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Beijing seeing an increase in sales of luxury homes

Beijing is once again seeing an increase in sales of luxury homes. After imposing drastic measures to rein in house prices amid concerns of an overheated economy, Beijing is once again seeing an increase in sales of luxury homes. According to local real estate consulting agencies, upscale housing in the Chinese capital has seen a sharp increase in sales in November, driven by appetite from foreign buyers and relatively cheap loans

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Beijing is once again seeing an increase in sales of luxury homes. After imposing drastic measures to rein in house prices amid concerns of an overheated economy, Beijing is once again seeing an increase in sales of luxury homes.

According to local real estate consulting agencies, upscale housing in the Chinese capital has seen a sharp increase in sales in November, driven by appetite from foreign buyers and relatively cheap loans.

Sales in Beijing luxury home sector rise

Four hundred and twelve units of high-end houses, mainly villas priced at about RMB50,000 (US$7,948) per square metre, were sold in November, up 52% year-on-year and 84.8% month-on-month, according to Beijing-based Yahao Real Estate. This marks the sector’s largest sales volume in Beijing since April 2010.

In addition, total turnover amounted to RMB3.5 billion (US$477 million), up 47.3% from last year, according to a private research centre.

Motivated by the good results, many developers are mulling a markup of prices by upgrading their new houses, especially those around prime sites, said many industry insiders.

Beijing is one of the first Chinese cities that imposed a raft of measures to rein in housing prices since April 2012. The Chinese government has repeatedly reiterated its stance on controlling its red-hot property market, and vowed to keep measures in place.

But despite the restrictive measures and this year’s grim economic conditions, the country’s overall real estate market is showing signs of recovery. And luxury housing attracted particularly strong demand because enterprises tend to make safer investments and put their money into villas that hold value, as the real economy is taking the brunt of a global slowdown, said a deputy manager from Yahao Real Estate.

By Rodel Ambas Jr

10 December 2012

Source: Live Trading News

See the original post –  Sales in Beijing luxury home sector rise

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Tourism

Acclaimed MICHELIN Guide Thailand gets 5-year extension from 2022-2026

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edd43d39 acclaimed michelin guide thailand gets 5 year extension from 2022 2026

Bangkok, 2 December, 2021 – The Ministry of Tourism and Sports and the Tourism Authority of Thailand (TAT) are pleased to announce that the success of The MICHELIN Guide Thailand over the past five years, since its launch in 2017, has resulted in the project being extended for another five years from 2022 to 2026 guaranteeing continued promotion of gastronomy tourism in Thailand to the highest international level.

Mr. Yuthasak Supasorn, TAT Governor, said, “The MICHELIN Guide Thailand in its four editions so far has been received tremendously well, and has been instrumental in bringing Thailand’s world-class culinary scene to the world. The next five editions to come under TAT’s expanded partnership with The MICHELIN Guide will aim to build on that success and promises a number of new elements. This will see its search extended to three more provinces, including one in the Northeast, and the introduction of a new award category – the MICHELIN Guide Thailand Service Award presented by TAT will recognise outstanding service personnel in the culinary and hospitality industries.

“At the same time, The MICHELIN Guide Thailand will play an important role in helping drive the government’s Creative Economy policy under the Bio-Circular-Green or BCG Economic Model. It will do so by enhancing the image of Thailand globally as a leading tourism destination through the promotion of Gastronomy Tourism, and in a sustainable development manner.”

Mr. Manuel Montana, President of Michelin East Asia and Australia, said, “The extended partnership will allow us to provide further support and contributions to Thailand’s gastronomy and tourism sectors – a much-needed morale booster for local entrepreneurs, especially during and after the pandemic. With the MICHELIN Guide’s active presence through both traditional and digital channels on a global scale, we will continue to enhance the exposure of Thailand as a world-class culinary destination, as well as help amplify the rebound of Thai tourism after the Covid-19 crisis. Additionally, in line with the Thai government’s policies around the Bio, Circular and Green economy, The MICHELIN Guide’s efforts to raise awareness and promote sustainability in the culinary and hospitality sectors, will benefit not only the country’s economy and its people, but also the planet as a whole.”

The partnership between TAT and The MICHELIN Guide began in 2017 with the launch of The MICHELIN Guide Bangkok 2018, the aim being to help food lovers explore the Thai culinary scene and to raise the profile of Thai restaurants while boosting the economy at the same time.

Right from the start, it was planned that other destinations around Thailand would be added to subsequent editions of the MICHELIN Guide. This was seen with the second edition – The MICHELIN Guide Bangkok, Phuket and Phang-Nga 2019 – extending coverage from the capital city to its surrounding provinces of Nonthaburi, Pathum Thani, Nakhon Pathom, Samut Sakhon, and Samut Prakan and the two Southern provinces.

The following year, the further-expanded The MICHELIN Guide Bangkok, Chiang Mai, Phuket & Phang-Nga 2020 was released with the addition of the renowned Northern city of Chiang Mai and its thriving culinary scene.

Still more expansion came with the arrival of The MICHELIN Guide Thailand 2021, the current edition, but rather than being the addition of more destinations it was in the form of two new awards and a new distinction. These were the MICHELIN Guide Young Chef Award – for a young starred chef with exceptional talent and potential, the MICHELIN Guide Service Award  – for a restaurant personality showing a genuine passion in making customers feel special and ensuring they enjoy a wonderful dining experience, and the MICHELIN Green Star – recognition given to those restaurants that embody and embrace sustainability in their day-to-day operations; such as, recycling, food waste reduction, and promotion of local ingredient sourcing.

Representing the truly remarkable kaleidoscope of culinary experiences on offer in Thailand, The MICHELIN Guide Thailand 2021 lists in total 299 restaurants and eateries throughout the featured destinations. These include 6 two-star and 22 one-star establishments, 106 Bib Gourmand establishments, and 165 Plate rated establishments.

The fifth edition of The MICHELIN Guide Thailand, due for release at the end of 2021, will see the addition of yet another new destination, this time Phra Nakhon Si Ayutthaya. A former capital of Thailand (when it was known as Siam) and today a UNESCO World Heritage Site, Ayutthaya’s dining scene is an impressive fusion of old and new, and the city will be showcased as an outstanding gastronomy tourism destination for all ages.

Research into Thailand’s inclusion of gastronomy tourism as one of the key elements of its overall tourism promotion and marketing has resulted in some impressive findings. Two papers – one by Kenetixs Consulting on Gastronomy Tourism in Thailand and the other an assessment by Ernst & Young of The MICHELIN Guide Thailand from 2017-2020 – similarly concluded that economic value had been created for the country on several fronts.

This included an increase in food spending by foreign tourists of double in 2019 to 842.4 million Baht, the creation of 4,800 additional jobs in the food-related sector, a 33% increase in food-related events; such as, dinner with chefs from MICHELIN-starred restaurants, and a 137% increase in street food and fine-dining MICHELIN Guide’s awarded establishments. Also seen was increased development and enhancement in the food-related sector towards the maintaining of high service standards, the attraction of more foreign chefs to come and work in Thailand, and encouragement of investment in fine-dining in Thailand.

The post Acclaimed MICHELIN Guide Thailand gets 5-year extension from 2022-2026 appeared first on TAT Newsroom.

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Economics

Thailand’s Ministry of Finance expects 3.5 to 4.5% economic growth in 2022

For next year, the Ministry of Finance is projecting an economic growth of 3.5-4.5% from effective pandemic control measures, incentives, domestic spending, the export sector, private investment support, global economic recovery, and government expenditures.

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The Minister of Finance says Thailand’s economy this year would see only a 1.1-1.2% growth

BANGKOK (NNT) – The Ministry of Finance is now projecting an economic rebound to 4.5% growth next year, with government investments serving as key drivers. The Minister of Finance says the government will focus more on inclusive growth next year, with no sectors left behind.

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