Could Wang Jianlin be cooking up some Hollywood magic with his movie assets?
China’s richest man continued to dominate the headlines late last week as a plans to re-list Wanda Commercial Properties seems to be back on track while Wang Jianlin also announced a plan to resell some recently acquired US assets to his publicly listed film company for $5.7 billion. Chinese developers in NY continue to be busy selling homes with Shanghai Construction Group helping bring Manhattan homes on the market for up to $5 million. Read on for all the details.
Wanda Continues Re-Listing Plan After Govt Warning
Billionaire Wang Jianlin’s Dalian Wanda Group Co. will proceed with plans to buy out its Hong Kong-listed property unit after considering whether to scrap the deal in the wake of Chinese regulatory concerns, people familiar with the matter said.
Dalian Wanda Commercial Properties Co. is in the process of clearing the plan with Hong Kong authorities and will probably announce details of the buyout as soon as next week, one of the people said. Read more>>
Wanda to Sell Private Acquisitions to Public Subsidiary for $5.7B
Chinese tycoon Wang Jianlin’s Wanda Cinema Line Corp, the country’s biggest cinemas operator, said on Thursday it plans to acquire movie-making affiliate Wanda Media for 37.2 billion yuan ($5.7 billion) in cash and shares.
Wanda Cinema, whose parent Dalian Wanda Group acquired U.S. film studio Legendary Entertainment in January for about $3.5 billion, said in a filing with the Shenzhen stock exchange that it now aims to acquire Wanda Media, the current owner of Legendary Pictures. Read more>>
Xinyuan Says NYC Luxury Market at “Edge of Bubble”
Chinese developer Xinyuan Real Estate provided insight into its growing New York City operations this week, revealing that its upcoming Hell’s Kitchen condominium development is “in the planning and design stage” and sales at its Oosten condo project in Williamsburg are moving along briskly.
Speaking on the Beijing-based company’s first quarter earnings call Tuesday, Xinyuan – which is publicly traded on the New York Stock Exchange – Xinyuan CFO George Liu said that “architectural, engineering and marketing teams have already been assembled” for the Hell’s Kitchen project at 615 10th Avenue. Read more>>
Kuafu’s MiMA Project Hits NY Market for Up to $5M Per Home
Kuafu Properties and SCG America, the U.S. arm of Shanghai Construction Group, are officially launching sales at Manhattan View at MiMA, the condominium conversion of the upper floors of the MiMA rental building in Midtown West.
The project comprises 151 homes, ranging from studios to three-bedroom residences, all designed by celebrity interiors guru Jamie Drake. Drake, who designed the model unit at Extell Development’s One57 and was involved in the renovation of Gracie Mansion and City Hall, counts Madonna among his celebrity clients. 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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