Here is a list of the day’s latest China real estate news collected from around the web:
- CapitaMalls Asia acquires third mall in Wuhan, China
Shopping mall developer CapitaMalls Asia is acquiring its third mall in Wuhan, China. On a completed basis, the investment cost of the shopping mall is expected to be about S$228.3 million (RMB1,156 million/HK$1,413.5 million). The developer had acquired the mall from a subsidiary of a state-owned construction enterprise, China Railway Construction Corporation Limited (CRCC).
- Chinese Estates says to sell China project for $500 mln
Chinese Estates Holdings Ltd said on Thursday it had agreed to sell its stake in a China property development project for $500 million, in a bid to increase its cash reserves given a challenging macroeconomic environment. The Hong Kong-listed property developer has agreed to sell its 49 percent stake in Grandday Group Ltd, a joint venture that is involved in a residential, business and resort complex development project in Qidong City in China’s Jiangsu province, the firm said in a filing to the Hong Kong bourse.
- China’s Evergrande expands land bank, defies worries on gearing
Evergrande Real Estate Group , the home builder with China’s largest land bank, said on Tuesday it boosted its huge reserve by another 4 percent in the first half of this year, driving its already high gearing ratio to one of the country’s highest even as Beijing tries to curb property speculation. The company, which has been fending off a claim by a short-selling investor that it is insolvent, has resumed an aggressive land-purchasing programme that it said aims to exploit opportunities in China’s smaller, second- and third-tier cities.
- China’s Suning shares jump as it plans network of super stores
Shares of China’s top home appliance retailer, Suning Appliance Co Ltd, rose to a six-week high on Wednesday amid news that it plans to launch a network of “super stores” to offset slow growth in its core business. Suning, which competes with GOME Electrical Appliances and is seen by some as China’s answer to Best Buy , has been hit by a slowdown in the world’s second-largest economy that has sapped consumer demand and led to a 29.5 percent slide in its first-half profit.
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