Danwei Noon Report is a daily roundup of new and old media coverage about China from Chinese and English sources. Today's report is short and sweet

Cutting down on dead tree use

Foreigners and real estate in China
From the Financial Times:

China has issued detailed rules on the foreign exchange aspects of foreigners’ purchases of property, filling out a regulation issued in July that placed restrictions on who could buy real estate.

The new rules, issued by the State Administration of Foreign Exchange and the Construction Ministry, say that foreigners must obtain approval before repatriating the proceeds of sales of property.

They also require that foreign investors that want to take over or acquire stakes in Chinese property firms must buy them in cash, and that banks and local foreign exchange administrations step up supervision over property purchases involving foreign currency. (Link)

Ikea China has switched to slimmed-down booklets instead of the Swedish furniture retailer's traditional phone-book-size annual catalog, in a departure from its practice around the world.

If the launch goes well in China, parent company Ikea International AS may consider expanding the practice to other countries, said Ikea's China marketing head, Ulf Smedberg.

Ikea is trying to keep costs down and expand its reach into China as it fights local competitors for notoriously price-sensitive Chinese consumers. Ikea's China retail branches are more tightly focused on price than its other stores around the world because many competitors offer less-expensive copies of Ikea designs. To compete, Ikea has cut prices in China to some of its lowest in the world, offering 12-cent ice-cream cones and $1 place mats.

Referred to as a "multilogue" by Ikea executives, the 40-page booklet has more product shots and fewer of the full-page spreads showing whole rooms that give its traditional catalog the look of a decorating magazine.

The booklets will be distributed five times a year and will give the retailer more flexibility to change prices in China, officials say. According to estimates from global consulting firm Bain & Co., Ikea holds a 43% market share of China's expanding $15 billion housewares industry. (Link - subscription required)