Here is a list of the day’s latest China real estate news collected from around the web:
- Hong Kong Tops New York as Most Expensive Retail Location
Hong Kong ended New York’s 11-year reign as the home of the world’s most expensive district for retailers as luxury-brand companies competed for space to sell goods to mainland Chinese tourists. Average annual rents at Causeway Bay on Hong Kong Island rose 35 percent to $2,630 a square foot at the end of June from a year ago, Cushman & Wakefield Inc.
- Shanghai market falls on property tax concerns
Despite the improving economic data coming out of China, investors remain unmoved. The Shanghai market fell yet again on Tuesday, dropping 1.5 per cent, leaving it comfortably in negative territory for 2012. This time, the main drag appears to have come from comments on the property market made in Beijing at the Communist Party Congress.
- Hong Kong home goes for $60 million
A luxury Hong Kong apartment in a Frank Gehry-designed building has sold for an eye-popping price of nearly $60 million, the property developer said Tuesday, the latest sign of the city’s overheated housing market. Swire Properties Ltd. said it sold the 620 square meter (6,683 square foot) apartment on the ninth floor of its Opus development for $58.7 million. It did not say who the buyer was.
- China Stocks Fall to 7-Week Low on Property Tax, Retail Concerns
China’s stocks fell to the lowest level in seven weeks after the Xinhua News Agency reported the government may expand a property tax trial and Haitong Securities Co. said retailers may post weak sales this month. China Vanke Co. and Poly Real Estate Group Co. led declines for developers after Xinhua cited the housing minister as saying the government is watching for signs of surging transaction volumes and home prices.”