Here is a list of the day’s latest China real estate news collected from around the web:
The mainland’s insurance regulator is planning to allow insurers to invest a bigger share of their portfolios in equities and real estate in the hope it will boost their investment returns.
The China Insurance Regulatory Commission plans to loosen caps on insurers’ investments in equities to 30 per cent of total assets from the current 25 per cent, the China Securities Journal reported yesterday, citing draft rules recently sent to insurance companies.
MESSRS Johnny Ronan and Richard Barrett had plenty to celebrate in recent weeks, after selling their shares in Forterra Trust, a Chinese property venture listed on the Singapore Stock Exchange, for around €137.5m.
Ronan would have got about €41m for shares held in his name and in the name of firms he owns. Barrett would have received about €40m for his shares and stock options.
Walmart is considering buying other retail business in China as the expansion of its rivals hedges its control in an increasingly foreign-dominated market, said Scott Price, Walmart’s head of Asia.
Walmart has opened four new shopping plazas in Guangdong, Fujian and Yunnan, though this type of expansion is not considered as fast as merging with other retail business, reports the Guangzhou-based Southern Daily.
The majority of corruption cases against provincial government officials in China have involved the purchases of property, according to the China Economic Weekly, citing government statistics from 2000.
For instance, the recent trial of disgraced former Chongqing Communist Party secretary Bo Xilai detailed how Bo took advantage of his position by allowing his wife, Gu Kailai, and son, Bo Guagua, to receive monetary gains and property worth 19.3 million yuan (US$3.2 million) from Xu Ming, the chairman of the Dalian Shide Group.
As real estate prices rose sharply in Shanghai and Hong Kong in recent years, a rising number of Chinese investors rush to booming Dubai to take their picks, although prices soared in the Gulf Arab city as well, the UAE daily The National reported on Thursday.
The report said that major Dubai developers such as state-owned Nakheel, the developer of the man-made island Palm Jumeirah, have hired Chinese-speaking staff in order to cope with the new rush of clients from the Far East. With rental yields profitable, the Dubai real estate market became the latest hotspot for Chinese investors who aim to put their money in property overseas.
Digest powered by RSS Digest