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Washington Post
24 minutes ago
- Washington Post
Australia PM Albanese kicks off China visit focused on trade
BEIJING — Australian Prime Minister Anthony Albanese kicked off a visit to China this weekend meant to shore up trade relations between the two countries. Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress.
Associated Press
31 minutes ago
- Associated Press
Australia PM Albanese kicks off China visit focused on trade
BEIJING (AP) — Australian Prime Minister Anthony Albanese kicked off a visit to China this weekend meant to shore up trade relations between the two countries. Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress. Albanese is leading 'a very large business delegation' to China, which speaks to the importance of the economic relations between Australian and China, he told Chinese state broadcaster CGTN upon his arrival in Shanghai Saturday. During a weeklong trip, Albanese is set to meet business, tourism and sport representatives in Shanghai and Chengdu including a CEO roundtable Tuesday in Beijing, his office said. It is Albanese's second visit to China since his center-left Labor Party government was first elected in 2022. The party was reelected in May with an increased majority. Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year. Beijing severed communications with the previous administration over issues including Australia's calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia's economic dependence on China, a free trade partner. 'My government has worked very hard to diversify trade … and to increase our relationships with other countries in the region, including India and Indonesia and the ASEAN countries,' Albanese said before his visit, referring to the 10-member Association of Southeast Asian Nations. 'But the relationship with China is an important one, as is our relationships when it comes to exports with the north Asian economies of South Korea and Japan,' he added. Chinese state-run Xinhua News Agency, in an editorial Sunday, described China's relationship with Australia as 'steadily improving' and undergoing 'fresh momentum.' 'There are no fundamental conflicts of interest between China and Australia,' the editorial stated. 'By managing differences through mutual respect and focusing on shared interests, the two sides can achieve common prosperity and benefit.'
Yahoo
an hour ago
- Yahoo
Singapore's first post-curb home launch sells 94%
By Low De Wei (Bloomberg) — Singapore's first mass-market private residential project launched since new curbs were introduced saw the development almost sold out as homes were sold at lower-than-usual prices. The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That's about 94 per cent of the 343 units to be built at a business park in the city's south. The launch came over a week after the introduction of surprise measures targeting speculators in the property market. Owners must now hold their homes for at least four years if they want to avoid paying a seller's tax, from three previously, while those who still choose to do so face higher levies than before. CapitaLand Development – part of CapitaLand Group that's owned by Singapore state investor Temasek Holdings Pte – said LyndenWoods homes were sold at an average price of S$2,450 ($1,914) per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential. That's lower than median rates for similar units across Singapore and the district. Another project about a mile away has sold less than half of its 358 units after its launch earlier this year. The early performance may validate policymakers' concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world's most expensive residential markets. Private home prices grew for a third straight quarter in the three months ended June, although the pace slowed to 0.5 per cent, preliminary data show. Not all projects have outperformed. High-end homes in the central business district have struggled since seperate curbs in 2023 raised levies on foreigner purchases, and the projects have been less popular among local buyers due to relatively higher pricing and a lack of amenities. One such luxury project boasting over 680 units, W Residences Marina View, was also slated to accept bookings on Saturday. IOI Properties Group Bhd., its Malaysian developer, has not publicly released data on its performance. More projects are lined up for sale in coming weeks, and may give further clues of how buyers are digesting the measures. The opening sales weekend for private projects usually sees the bulk of transactions, and is closely watched for an indication of market sentiment. More stories like this are available on ©2025 Bloomberg L.P.
