Here is a list of the day’s latest China real estate news collected from around the web:
- China’s Cash-Poor Developers Fuel Commercial Property Deals
Shanghai and Beijing, the two cities with Asia’s fastest-growing office rents, are set to lead a surge in commercial property transactions in China as more developers sell assets to raise cash for housing projects. Sales of office and retail buildings in the two major Chinese cities will double this year to $10.4 billion, according to Cushman & Wakefield Inc., which doesn’t make nationwide projections.
- Chongqing looks to sell distressed assets after Bo scandal
China’s biggest municipality, Chongqing, has approached Hong Kong investors with the aim of selling distressed property assets and bolstering its finances, which are under a cloud after the fall of its ambitious leader, Bo Xilai, a source said. Bo’s removal as Chongqing’s Communist Party boss in March, amid police suspicions that his wife had murdered an expatriate British businessman last year, has triggered a party review of his leadership, including Chongqing’s financial affairs.
- China home prices fall for 8th month in Apr-survey
China’s home prices fell in April for the eighth month in a row while transactions also declined in most cities, a private sector survey showed on Wednesday. The average price of 8,711 yuan ($1,400) per square meter across 100 cities was 0.34 percent lower than March and 0.71 percent lower than April 2011, marking the first year-on-year fall since June 2011, said the China Real Estate Index System, a consultancy affiliated with China’s largest online real estate company, Soufun Holdings.
- Tishman Speyer Closes First RMB Real Estate Fund
Tishman Speyer, a leading global real estate developer and investor, has announced the closing of the first RMB Fund by a foreign developer. The firm raised 1.2 billion RMB solely from Chinese investors and will invest it in the development of a prime site in Suzhou.
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