Wang Jianlin hopes to set a new Chicago price record with the penthouse of the Wanda Vista
China’s richest man is hoping to bring New York luxury (and Manhattan real estate prices) to the Midwest, while major mainland developers are keeping calm about the 2016 outlook, despite a first quarter market recovery. And another type of land purchase is going on down under, as a Chinese joint venture gets ready to acquire Australia’s biggest ranch owner. Read on for all these stories and more.
Dalian Wanda to Offer 95th Floor Chicago Penthouse for $17 Mil
When the 95-story Vista Tower is completed in 2020, it will be the third-tallest building in Chicago, and at its very top will be a 7,000-square-foot duplex penthouse, currently offered for $17.1 million.
If it sells, the penthouse would just barely eke out an all-time record for Chicago’s most expensive residential real estate. (A penthouse on the 89th floor of the Trump Tower sold for $17 million in 2014, after its price was halved from the original listing price of $32 million). Read more>>
Major Chinese Developers Keep Cautious Despite First-Tier Froth
Chinese developers set conservative goals for sales in 2016, indicating that they expect property growth to slow after a period of credit-fueled expansion.
Twenty-two major Chinese developers set a combined contracted sales goal at 1.3 trillion yuan ($201 billion) this year, representing an 8.8 percent gain from the sales value they reached in 2015, according to data compiled by Bloomberg. The projected sales growth is smaller than the 20 percent increase they delivered a year earlier. Read more>>
Mainland Developers Compete to Buy Up Insurance Companies
Chinese insurance companies have set new records with their appetite for real estate acquisitions. Now the tables are turning as developers prowl for insurers.
Country Garden Holdings Co and Future Land Development are among Chinese developers bidding for Dah Sing Financial Holdings Ltd’s life insurance operations, people familiar with the matter said this month. Country Garden last year was a close runner-up in an auction for a life insurance unit under Ageas SA. Read more>>
Chinese JV to Buy Australia’s Biggest Landowner for $289 Mil
Australia’s largest landholder, S. Kidman & Co., is set to be hived off to a joint venture headed by Shanghai Pengxin for around A$370 million.
The complicated deal will see ASX-listed Australian Rural Capital claim 20 per cent, while the remaining 80 per cent will be held by Dakang Australia, according to a statement from parent Hunan Dakang Pasture Farming Co to the Shenzhen Stock Exchange. Read more>>
Five-Storey “Happy Slide” Opens in Shanghai Mall
For months now, images of a massive slide at a shopping mall in Shanghai have been spreading virally online. Known as the Happy Slide, the 54-meter-long tube will allow thrill-seeking shoppers to go from the top floor to ground level in a hair-raising 16 seconds!
This new slide is in the New World Department Store mall in Shanghai’s Pudong District. Liu Le was one of the first to brave the slide. He made it down in one piece, but advised that he wouldn’t recommend the experience for young children. 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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