China Cemetery Developers Turning In Scary Profits – Today’s China Real Estate Links | November 21, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• China Cemetery Developers Turning In Scary Profits

  Many Chinese developers have become involved in the development of cemetery, which promise profits much higher than other projects.

  In just a few years, the costs of acquiring a final resting place at the Wanfu Overseas Chinese Cemetery, 657 acres of hilly ground on the outskirts of Beijing, have multiplied, according to Shanghai’s China Business News.

  “I bought a grave there for 20,000 yuan (US$3,300) in 2006 but the price had soared to 120,000 yuan (US$19,700) by 2013 when I intended to buy another plot following the death of another family member,” Mu Qing (pseudonym) told the paper.

• Property Taxes Hoped to Curb China’s Real Estate Excesses

  Housing prices in China’s major cities continue to soar, according to a report released by the National Bureau of Statistics on Monday. With the exception of Wenzhou, in the eastern province of Zhejiang, housing prices rose in 69 of the 70 major cities in the survey during the first 10 months of 2013.

  In 21 cities prices jumped by more than 10 percent, and in another 26 cities by 8 percent to 10 percent. Shanghai and Beijing topped the list, with increases of 21.4 percent and 21.2 percent, respectively.

• Warning on perils of home oversupply in 2nd- and 3rd-tier cities

  Many applaud the strategy adopted by Beijing’s new leaders to contain housing inflation by increasing supply instead of curbing demand.

  But some analysts are already starting to warn about an oversupply of homes.

  Worries about a possible property bubble that may eventually burst have been hanging over the world’s second-largest economy for many years.

• Causeway Bay rents continue to outpace New York’s Fifth Ave

  For the second year running, Causeway Bay ranks as the world’s most expensive retail hub, outpacing New York’s Fifth Avenue by a widening margin, according to data released by Cushman & Wakefield.

  Average prime rents in Causeway Bay jumped 14.7 per cent for the year to just above US$3,000 per square foot on an annual basis. The level is a record for the district, and sees Hong Kong extend its lead over Fifth Avenue, where rents were little changed at US$2,500 per sq ft, according to C&W’s survey Main Streets Across the World. Avenue des Champs-Élysées in Paris ranked third at US$1,601 per sq ft.

• China Oct Conference Board Leading Index Rises 0.6% in August

  The Conference Board said its Leading Economic Index for China rose 0.6% in October to 273.7 following +1.1% in September and +0.7% in August.

  Five of the six of the index’s components contributed positively in October.

  “Growth in the China LEI slowed somewhat in October due to weak real estate activity, only partly offset by an improved outlook for manufacturing production and exports,” said Andrew Polk, resident economist at The Conference Board China Center in Beijing, in an accompanying statement.

• Retailer Suning sets up R&D shop in California

  Expecting more tax revenue, local employment and future acquisition opportunities, Silicon Valley rolled out the red carpet on Tuesday for Suning, a Chinese privately owned retail giant.

  “We are very pleased Suning is establishing its R&D center in California. We have a lot to offer and look forward to working with them,” Brian Peck, deputy director of the governor’s office of business and economic development, said at the grand opening ceremony the new Suning facility on Tuesday.

This list is updated daily, so tune in again tomorrow for more up to date information.

Digest powered by RSS Digest