China’s second-tier cities have an oversupply of offices as companies halt expansion amid a slowdown in the world’s second-biggest economy, according to one of the country’s biggest commercial builders.
These are strange days for China’s netizens. On March 15, the Chinese Communist Party relieved Bo Xilai, the Chongqing Party Secretary, of his duties after his police chief allegedly attempted to seek asylum in the United States. It was arguably the biggest political story to hit China in two decades, and Chinese microbloggers embraced it with gusto. In the hours following the concise, two-sentence official statement the state media carried about the firing, citizens posted millions of tweets to Sina Weibo, China's most popular microblog, speculating about the causes and circumstances of Bo’s abrupt fall.
Soho China Ltd. will pay 4 billion yuan ($632 million) for a stake in a site on Shanghai’s historic Bund that’s partly owned by Greentown China Holdings Ltd., the builder seeking to improve cash flow from the sale of projects.