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News from China
Top office rents lose steam in Q2
14th July 2016

 SHANGHAI’S Grade A office rents climbed more slowly on both sides of the Huangpu River in the second quarter of this year, and the city is set to see vacancy rates rise amid an abundance of new supply in the second half, major global property consultants said in their latest reports.

Grade A office rents edged up 0.6 percent from the first quarter to 9.90 yuan (US$1.48) per square meter per day in Puxi between April and June, the slowest pace recorded in the past six quarters, according to JLL’s quarterly market report.

Rents in Pudong rose 1.1 percent quarter on quarter to 11.40 yuan per square meter per day during the same period, also slowing from the 1.7 percent growth in the first three months of 2016.

“While domestic finance companies and multinational retailers continued to be active in the CBD areas, strong rental growth over the past year has led some tenants to consider less expensive options in decentralized markets,” said Eddie Ng, managing director for JLL East China. “This process is creating opportunities for landlords in sub-markets near the CBD such as the railway station and the North Bund areas.”

Nearly 600,000 square meters of new supply are set for Shanghai’s core office market over six months through December.

“As a consequence of the new supply, vacancy rates in all areas of the city are expected to increase, although the rise is Puxi will be greater than in Pudong,” said Chester Zhang, associate director at Savills China Research.

Source: Shanghai Daily, July 14, 2016
China’s FDI jumps 9.7% in June
13th July 2016

 CHINA’S foreign direct investment jumped 9.7 percent in June from a year earlier, official data showed yesterday, recovering from a 1 percent drop in May and hitting a 10-month high.

The total of FDI received by China last month was 98.2 billion yuan, or US$15.2 billion, the Ministry of Commerce said in a statement on its website.

In the first half of 2016, FDI rose 5.1 percent from the same period a year earlier to 441.76 billion yuan, or US$69.42 billion, according to the statement.

The ministry has started releasing yuan-denominated FDI since early 2015, along with equivalent dollar figures based on its own conversion.

Foreign investment in the services sector rose 8 percent in the January-June period to 310.8 billion yuan, or US$48.9 billion, accounting for 70.4 percent of all FDI, said the ministry, with investment in high-tech services soaring 99.7 percent from a year earlier.

Investment in the manufacturing sector fell 2.8 percent in the first half from a year earlier to 124.9 billion yuan, or US$19.5 billion, making up for 28.3 percent of total FDI.

The ministry did not give numbers for FDI by specific countries and did not rank the biggest suppliers, though it said the United States, Britain and Germany were among the top-10 sources.

Source: Shanghai Daily, July 13, 2016
Fewer new homes bought in Shanghai
12th July 2016

 SALES of new homes last week tumbled from a three-month high while the average price hit a seven-week low, according to latest data.

The area of new homes sold, excluding government-subsidized affordable housing, plunged 37.1 percent from the previous seven-day period to 248,900 square meters, the lowest weekly volume registered in four weeks, Shanghai Homelink Real Estate Agency Co said in a report yesterday.

“The market’s withdrawal appeared quite normal after strengthening for three straight weeks,” said Lu Qilin, director of research at Homelink. “Meanwhile, July and August are a traditional low season for property sales because of the hot weather, and the beginning of a month is often a slack period compared with the end of a month.”

The report said home buyers in suburban districts such as Fengxian and Jiading were the most positive. Around 34,000 square meters of new houses were sold in Fengxian while Jiading saw sales of some 32,000 square meters.

The average cost of new homes, meanwhile, also fell amid lackluster sales of medium to high-end properties. The new homes were sold for an average of 34,678 yuan (US$5,184) per square meter, a weekly decline of 9.2 percent, according to Homelink data.

“The weekly fall was mainly due to a structural shift with eight of the 10 best-selling projects sold for less than 30,000 yuan per square meter on average,” Lu added.

Meanwhile, just 110 new high-end homes priced at 80,000 yuan per square meter and above each were sold citywide last week, a sharp drop of 136 units from the previous seven-day period.

Supply fell as sentiment among real estate developers continued to weaken for the third straight week. About 111,500 square meters of new homes were released, a week-on-week drop of 43.1 percent, Homelink data showed.

“We don’t expect new home supply to see a major rebound until September and October, which are the best season for property sales in the year,” said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co.

Source: Shanghai Daily, July 12, 2016
Brexit may hasten the pace of ‘Asian century’
11th July 2016

 BRITAIN’S vote to leave the European Union and simmering discontent in other Western countries is seen as hastening the arrival of an “Asian Century,” analysts say, led by the rise of China and India.

By 2050, Asia will account for over half the world’s GDP, almost double that of 2011, according to the Asian Development Bank, with three billion newly affluent citizens.

The EU and other powerful collectives such as the United Nations, NATO, IMF and World Bank hark back to the post-World War II era, with a vision of cooperation leading to peace, prosperity and security.

But the churning currents of globalization and institutions’ reluctance to reform have left Asian nations feeling that they are not well-represented and looking to form new alliances.

“The old system which kept the West rich and safe is under threat,” said Neelam Deo, a former ambassador and director at Gateway House think-tank in Mumbai.

“The British voting to leave the EU in the way they did will impact the old institutions which were set up after World War II and intended to entrench Western power,” she said.

Brexit has summoned the spectre of a domino-like departure of other members of the EU, pounded by the migrant and euro crises, as well as a fragmenting United Kingdom, should Scotland vote for independence.

A resurgent Russia, which is angered by EU- and US-imposed sanctions and has friendly ties with China and India, has hailed the Brexit vote as it looks for cracks to exploit.

As the “American Century” got underway after WWII, following imperial Britain before it, China was writhing in the chaos of civil war and colonial India was just gaining independence.

Now China is the world’s second-largest economy, set to overtake the US in around a decade, while India will be the world’s most populous nation by 2022.

The IMF named the Chinese renminbi a reserve currency — a main world currency — last November, joining the pound, dollar, euro and yen.

Rising economic stars Indonesia and the Philippines are growing at around 5 percent a year, while Europe remains sluggish. Yet emerging markets argue that IMF voting reforms still don’t give them a big enough voice, while India laments its lack of a permanent seat on the UN Security Council.

Three centuries ago, before the industrial revolution, Asia was the dominant power, far away from the twin Atlantic centers. Beijing’s flagship “One Belt, One Road” policy seeks to revive the ancient Silk Road trade route with huge investment from central Asia to Europe.

In January, China opened the Asian Infrastructure Investment Bank, seen as rivaling the World Bank or the Japan-led Asian Development Bank, seeking to expand its financial clout. Describing itself as “a bank conceived for the 21st century,” AIIB has attracted 57 members.

Source: Shanghai Daily, July 11, 2016

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