Landsea could build as many as 569 homes in the southern California city.
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Chinese Developer Buys Land for 569-Home California Project
A Chinese homebuilder with a $1 billion war chest has moved its U.S. headquarters to Orange County and recently made Lake Forest the site of its fifth U.S. development.
Landsea Holdings Corp., the private subsidiary managing U.S. development for one of China’s top 100 builders, moved its U.S. base to Irvine from Pasadena earlier this year to be closer to the national and regional offices for a host of homebuilding firms. Read more>>
CapitaLand to Set New China Home Sales Record in 2015
FY15 is set to be a bumper year for CapitaLand China, according to a report by DBS. Residential sales so far in the year have already soared to a RMB11.6b record high in Q3, which will be the highest level in 4 years.
Now the Singaporean developer plans to deepen its presence in the country by focusing on its Tier 1 and Tier 2 cities. Thanks to increasing foreign direct investments, a growing pool of workers on rapid urbanization rates, and connectivity improved by infrastructure development, there is no dearth in demand. Read more>>
Hong Kong Home Rents Drop Most in Four Years as Market Turns
Hong Kong’s home rents fell 1.8 per cent month on month in October, the biggest monthly decline in four years, a private study shows. Analysts say the falling trend may intensify as a large number of private housing units will be delivered to the primary market soon.
Average home rents at 100 housing estates stood at HK$33.40 per square foot a month, against September’s peak of HK$34, according to a study by Centaline Property Agency, one of the city’s major property agents. Read more>>
Moody’s Says Evergrande Insurance Deal Won’t Make Credit Any Worse
Moody’s Investors Service says that Evergrande Real Estate Group Limited’s investment in Great Eastern Life Assurance (China) Co., Ltd. (GELC, unrated) is credit negative, but will have no immediate impact on its B1 corporate family rating and B2 senior unsecured debt rating.
The ratings outlook remains negative.
On 22 November, Evergrande announced its plans to acquire a 50% equity interest in GELC, a sino-foreign joint venture life insurance company headquartered in the western part of China, for a total consideration of about RMB3.94 billion. Read more>>
NY Property Tycoon Makes Design Statement with Vanke JV Project
A joint venture between China Vanke and New York contemporary art patron and property magnate Aby Rosen is set to create a new landmark residential building in Manhattan’s Midtown East, in a bid to lead the predominantly business and commercial district’s evolution into a luxury neighbourhood for art- and design-loving residents.
The 63-storey structure, designed by the London-based architect Norman Foster, is under construction on a site next to Mies van der Rohe and Philip Johnson’s iconic Seagram Building, which Rosen’s company RFR Holding also owns, and comes a decade after the global slowdown forced Rosen to shelve plans to build a luxury hotel on the site. Read more>>
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