At the top of the news today, Xi Jinping’s plan to build a new city outside Beijing is being touted as China’s biggest infrastructure project ever. Also in the news, stock investors hope to get rich off of Evergrande’s re-listing play, and much more. If you’ll just keep reading.
Xiongan New Area, the Chinese president’s ambitious plan to remake a backwater into a dream city, could lure as much as 2.4 trillion yuan (US$348 billion) of investments over the next decade, adding as much as 0.4 percentage point to China’s economic growth every year, according to a projection by Morgan Stanley.
The new city, designed as a salve to ease Beijing’s notorious overcrowding, air pollution and congested traffic, will redirect up to 6.7 million people to the 100 square kilometre area, eventually expanding the area’s size 20-fold over a decade. Read more>>
Shares in China Evergrande Group, the country’s largest homebuilder, again touched a new all-time high in Hong Kong on Wednesday as the market anticipates the property giant’s planned A-share back-door listing to be completed soon.
Investors are rushing to buy the Hong Kong stocks because of the huge gap currently between those, and the expected valuation of its Shenzhen listing. Read more>>
Hong Kong-listed real estate developer Central China Real Estate says it will seek to triple its sales by 2019, an aggressive target that will challenge the abilities of senior management, including its new chief executive officer Yuan Xujun.
Despite a boom in China’s property market in the past two years, CCRE, the biggest developer in Henan province, has seen sales growth lag behind its rivals, with 2016 net profit of 403 million yuan (US$58.42 million), roughly half from the previous year. Read more>>
Hang Lung Properties (0101) has invested more than HK$2 billion by stages since 2012 to enhance its core retail assets in Hong Kong and in the mainland, leasing and sales director Norman Chan Ka-ngok said yesterday. The assets enhancement exercise will enable the company to achieve a 30 percent growth in rental income, he said.
It spent HK$1.4 billion to refurbish two shopping malls in Shanghai, namely Plaza 66 and Grand Gateway 66, and about HK$600 million had been earmarked to enhance shopping malls in Hong Kong, he said. Read more>>
International architecture firm Sasaki just unveiled plans for a spectacular 100-hectare urban farm set amidst the soaring skyscapers of Shanghai. The project is a mega farming laboratory that will meet the food needs of almost 24 million people while serving as a center for innovation, interaction, and education within the world of urban agriculture.
The Sunqiao Urban Agricultural District is composed of vertical farms that fit in nicely between the city’s many towers, adding a welcomed green counterpart to the shiny metal and glass cityscape. The urban farm layout counts on a number of separate buildings that will have various growing platforms such as algae farms, floating greenhouses, vertical walls and even seed libraries. Read more>>