Here is a list of the day’s latest China real estate news collected from around the web:
Chinese listed property developers are under pressure to decrease the size of their inventories, which have exceeded 900 billion yuan ($144 billion), statistics show.
The 91 property developers listed on the Chinese mainland had released their results for the third quarter by Sunday, a period that saw the companies’ combined inventory valued at 915.55 billion yuan.
Fashion and furnishings retailer Laura Ashley is reportedly in talks to open its first store in China as early as next year.
The retailer, which operates 211 UK stores and has 263 franchised stores around the world, plans to double its franchise if its entry into China is successful, according to US business magazine Forbes.
Poly Real Estate, China’s second-largest property developer by market value, had a third-quarter net profit almost doubling the previous quarter due to a reviving housing market, it said in a filing to the Shanghai bourse Monday.
Real estate stocks in Hong Kong plunged by the most in seven months yesterday, as investors locked in profits in the outperforming sector on worries that surprisingly tough new measures to cool soaring property prices will sap demand from non-resident buyers.
The falls come after the Hong Kong government, echoing similar moves by Singapore late last year, imposed for the first time a 15-per-cent tax on non-resident and corporate property buyers and stiffened resale stamp duty fees in the hope of calming prices, which have surpassed historic highs recorded in 1997.
Britain’s leading retailer and largest supermarket chain Tesco PLC is poised to join hands with the Xiamen-based property developer Good First ( Fuxin ) Group in order to develop its second Lifespace Shopping Centre in Xiamen.
With an area of 70,953 square metres, the Lifespace Shopping Centre is located at the junction of Jinhu Road and Xianhuang Road in Wuyuan Bay of Huli District, has already completed its construction and has been officially open to offers of investment since 31st August this year. The center is set to be the largest shopping mall in the northeast of Xiamen Island.