Here is a list of the day’s latest China real estate news collected from around the web:
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China’s Fosun Group Makes Buyout Offer for Club Med
Fewer “crazy signs.” More karaoke.
That could be the future for Club Med, the French resort operator, which said Monday that it had received a $700 million buyout offer led by its two largest shareholders, an investment unit of the French insurer AXA and a Chinese conglomerate called Fosun International.
The proposed deal gives a Chinese company an unusually visible role in the acquisition and development of a prominent Western brand, which was founded in 1950 by a Belgian water polo player and for years defined the packaged exoticism of beach vacations for Europeans and North Americans. Now, though, the ascent of the Chinese tourist is helping reshape the world’s idea of the ideal getaway.
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Fundamentals No Longer Driving China Housing Market?
China’s loose monetary policy and strong pent-up housing demand will drive up home prices in 2013, but government cooling measures, including a wider trial program to tax property owners, will keep the market from running away.
A Reuters latest poll of 11 economists and property market analysts, conducted between May 20-28, predicts an 8.0 percent rise in China’s house prices this year, followed by a 3.0 percent increase in 2014.
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China Said to Study U.S. Property Investments With Reserves
China is studying the possibility of investing a portion of its $3.4 trillion in foreign-exchange reserves in U.S. real estate, said two people with direct knowledge of the situation.
The State Administration of Foreign Exchange began the study after seeing signs of a recovery in the U.S. property market, said the people, who asked not to be identified as they weren’t authorized to speak publicly about the matter. China may acquire properties, invest in real estate funds or buy stakes in property companies, they said. The safety of the investments will be the top priority, said the people, who didn’t elaborate on a timetable or other details.
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RICS: Salaries of mainland Chinese and Malaysian real estate professionals grow fastest in Asia
RICS (Royal Institution of Chartered Surveyors) and Macdonald & Company announced the results of the annual Asia Rewards & Attitudes Survey 2013 today, showing that there was a notable rise in the overall growth rates (10.6%) in terms of regional salary growth, but the market leading the way was Malaysia rather than mainland China.
Despite this, professionals in Malaysia have the lowest average salary (around US$55,700, or approx. HK$432,385) when compared to Singapore (around US$135,900, or approx. HK$1,054,957), China (around US$106,600, or approx. HK$827,509), and Hong Kong (around US$100,300, or approx. HK$778,603). The average salary for the Asian region was around US$99,400, or approx. HK$771,617.
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Singapore Press Rises on Retail REIT’s Dividend
Singapore Press Holdings Ltd. (SPH), the newspaper publisher that owns the Paragon mall along the city’s shopping belt, rose the most in two months after it said it will pay a one-time dividend from its property trust listing.
The stock climbed 3.4 percent to S$4.54 as of 9:17 a.m. in Singapore trading, set for its biggest gain since March 12. The company said yesterday it plans to raise about S$540 million ($427 million) from the initial share sale of a real estate investment trust that will include Paragon and the Clementi Mall in the island state’s western suburb. -
Ascott Enters Wuxi in China with Two Serviced Residences
CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited, has entered Wuxi in China by securing contracts to manage two serviced residences in the city. The 134-unit Ascott Central Wuxi and 169-unit Somerset Wuxi are slated to open in the second half of 2015.
The new properties in Wuxi will further strengthen Ascott’s leadership position as the largest international serviced residence owner-operator in China with more than 8,600 apartment units in 48 properties across 19 cities.
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