Here is a list of the day’s latest China real estate news collected from around the web:
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21 Officials Punished in Real Estate Sex Scandal
China’s ruling Communist Party has punished 21 officials over a scandal in which they allegedly were extorted by real estate developers after being secretly filmed in liaisons with hired women.
The official Xinhua News Agency said Tuesday that the party’s disciplinary body in the central city of Chongqing had stripped former local district party chief Lei Zhengfu of his party membership. The scandal broke after footage of Lei having sex with one of the women was leaked on the Internet. Images of his jowly, pop-eyed face have become targets of derision and disgust over government malfeasance.
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China property developers seek US growth
The two-acre site at 421 Kent Avenue in Williamsburg, Brooklyn, is nothing more than concrete rubble and rusted steel rods – remnants of a previous property project gone wrong.
But if Xinyuan Real Estate has its way, a gleaming 216-unit upmarket condominium building will soon take its place. This would make Xinyuan probably the first listed Chinese company to build a significant residential development in the US, according to Dan Fasulo, managing director at Real Capital Analytics.
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China Home Sales Growth to Slow on Property Curbs, Moody’s Says
China’s property sales and prices growth will slow, while the market’s outlook is stable after the government issued property curbs, said Moody’s Investors Service.
Sales growth will decelerate to about 10 percent over the next 12 months from last year amid reinforcement of home- purchase restrictions, Hong Kong-based analysts led by Franco Leung wrote in a report today. Urbanization and favorable mortgage financing for first-time homebuyers will support demand and sales volume, according to the report.
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Investors expect a bullish stock market this year
Around two-thirds of Chinese investors expect a rebound in the stock market this year, a survey from global investment management company Franklin Templeton showed on Tuesday.
According to the report, 68 percent of the surveyed Chinese investors believe the stock market will go up, compared with 11 percent last year.
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Retail chains attracted to Asia
Hong Kong, Singapore and Tokyo top the list of cities for new retailer entries across Asia-Pacific, according to international commercial real estate services firm CBRE’s latest report.
In tracking new store openings by retailers entering a market for the first time, CBRE has found that while established locations witness steady expansion, maturing/emerging markets are seeing a steady increase in activity, especially in second-tier cities in China and Southeast Asia.
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