“China is on track to complete one skyscraper every five days over the next three years,” according to the Financial Times’ Beyond BRICs blog. Meanwhile, Business Insider posted images of “China’s ghost cities” – massive, deserted residential developments built on speculation in various parts of the country. The Chinese government’s efforts to control such speculation reportedly caused one developer to pull “China’s most expensive apartment” – listed at US$46.2 million — off the market last week.
The Economic Times discussed the trend of Indian HNWIs “cluster buying” homes in London for personal, family, and staff use.
Turkey saw 12.6% foreign investment rise during the first four months of 2011. While this number was primarily driven by investors from the EU, the Hürriyet Daily News reported, HNWIs from the Gulf states “seeking a safe place to store their cash” drove up Turkey’s foreign investment totals in March.
Last week, the Russian government announced the creation of a US$10 billion Russian Direct Investment Fund, designed to attract international investors to “Russian growth companies operating in sectors like IT, healthcare and infrastructure,” according to Russia Briefing.
Stock exchanges around the world, including the London Stock Exchange, are competing to attract Indian IPOs.
Art.sy may turn out to be the “holy grail of private [art] market prices,” according to The Art Newspaper.
Last Friday, the EU announced new regulations on bankers’ bonuses will go into effect on January 1, 2011. These regulations will cover bonuses awarded for work done in 2010. These new rules will apply to Americans working on overseas assignments in European offices, too, according to the Financial Times (subscription required).
Cape Town, South Africa’s V&A Waterfront, which is “almost certainly the country’s most valuable piece of real estate,” sold on December 10 for R10 Billion (US$1.46 billion), according to the Mail & Guardian.
The European edition of China Daily published an article on December 9 about the scope of real estate bubbles in various cities around China.
On a related note, the Urban Land Institute and PwC published “Emerging Trends in Real Estate® Asia Pacific 2011” last Thursday.
“Shanghai plans to be Asia’s top stock market by 2013 and launch 24-hour trading by the end of the decade as it works towards setting up an international board,” according to Agence France Presse.
Meanwhile, Fast Company reported that several Chinese social media companies plan to file US IPOs in the new year.
A Financial Times article, “China’s listed banks still at behest of the state” (subscription required), discussed the relationship between publicly-traded banks and the Chinese government.
The Guardian’s Voluntary Sector blog recently focused on planned giving in the UK.