Here is a list of the day’s latest China real estate news collected from around the web:
- Suzhou skyscraper looks like giant long underwear say China media
It was billed as China’s answer to the Arc de Triomphe — a spectacular £445m British-designed skyscraper paying homage to the Asian country’s turbo-charged economic rise. But even before the 74-storey Gate to the East is complete it has come under attack from critics who compare it not to the famous Parisian war memorial but to a pair of “giant underpants”.
- Beijing Office Rent Will Surpass Shanghai in 2013
Rents for the office space in the prime area of Beijing will rise above the same prices in Shanghai for the first time ever in 2013, making it the most expensive office location in China. Despite Beijing’s status as the capital of China, Shanghai has had the more expensive office rent for the past few decades running, simply because Beijing had more land — meaning more supply. But Beijing’s monstrous growth has caught up to the land in the region.
- China to have 8 Raffles City projects by 2017
Property developer CapitaLand’s latest $1-billion Raffles City development in Chengdu is one of eight Raffles City projects the Singapore company will have in China by 2017. CapitaLand said that the eight projects on the mainland will be worth about $12 billion when completed. In total, its international portfolio of nine Raffles City developments, including the one in Singapore, will be worth about $14.8 billion.
- China’s largest developer Vanke posts 8 pct gain in August sales
China Vanke, the country’s largest real estate developer by sales, said on Tuesday its August sales rose 8 percent to 11.4 billion yuan ($1.80 billion) from the same period a year ago. Vanke and other large developers have been winning business at the cost of the many small property companies in China, but still find themselves wading through more than two years of regulatory restrictions preventing Chinese citizens from buying property. Vanke said it sold 1 million square metres of property in August. For the first eight months of the year, Vanke hit 8.43 billion yuan in sales on 8 million square metres of property sold, the company said in a statement to the Shenzhen stock exchange.
- China’s home prices unlikely to see strong rebound
China’s home prices are not expected to rebound during the upcoming sales season, despite a recent moderate pick-up, analysts have said. The country’s real estate market heated up in the late summer due to demand from first-time buyers. Data from the China Index Academy (CIA) showed Monday that average new home prices in 100 major Chinese cities rose 0.24 percent from July to August, marking the third consecutive month of rising prices.