Here is a list of the day’s latest China real estate news collected from around the web:
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Cushman Buys Regional PM Firm to Gain China Market Share
Cushman & Wakefield, a leading global real estate services company, announced on Wednesday that it has agreed to acquire Singapore-based project management specialist company Project Solution Group.
The deal will raise the company’s presence in China market, analysts said.
The acquisition is part of the firm’s global strategy to strengthen operations in the Asia-Pacific region, according to a company statement.
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Wangfujing Dept Stores Buys Up Rival for US$257 mil
Wangfujing Department Store announced on Monday its purchase of nearly 40 percent of high-end counterpart PCD Stores, according to China Securities Journal. The transaction will be completed by Friday.
Wangfujing signed a stock transfer agreement on Jan 24 with PCD’s two major stakeholders, Bluestone and PGL, through a wholly owned subsidiary in the Cayman Islands.
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Mainland Home Buyers Shun HK for Spots Further Away
Cash-rich Chinese, who some in Hong Kong blame for pushing property prices to record highs, have fled the city’s real-estate market, scared off by cooling measures that have sent them scouring overseas for better options.
Mainland Chinese accounted for 18 per cent of new luxury-home sales in Hong Kong in the first quarter – the lowest level in four years – down from 43 per cent in the third quarter of last year, before cooling measures were announced, according to real-estate company Centaline Property Agency.
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China credit crunch set to hit the real estate market
Wide-ranging credit tightening by Chinese commercial banks is likely to spill over into the property market, and analysts said small and medium-sized developers may cut prices later this year as cash gets scarce.
One of the latest changes is that homebuyers need more time than before to apply for public housing fund mortgages, sources said.
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Mainland Tourists to Boost Taiwan Retail Rents Says Cushman
Prime shop rents in Taipei may grow as much as 15 percent in the next two years on expansion by global retailers seeking to tap an increase in mainland Chinese tourists, according to Cushman & Wakefield Inc.
Monthly shop rents on Zhongxiao East Road, the city’s busiest shopping district, are currently about NT$20,000 ($665) per ping, a standard measure in Taiwan that is the equivalent of 36 square feet (3.3 square meters), after average annual growth of about 3.7 percent over the past decade, said Sigrid Zialcita, managing director for Asia-Pacific Research at New York-based broker Cushman & Wakefield. -
MGPA Head Plans Deals in China — Disses HK Market
As BlackRock, the largest asset manager in the world, expands into Asian real estate for the first time, it is targeting key markets such as Japan and Australia, according to the top executive of its fresh acquisition target, MGPA.
BlackRock is betting that the likelihood of higher interest rates and the region’s fast growth will create strong demand for property in the next few years, MGPA executive chairman Jim Quille told WPC.
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