CapitaRetail China Trust (CRCT) is acquiring New Minzhong Leyuan Mall - a mall in Wuhan's shopping and entertainment belt - for RMB 395 million (S$76 million) from The Ascott Holdings. Both CRCT and The Ascott Holdings are units of property developer CapitaLand. The mall has a net property income (NPI) yield of 8.1 per cent compared to the NPI of 7 per cent for CRCT's entire portfolio. CRCT's entire...
China Property
Property group Wing Tai Holdings said its subsidiary Wing Tai China Investment has signed a joint venture agreement to develop a residential project in Guangzhou Knowledge City. The agreement is with Singbridge Guangzhou, a subsidiary of Singbridge International Singapore. Wing Tai will hold a 40 percent stake in the project, which will be developed in phases over five years on a 10-hectare site. With a...
Tianjin Eco-city has signed six new investment deals and secured strategic partnerships, bringing in total new investments amounting to about 500 million yuan. Singapore Senior Minister Goh Chok Tong witnessed the signing ceremony in Tianjin on Sunday. Companies involved in the signing include General Motors, Keppel Integrated Engineering, LHT Holdings, Panasonic, Philips, and Sky Communication. The new...
Mainboard-listed Ying Li International Real Estate said it has signed on key tenants and is set to launch its retail mall, in the heart of the CBD area of the Chinese city of Chongqing, in the fourth quarter of this year. The company has signed up China's leading cinema and entertainment group, Poly Cinema, as one of the key tenants of the IFC mall. It will be the entertainment group's flagship cinema...
European companies in China ranked Shanghai as the most attractive city to locate their Asia-Pacific headquarters as the Chinese city provides companies with direct access to the region's biggest market, a survey showed yesterday. Hong Kong and Singapore ranked the second and third most preferred locations out of 15 cities examined in the survey, which was conducted by the European Union Chamber of...
The central Chinese government has sent eight “special” teams to evaluate the effects of the real estate tightening measures implemented across the country, in a move to prevent a housing bubble from creating social unrest. “The key point (of the move) is probably to reiterate that the government is serious about property controls and will work firmly to stabilise property prices,” according to an...
China's revenue from the sale of land rights last year totalled 2.9 trillion yuan (S$564 billion), but only 1.6 per cent went towards the construction of low-rental housing units, far below the proportion recommended by the Ministry of Finance, the China Business News reported yesterday, citing its own calculations. China spent 46.3 billion yuan on the construction of low-rental housing units last year,...
To say that Mr Spencer Dodington, an entrepreneur, is passionate about Art Deco design is an understatement. He has devoted years to studying the style, amassed a vast collection of period furniture and started a business renovating pre-war apartments for expatriates. So when he set out to buy and refurbish his own Art Deco home here, he settled for nothing less than perfection. After a two-year search...
China's home prices will decline later this year, with sales volume already falling following purchase restrictions by local governments, said Mr Li Daokui, an adviser to the People's Bank of China (PBOC), the country's central bank. A 5- to 10-per-cent drop in home prices will be a "significant achievement", he said in Beijing yesterday. Cities such as Chengdu in south-western Sichuan province should be...
China should adopt more tax measures to rein in rising property prices, as there are limits to what credit restrictions can accomplish, an official from the country's banking regulator was quoted as saying in the Financial News yesterday. China could start collecting land appreciation taxes in advance and could start collecting real estate taxes in more areas where property prices are rising quickly, Mr...