much his company targets to raise.
YTL Corp Bhd plans to export its Hutong Gourmet Heritage Village – its food court concept that brings together street food from specially selected hawkers and vendors – to 33 locations across China over the next seven years, with target sales of RM1 billion, said its managing director Tan Sri Dr Francis Yeoh.
The group’s first flagship Hutong Gourmet Heritage Village can be found in Lot 10 shopping centre on Jalan Bukit Bintang, Kuala Lumpur.
YTL Corp will open its first Hutong food court in China on July 1, in Zhujiang New Town Development which is the new central business district and financial centre of Guangzhou.
China’s home price rises slowed for a second straight month in May from the previous month, in a sign that Beijing’s attempts to bring stability to a frothy property market are having some effect.
However in year-on-year terms, prices rose at their fastest pace this year, highlighting the dilemma facing authorities looking to support an economy struggling with weak export demand and sluggish activity without resorting to tough measures that could risk a sharp slowdown in property, one of the few growth areas.