Ghost Cities Spreading in China; SGCC to Invest 380 Bln Yuan in Power Grid in 2014

SHANGHAI, Mar. 3 (SMM) -

Ghost Cities Spreading in China; SOHO China Sells Two Commercial Projects in Shanghai 

Apart from Erdos in Inner Mongolia, more places in Jiangsu, Henan, Hubei, Liaoning and Yunnan provinces were dubbed as “ghost cities” – cities littered with empty houses. In 2013 alone, another 12 cities in China became known as the so-called “ghost cities”, with housing vacancy rate extremely high.

SOHO China Ltd. announced February 28 that it would sell SOHO Helen Plaza and SOHO Jing'an Square, both in Shanghai, for 5.23 billion yuan ($ 853 million) after having spent a total investment of 4.1 billion yuan in the past three years or so.

Foreign Luxury Car Manufacturers’ Sales Tumble in China; Shanghai Promotes New Energy Vehicles

2013 was a tough year for foreign luxury car manufacturers, whose sales in China dropped dramatically, including those of Bentley, Ferrari and Lamborghini.

In order to promote energy conservation and emission reduction, the Shanghai municipal government will encourage the application of new energy vehicles. It is planned that more than 10,000 new energy vehicles will appear and 6,000 electric vehicle charging piles will be installed across the city by 2015.  

SGCC to Invest Over 380 Bln Yuan in Power Grid in 2014

The State Grid Corporation of China (SGCC) plans to invest over 380 billion yuan ($ 61.9 billion) in power grid sector this year, more than 75 billion of which will go to smart grid construction and renovation, and 150 billion will go to distribution network construction and renovation.   

LG Chem Mulls Electric Car Battery Plant in China

LG Chem was mulling over building an electric vehicle battery plant in China, betting that Beijing's efforts to tackle air pollution would boost demand, ceo Park, Jin-Soo said.