China Hotels Buck Weak Global Economy – and more of Today’s China Real Estate Links | October 30, 2012

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

• China Hotels Buck Weak Global Economy

  The average daily room rate – an index to gauge the prosperity of hotels – in Beijing, Hong Kong and Macao continued to grow despite the weak global economy, international real estate service provider Knight Frank said in its latest report.

  Hong Kong experienced the largest year-on-year growth among the five cities in the first half of 2012, with ADR gaining 12 percent, followed by Beijing with a growth of 11.4 percent, according to the report.

• China firms leave bills unpaid as economy slows

  Tight credit and a weak business climate are forcing Chinese companies to neglect their bills, resulting in a surge in many businesses’ accounts receivable.

  Accounts receivable refers to money owed but not yet collected from a company’s clients.

• China profit rebound may offer ‘green shoots’

  China’s biggest industrial companies reported profit gains in September, according to government data, which said the increase reversed a five-month slide.

  In September, profits at large Chinese industrial companies rose to a combined 464.3 billion yuan ($74.36 billion), up 7.8% from a year earlier, the National Bureau of Statistics said in a statement over the weekend.

• Apple to Open Retail Store in Shenzhen on November 3rd

  Shenzhen made a name for itself as the city that manufactures the world’s electronics, including many of Apple’s devices, but residents will now have a chance to buy Apple’s goods directly from the source when the company opens its first retail store there on Saturday.

  Chinese media noticed on Monday that Apple will open the doors of its Holiday Plaza store on November 3 at 9am local time.

• Chinese Purchases of SG Homes Down 48%

  The number of private homes in Singapore bought by Chinese citizens in the first nine months of this year has fallen to half the figure for the same period last year. Malaysians and Indonesians – the other two major groups of foreign home buyers – have seen smaller declines.

  Knight Frank’s analysis, based on URA Realis caveats data on Oct 19, shows that, in all, Chinese citizens picked up 1,066 private homes in Singapore in the first nine months of 2012, down 48 percent from 2,046 units in the same period last year.

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