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China starts building 7.218 mln low-income housing

China started building 7.218 million units of low-income housing in the first seven months of this year, the Ministry of Housing and Urban-Rural Development said Friday. Construction of such houses accelerated significantly in July, the ministry said in a statement on its website...

Property developers under pressure as inventories pile up

China's property developers saw their inventories surge in the first half of this year as government measures to cool the market have started to bite, latest statistics show. Total inventories of 20 listed real estate developers that had released their semi-annual reports as of ...

Developers may face ratings scrutiny

Developers will have their licences revoked or ratings downgraded if they are found guilty of illegal practices, according to a draft regulation posted yesterday on China's State Council's website. The draft proposal, which will be open for public feedback till September 10, has ...

Buyers boost real estate

Major real estate developers reported strong business in the first seven months of this year as sales rebounded. Poly Real Estate Group Co said that it sold 3.876 million square meters between January and July, an annual rise of 24.4 percent, while the value of contracts jumped ...

China set for massive rise in hotel numbers

One international-brand hotel is expected to open in China every four days during the next 18 months, making the country one of the world's fastest-growing markets for the hospitality industry. However, rising costs will present a challenge to the sector, according to the ...

Soluxe sees room for growth

Soluxe Hospitality Group, a Beijing-based international hotel operator, is seeking to export its management expertise. Its first such arrangement began on Aug 1 in Siem Reap, Cambodia, where it put the Angkor Palace Resort & Spa under its Grand Soluxe brand and assumed management ...

SOHO China seals 9th project in Shanghai

SOHO China has sealed its ninth project in Shanghai after it acquired a nearly-completed office building in Pudong New Area. The Beijing-based developer has agreed to pay 1.89 billion yuan (US$294 million) for the 24-story office tower except for its top floor. The tower, with a ...

China levies anti-dumping duty on printing paper imports

China began levying anti-dumping duties on printing paper imports from Europe, the United States, and Japan on Wednesday, the Ministry of Commerce said. The measure came after a preliminary investigation launched by the ministry last December showed that companies in the three ...

Smaller cities key for Adidas

Adidas Group China, a unit of Adidas AG, plans to expand aggressively into lower-tier cities as it seeks to compete with Chinese rivals. "We plan to open more than 2,500 additional stores in the next few years in lower-tier cities, expanding city coverage to more than 1,400 ...

Quality of Chinese products greatly improved

The quality of Chinese products has greatly improved and consequently, the number of recalls of Chinese products has dropped significantly in the U.S. in recent years, according to a U.S. official. Richard W. O'Brien, director of International Programs and Intergovernmental ...

State measures hold home sales steady

Sales of second-hand homes were stable in Shanghai last month, with six districts and Chongming County registering double-digit month-on-month growth. A total of 13,400 units, mainly houses, were sold across the city last month, up 1.9 percent from June, Century 21 China Real ...

Beijing pilots housing price restrictions

Developers will be forced to set the price of housing before bidding for a piece of land in a pilot scheme being tested in the capital to curb soaring property prices, Beijing News reported. Under the new policy, the cost of the land will be set and the developer who offers to ...

China regulator urges banks to support public housing projects

China's banking regulator on Friday urged banks to back the country's public housing projects by offering loans and discounts on lending rates to alleviate financing difficulties. Banks should directly extend loans to government-invested public housing projects that have ...

Cheung Kong Holdings' net profit up 169%

Cheung Kong Holdings, the real estate company controlled by Hong Kong billionaire Li Ka-shing, said on Thursday its net profit in the first half of 2011 jumped 169 percent from a year ago to 33.259 billion HK dollars ( about 4.264 billion U.S. dollars). In the filing to the Hong ...

SOEs check out of hotel business under SASAC rule

Stated-owned enterprises (SOEs) are stepping up the divestment of more than 100 billion yuan ($15.53 billion) worth of hotel assets to comply with government directives to focus on their core businesses. China Mobile Ltd, the largest mobile service provider in the country, handed ...

Service sector grows slower

The growth of China's service sector eased for a second consecutive month in July but activities continued to expand, a survey showed Wednesday. The HSBC Business Activity Index, a seasonally adjusted gauge of the service sector across the country, posted 53.5 last month, down ...

Shanghai realtors see improved sales

Major real estate agencies in Shanghai reported their business improved in July, with low-end properties taking an ever-increasing share of the overall sales market. Shanghai Centaline Property Consultants Ltd, the largest estate chain in the city by transaction value, said ...

Weakness hits new home sales

New home sales fell in July for the second month in Shanghai as weak sentiment continued to prevail while the average price gained slightly, boosted by more sales of luxury properties. Sales of new homes, excluding affordable housing, fell 2.5 percent to 770,000 square meters ...

Ablibaba, Yahoo, softbank reach agreement

The Alibaba Group said late Friday that the company and its major shareholders Yahoo! Inc. and Japan's Softbank Corp. have come to an agreement to settle a dispute over the status of Alibaba's popular online payment platform Alipay. The dispute arose in May when Alipay was ...

Taxes, profits created by tobacco sector continue to surge

Taxes and profits created by China's tobacco industry continue to surge in spite of the central government's inclusion of a public smoking ban in the 12th Five-Year Plan and tobacco control measures taken by some local authorities. The industry paid 280.9 billion yuan (43.6 ...
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