Greenland’s Jeju Dream Tower will be the first Korean project to be built by a foreign contractor
After taking a few days off from its acquisition drive, Anbang is back in deal-making mode this week buying a loss-making Korean insurer for a reported $260 million. Meanwhile Greenland Group becomes the first foreign developer to employ a non-local contractor to build a Korean project, and Chinese developers take aim at Canada. Read on for all the details.
Anbang Bounces Back From Starwood Debacle to Buy Allianz Korea
China’s Anbang Insurance Group agreed with Allianz Group on Wednesday to acquire the local unit of the German insurance giant, industry sources said, in what would be Anbang’s second takeover of a life insurer here in about a year.
The agreement calls for Anbang to purchase a 100 percent stake in Allianz Life Insurance Korea Co. from Allianz, according to the sources. Financial terms of the deal were not disclosed. Read more>>
Wanda’s Jewel Project Hopes to Anchor Aussie Gold Coast Tourism Boom
The fight for Chinese tourism dollars is at the centre of a billion-dollar resort investment on the Gold Coast.
Work had already begun on the site where Jewel, the first beachfront resort development to be built on the Gold Coast in about 30 years, will tower over surf and sand, when acting Premier Jackie Trad and Tourism Minister Kate Jones joined a Chinese consortium delegation and their chosen developer to formalise the construction agreement. Read more>>
Greenland Selects CSCEC to Build $97.8M Jeju Tower
A Chinese construction firm will build a 38-story resort complex in Jeju, which though not exceptionally high would be the island’s tallest structure. It is the first time a Chinese contractor is building a big project in Korea.
The builder is China State Construction Engineering Corporation, the world’s top-ranked construction firm with US$97.8 billion worth of contracts in 2014 alone. Read more>>
Chinese Developers Aim for Canadian Projects
Chinese residential developers are widening their beachheads in Canada as demand for homes grows in part from people of Chinese descent.
Tianco Group Inc., DongDu International Group and Greenland Group are among the Chinese-controlled developers that are planning to increase their activity, executives of those companies say.
Part of Canada’s allure to developers is that many cities, including Vancouver and Toronto, have established Chinese communities. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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