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China’s smaller cities regain their mojo in March, as homebuyers return in droves, snapping a four-month deceleration in prices

The prices of China’s new homes snapped their four-month consecutive deceleration in March, recording a modest rebound last month as the easing of price-control regulations among the country’s far-flung smaller cities fuelled demand and prices.Prices advanced by 0.61 per cent in March, from February, at a faster monthly pace than the 0.53 per cent gain a month earlier, according to a Bloomberg calculation using National Bureau of Statistics data. New abodes cost more in March in 65 cities out… Source link

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Hong Kong tops the world’s most expensive cities for owning homes in CBRE study of 35 urban centres

Hong Kong was the world’s most expensive urban centre to buy a home in, with the average residential property costing 40 per cent more than second-placed city Singapore, according to a survey of 35 cities around the world by real estate consultant CBRE.The average cost of owning a home rose 5.5 per cent last year to HK$6.9 million (US$1.2 million), which translates to US$2,091 per square foot for a typical abode measuring 574 square feet (53 square metres), CBRE said.The survey findings… Source link

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Hong Kong’s slide down ranks of cities with highest global construction costs to boost developers

Hong Kong moved down two places in the ranks of cities with the highest average cost of construction globally in 2018, according to international project manager Turner and Townsend. The city’s average cost of construction rose by just 1 per cent, contributing to a slip from third place in 2017 to fifth last year.The average construction cost had risen by 6.2 per cent in 2017, placing Hong Kong behind only London and Zurich. Last year, affected by the US-China trade war, it stood at US$3,749… Source link

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Money 

Chinese cities step up efforts to lure domestic migrants as government plans to relax local restrictions

Chinese cities will be ordered to partially or in some cases completely lift restrictions on new domestic migrants as the competition to attract a shrinking pool of graduate talent intensifies in the world’s second largest economy.China’s National Development and Reform Commission published its 2019 urbanisation plan on Monday, specifically stating cities with a population under three million should lift all restrictions on new domestic migrants, while cities with populations between three to… Source link

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Growing pains: China’s shrinking cities are addicted to building

Dozens of cities in China are spending big on construction projects, despite having shrinking populations, a South China Morning Post analysis has found.On paper, these debt-fuelled projects are major contributors to economic growth. But in reality, they do not bring real productivity, raising further questions over the efficiency and foresight of China’s urban planning.New urban constructions should, in theory, go hand in hand with population growth. But in many shrinking cities, local… Source link

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JD.com pushes further into smart cities, offering social credit and AI-powered tools to local governments in China

JD.com has launched a big data-powered service to give social credit scores to individuals, businesses and potential investors for local governments in China, as the e-commerce company ventures further into the smart cities space.Unveiling a new brand, JD iCity, the Beijing-based company said on Thursday that it wants to double down on the intelligent city business by providing big data and artificial intelligence-powered tools to local governments. The services can be used to build social… Source link

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Singapore 

Singapore, Hong Kong, and Paris are the most expensive cities to live in, Singapore News

TBILISI – Paris and Hong Kong for the first time joined Singapore as the world’s most expensive cities to live in, a study revealed on Tuesday (March 19), with utilities and transport driving up the cost of living. Zurich, Geneva and Japan’s Osaka trailed closely, with emerging market cities like Istanbul and Moscow plummeting down the ranking due to high inflation and currency depreciation, said the Economist Intelligence Unit’s bi-annual survey of 133 cities. It was the first time in more than 30 years that three cities shared the top…

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China 

Almost one-third of Chinese cities are shrinking, but urban planners told to keep building

The perception that China’s urbanisation is still in full swing is untrue for nearly one-third of Chinese cities, whose populations are shrinking, according to new findings by a Chinese university.A research team from Tsinghua University used satellite imagery to monitor the intensity of night lights in more than 3,300 cities and towns between 2013 and 2016. In 28 per cent of cases, the lights had dimmed.China now has 938 shrinking cities, according to Long Ying, an urban planning expert at… Source link

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Investment 

‘Yield is king’: real estate investors ditch New York, LA for second-tier US cities

Finding New York and Los Angeles far too expensive as investment options? Then it’s probably time to head for the less glamorous cities of Salt Lake City, Nashville, and Austin.Real estate experts believe that secondary cities in the United States are becoming more popular with investors looking for better returns, even though they could face higher risks and find it more difficult to re-sell in an economic downturn due to lower liquidity.“The cap rate difference in Charlotte, North Carolina… Source link

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