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Zhang Yadong, chairman Hangzhou-based Greentown China, said an expected economic recovery and the release of pent-up housing demand would trigger a turnaround in the second half of next year.
Confidence in China’s embattled property sector took another hit this month when a major Shanghai developer revealed it had filed a $1.38bn lawsuit against a steel company accusing it of selling plots of land that turned out to be heavily contaminated.
The affiliate of Alibaba Group Holding pays 1.54 billion yuan (US$210.5 million) for a parcel for new office buildings in Hangzhou, a ‘clear sign’ that Ant is ‘back on its growth track’, a property investor says.
Homeowners of The One-Rivera Shanghai say the residential complex appears nowhere near completion despite missing two delivery deadlines, raising the prospect of a boycott on mortgage payments that threatens to worsen sentiment in China’s embattled property sector.
About a quarter of Hong Kong's workforce will find themselves unemployed or having to change career in the next five years as artificial intelligence (AI) takes over their jobs, according to a study by recruitment firm Venturenix.