Wuhan, 12 September 2008 – IHG (InterContinental Hotels Group), the world’s largest hotel group by number of rooms, today announced it has signed deals to manage two new hotels in Central China’s gateway city of Wuhan, taking a huge step in its strategic expansion into the Central and Western China market. With a total of 1,300 rooms, the two hotels are expected to open in 2012.
In August 2008, the Company realised a sales area of approximately 474,000 sq m, with a sales amount of RMB 4.07 billion, representing decreases of 32.8% and 35.2% from those in the same period of 2007 respectively.
From January to August 2008, the accumulated area sold by the Company amounted to approximately 3,492,000 sq m, with a total sales amount of RMB31.31 billion, representing increases of -4.8% and 5.0% from those in the same period of 2007 respectively.
SOURCE: Vanke Press Release
Vanke, China’s biggest listed property developer, is looking ahead and according to an internal email from Vanke’s president will see a slowdown in growth in the near future, however the long-term outlook is rosy.
SOURCE: Reuters Vanke sees short-term property headwinds in China
Large property developers in China are investing billions snapping up distressed real estate from smaller companies that are struggling.
China’s estimated 50,000 small developers who borrowed heavily last year to buy land are now suffering financial problems and unable to borrow to keep going. A growing number are either folding or seeking aid.
read more @ the SOURCE: propertywire.com – Giant Chinese property developer snaps up bargains from struggling smaller builders
“The success of the Beijing Olympic Games has showcased China’s strong capabilities, boosted mutual understanding between the Chinese and foreign citizens, and will surely stimulate its further opening up,” Gustaaf Geeraerts, a Belgian expert on China studies, told Xinhua in an exclusive interview Wednesday.
SOURCE: Xinhua. – Beijing Olympics will further boost China’s opening-up drive, says Belgian scholar_
China Architectural Engineering, Inc. (CAE) (NASDAQ:CAEI), a leader in the design, engineering, fabrication and installation of high-end building envelope systems, today reported record financial results for its second quarter ended June 30, 2008.
Revenues for the quarter totaled $41.38 million, up 113% from $19.45 million in the second quarter of 2007. The second quarter 2008 figure not only was a record for the Company, but it also sharply exceeded earlier guidance, provided on June 10, 2008, of $32 million to $35 million.
SOURCE: Business Wire: China Architectural Engineering Announces Sharp Rise for Second Quarter 2008.
Research and Markets have published China’s Wind Power Equipment Research Report 2008
Read the full report @ the SOURCE: China’s Wind Power Equipment Research Report 2008 - Market Research Reports - Research and Markets.
China Vanke Co., Ltd. ranks No. 1 among the top 10 property developers listed on the Shanghai and Shenzhen Stock Exchanges in terms of comprehensive firm power, citing a latest research report by China’s State Council.
SOURCE: China Vanke, No.1 Mainland China Listed Property Developer – Trading Markets.com
In the north of Hebei Province, the city of Tangshan has a long, at times heartbreaking history, but today it is a modern metro area emphasizing sustainable development.
Read more @ the SOURCE: china.org.cn – Tangshan: from earthquake to eco-city —
CCTV reports that “China’s top economic planning body has approved a monitoring system for the property sector. It will cover property markets in 40 cities across the country. But the National Development and Reform Commission did not say when it will be put into use.”
SOURCE: CCTV International.
World Landscape Architect