January prices show cooling property market in 16 cities
Housing prices in 16 out of 30 cities have either dropped or flattened in January, China Economy Net reported on Thursday, citing a Chinese Academy of Social Sciences survey. Beijing, Tianjin and Hebei region saw a rise of 3.13%, while the Changjiang Delta showed a 1.46% compared to last month, but the price increase was at a slower rate after a peak in September last year, the report added.
Wuliangye baijiu tops US$131 for first time since 2012
Retail prices for Wuliangye baijiu (52% alcohol) had risen to 899 yuan (US$131) per bottle and a premium bottle now costs 919 yuan, the Beijing News reported Thursday. The increase, which took effect on February 14, is the first time it broke the 900 yuan mark since the central government tightened spending of public money in 2012. People prefer premium baijiu for special occasions such as Lunar New Year, the report said.
Carriage efficiency set to improve on high-speed trains
Configuration of high-speed trains will become flexible, which means they can either haul two to 16 carriages instead of eight or 16, Caixin reported on Thursday. At present, carriages cannot be separated, increasing maintenance costs and rigidity in planning for traffic loads. The move could reduce the number of empty cars by more than 50%, increasing profitability and efficiency, the report added.
Overseas investments in real estate sinks by nearly 85%
The country’s foreign investments have decreased an average of 35.7% to 53.27 billion yuan in January, the 21st Business Herald said on Friday, citing Commerce Ministry data. Previous hot areas have seen a steep decline with real estate down by 84.3%, and culture, sports and the entertainment industry plummeting by to 93.3% from a year earlier.
Tianjin shuts gate on new serviced apartment project applications
New applications for serviced apartment construction projects will be rejected, while those already approved can still go ahead, said the Tianjin Bureau of Land and Housing Administration and two other municipal institutions. The Tianjin Daily report on Thursday cited a Ministry of Housing document issued on January 1, saying serviced apartments will no longer be recognized as part of urban land use.