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Auctions see lower prices for land plots

Prices were lower than expected when three plots of residential land were auctioned in Shanghai yesterday, the first plots sold since the city's launch of the property tax. Two plots in the Pudong New Area sold at a house price of 4,200 yuan (US$636) and 3,700 yuan per square ...

More stores admit price 'problems'

Retail giants Metro and Wal-Mart say that some of their Shanghai outlets have similar product pricing problems as Carrefour, which has been fined for cheating customers. The companies told Shanghai Daily yesterday that they would offer refunds for customers who had been ...

Chongqing, Shanghai launch property tax

Home prices in some of China's major cities, such as Beijing, have more than doubled over the past two years due to easy credit and low lending rates. Authorities of Chongqing and Shanghai municipalities announced Friday they would kick off the long-awaited trial property ...

Suspicion sours holiday shopping after pricing scandal

Over the crowds of holiday shoppers in China's big stores this Spring Festival lingers an atmosphere of suspicion. With charges of price deception hanging over the big chains of Carrefour and Wal-Mart and local authorities moving to levy fines, many Chinese -- normally averse to ...

Lack of market supervision led to deceptive pricing

More than half of Chinese respondents to an online poll think authorities' failure to supervise should be blamed for retailers' deceptive pricing practices. The survey was taken last week after Carrefour's China stores were caught cheating on prices. Some 53.3 percent of those ...

Land supply for affordable housing jumps

China's land supply for affordable housing in 2010 soared 124.5 percent year on year amid the country's robust demand for affordable housing, said officials with the Ministry of Land and Resources (MLR) Saturday. The total land supply for affordable housing last year hit 24,700 ...

Hong Kong housing world's most expensive

Hong Kong Special Administrative Region(SAR) housing is the most expensive in the world as negative real interest rates and ample liquidity boost demand while new supply remains tight, said Savills Plc in a research of four top cities. Hong Kong is the most expensive center for ...

Property tax aimed at cooling Shanghai's housing market

A new property tax in Shanghai will help cool the city's overheated housing market, said analysts. The tax, introduced on Friday, will steer many speculators away from buying property in the city, according to the analysts. The municipal government announced on Thursday evening ...

New house expropriation rules balance developers', home owners' interests

New rules concerning house expropriation and demolition have tested the Chinese government's ability to balance the interests of property developers and ordinary people, experts say. The State Council, China's cabinet, published a regulation on expropriation and compensation of ...

China OKs pilot launch of property tax

The State Council, China's cabinet, has approved on a trial basis the launch of property tax reforms in some cities. The pilot reform will tax property owner-occupiers for the first time, officials from the Ministry of Finance, the State Administration of Taxation and the ...

Carrefour: refunds for cheating 'long-term'

Carrefour China promised customers Saturday that it will always refund five times the difference between the advertised price and the one charged at the register, after it was blacklisted by Chinese authorities for deceptive pricing. Chen Bo, spokesperson with Carrefour China, ...

Prada to float in HK

World renowned fashion brand Prada plans a public listing in Hong Kong. Italian fashion goods maker Prada will list its shares in Hong Kong, a sign of Asia's growing appetite for designer goods. "The Prada board, which met today, has decided to launch the process of listing the ...

Carrefour stores fined for overcharging

Three Carrefour stores in Shanghai and two in southwest China's Yunnan Province were fined 500,000 yuan (75,988 U.S. dollars) each on Saturday for overcharging customers, said local price regulators. A customer views the products labeled low price at the Carrefour Guangqumen ...

Carrefour busted for overcharging, refusing to hike wages

For deceptive pricing practices and refusing to hike wages for more than a decade, French retailer Carrefour has come under criticism in China but is taking measures to soothe public anger. According to media reports, the salaries of more than 6,000 employees at about 20 ...

Wal-Mart apologizes to customers for price cheating

Wal-Mart (China) late Thursday apologized to customers after being blacklisted by Chinese authorities for cheating on prices. The Wal-Mart (China) Investment Co., Ltd. expressed "sincere apology" to affected customers in a written interview with Xinhua. Further, the company has ...

Property tax draws interest

Southwest China's Chongqing Municipality plans to divide houses into 10 categories and levy property tax rates based on the divisions. "A 3 percent property tax will be enough to put off property speculators," Mayor Huang Qifan said on Tuesday at a working conference of the ...

China gets tougher on second-home purchases

The Chinese government Wednesday raised the minimum down payment requirement for the purchase of a second home to 60 percent of the property's value, previously set at 50 percent, to curb property market speculation. The decision was announced in a statement released after an ...

WB's Yifu Lin: China should be alert to property bubble

China should be cautious about the risk of a real estate bubble but the country's overall economic condition is good, World Bank Chief Economist and Senior Vice President Justin Yifu Lin said Tuesday. Lin said he is confident about the Chinese economy because of its healthy ...

Disney plans Chinese stores by mid-2012

Walt Disney Co said on Tuesday that it will open its first direct-sale store in China by mid-2012. The move would see the US-based company making another stride into the Chinese market after construction of its Shanghai Disney theme park project started in November, following a ...

Clubs need to get financially fit

Members of a fitness club in Beijing's Fengtai district ask for a refund on Monday after they heard about the club's gym renovation plan.[China Daily] Gym members nationwide are flexing their muscles in anger after a series of sudden closures that have left them out of pocket. ...
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company

industry

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Chinese steelmakers see profits plunge
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trade

sports

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