China Economic ReviewShenzhen-listed developer China Vanke said it would not be stopped by Beijing's tighter credit policies targeting the property sector and would start diversifying project financing by selling corporate bonds and borrowing from foreign institutions. Vanke Chairman Wang Shi said it was prudent for the company to reduce its dependence on bank borrowing because there was […]
Hopewell Holdings announced it would invest RMB 3 billion (US$361.4 million) in a property development dubbed Hopewell New Town in Guangzhou's Huadu district yesterday. Hopewell Chairman Gordon Wu Ying-sheung said the company would invest RMB 450 million initially. The project, expected to create 1.4 million sq m of floor space within 2 km of Guangzhou's […]
Provisional liquidators of bankrupt Zhu Kuan Group, the investment arm of Zhuhai municipality, claim the city government owes the company over half the HK$7 billion (US$900 million) it ran up in debts. Most of the company debt is with foreign banks. The Zhuhai government reportedly spent the bulk of the HK$4 billion on developments and […]
Shanghai's municipal government has increased compensation payouts for residents evicted in redevelopment land clearance projects, state media reported. In central Jing'an district, payouts are rising from to RMB 5,700-7,700 (US$686-927) per square meter from the current RMB 4,100-4,600 range (US$493-554), the Shanghai Housing and Land Resources Administration said. In eastern Pudong, site of the 2010 […]
Work was suspended on Shanghai's Universal Studios theme park after a central government inspection team reviewed development plans. Work on a Yangtze River tunnel linking the city with a park on Chongming Island was also suspended, a Shanghai transport official said told state media. Plans to build new subway lines were also put on hold. […]