CapitaLand has won its bid to acquire two prime residential sites in Guangzhou, China, for 2.05 billion yuan (S$409 million). Announced yesterday, the two sites in the Zengcheng district occupy 150,000 sq m of land, and could allow the developer to build up to 1,300 homes by 2021 aimed at first-time home buyers and upgraders, CapitaLand said. Zengcheng, where prominent companies such as Foxconn and...
Growth in China's real estate investment slowed to 3.5 percent in the first eight months of this year from the same period a year ago, though the area of property sold rose 7.2 percent, official data showed on Sunday. The weak rise in investment, reported by the National Bureau of Statistics(NBS), compared with an increase of 4.3 percent in January-July. The rise in sales by area compared with a 6.1...
China loosened restrictions on foreign investment in real estate after the yuan's depreciation reduced the appeal of Chinese property assets. Overseas companies' Chinese units and foreign nationals working and living in China can buy properties for their own use that meet "real needs," Chinese authorities including the Ministry of Commerce said in a joint statement. Requirements that foreign investors...
Local property group Perennial Real Estate Holdings is making a foray into healthcare for the first time through a joint venture (JV) in China which plans to acquire and develop hospitals. Perennial will be investing S$63 million for a 40 per cent stake in the JV while the remaining 60 per cent will be held by Guangdong Boai Medical Group Co, a subsidiary of China Boai Medical Group (BOAI), a...
China's housing prices fell on a monthly basis for the seventh straight month in November, a survey showed on Sunday (Nov 30), with the market yet to feel the full impact of an interest rate cut. The average price of a new home in China's 100 major cities was 10,589 yuan (US$1,736) per square metre in November, down 0.38 per cent from October, the independent China Index Academy said in a statement. The...
The biggest immediate risk facing China’s economy is about to get worse as a reluctance among some developers to cut prices is worsening a housing glut that threatens to extend a slide in construction that has already weighed on growth. “Developers have been unable to build up adequate client interest as buyers are still waiting on the sidelines. They are also worried that excessive price...
Chinese property developers wary of poor sales amid the country’s industry downturn are giving expensive government land auctions the cold shoulder, with plots in the capital going unsold for the first time since April 2011. The poor reception highlights the persistent mismatch in price expectations between developers and local governments. Cash-tight developers are seeking lower prices while local...
China's decline in property prices accelerated in July, an independent survey showed, adding to concerns over the sector, a key component of the world's second-largest economy. The average price of a new home in 100 major cities was 10,835 yuan ($1,757) per square metre last month, down 0.81 percent from June, the China Index Academy (CIA) said. It was the third consecutive monthly decline and an...
Deputy Prime Minister Teo Chee Hean on Wednesday (July 30) led a Singapore delegation on a visit to the future Raffles City Chongqing work site. He is in Chongqing on the third day of an official trip to China. The US$3.4 billion (S$4.3 billion) future Raffles City Chongqing is designed by Moshe Safdie, the world-renowned architect behind the Marina Bay Sands in Singapore. Apart from a mall, offices...
China’s financial centre, Shanghai, is allowing a developer to seek the highest-ever home prices in the city, in an effort to boost its sluggish luxury home market. Shenzhen Overseas Chinese Town can set prices as high as 298,000 yuan (S$59,700) per square metre for its high-end residential properties, said the website of the city’s real estate trading centre. This is a record asking price for the...
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