News roundup: China planning ‘major reforms’ says President Xi Jinping, plus other news

For PropertyGuru’s news roundup, China’s Communist Party is planning and implementing “major” reforms, to be announced at the Third Plenum. In other updates, Australia’s largest shopping centre will open its properties outside traditional hours for Paris Olympics viewing. The Philippines’ Social Security System (SSS) is optimistic it will generate more profit from its PHP6 billion investments in real estate investment trusts (REITs).

China planning ‘major’ reforms, leader Xi Jinping says ahead of a key political meeting

Chinese President Xi Jinping said on 28th June that the ruling Communist Party was planning and implementing “major” reforms, ahead of a closely watched political conclave expected to put economic recovery high on the agenda.

In a speech, Xi said policymakers “are planning and implementing major measures to further deepen reform in a comprehensive manner”.

“We will… form a more market-oriented, legal and international business environment,” he added. “China’s door will only open wider and wider, and will never be closed.”

On 27th June, it was announced that the delayed Third Plenum — a meeting historically watched for signs on economic policy direction — will take place in Beijing in mid-July, HKFP reports. The key meeting of top officials, originally expected last autumn, is highly anticipated in the hopes it might resolve the uncertainty that has weighed on the country’s economy.

Westfield shopping centres across Australia to livestream Olympic events, even outside traditional opening hours

Australia’s largest shopping centre owner is allowing its customers to “come together and cheer” by opening its properties outside traditional hours for the Paris Olympics.

Scentre Group has partnered with the Australian Olympic Committee and Paralympics Australia for its 37 Westfield shopping centres across Australia to be official Live Sites for the Paris Games from late July to September.

Customers can visit their local Westfield shopping centre to see dedicated live-streamed key events and matches direct from Paris, and be involved in Olympic and Paralympic-themed events. And with the Paris time difference the shopping centres will be open outside the traditional shopping hours for key events.

“We will be giving Australians here the opportunity to come together and cheer on their favourite athletes,” Scentre Group chief executive Elliott Rusanow said on realcommercial.com.au.

SSS expects higher profit from REIT investments in the Philippines

The Social Security System (SSS) of the Philippines said it is optimistic to generate more profit from its PHP6 billion investments in nearly all real estate investment trusts (REITs) available in the country this year.

In a statement on 3rd June, SSS President and Chief Executive Officer Rolando Ledesma Macasaet said in a PNA report that the optimism was due to the expected rate cut in the second half of the year and the increasingly favourable market conditions. He also said the positive outlook sets the stage for potentially higher returns on SSS’ investments.

Of the PHP6 billion investments in REITs, more than 75 percent were purchased this year.

The Property Report editors wrote this article. For more information, email: [email protected].