Leighton Asia and CSCEC will build a tunnel from Tseung Kwan O (pictured) to Lam Tin in Hong Kong
An Australian-Chinese joint venture has won a long-delayed contract to build a new tunnel in Hong Kong, the world’s biggest warehouse builder is seeking $302 million in new funding for its mainland branch, and officials in China’s Zhejiang province are cooking up schemes to sell off a rising inventory of unsold property. Read on for all these stories and more.
Leighton-CSCEC JV Wins $1.2B HK Tunnel Deal
A joint venture of CIMIC Group company’s Leighton Contractors (Asia) Limited (Leighton Asia) has been awarded an A$1.58 billion (S$1.6 billion) contract by the government of Hong Kong’s Special Administrative Region for the construction of Tseung Kwan O-Lam Tin Tunnel.
Leighton Asia won the contract through a joint venture with China State Construction Engineering (Hong Kong) Limited. Read more>>
GLP China Issues RMB 1.5Bil in Panda Bonds
GLP China, the China unit of Global Logistic Properties, says it will issue RMB 1.5 billion ($302.5 million) of RMB-denominated bonds, otherwise known as panda bonds, on the Shanghai Stock Exchange (SSE).
The three- and five-year tenor bonds will be priced at 3.12% and 3.58% respectively per annum, and will be used to repay existing debt as well as fund the company’s business growth in China. Read more>>
Zhejiang Govt Tries to Cut Property Glut
Zhejiang province has become the latest to roll out policies aimed at slashing its property glut.
The new batch of measures — released under an “action plan” by the provincial government — include easing restrictions on residents buying properties in other cities, encouraging migrant workers to buy urban homes, and reducing land supply in cities that face mounting inventories. Read more>>
Korean Investors Back Away From UK Deals Post-Brexit
The Britain’s decision to leave the European Union has made Korean institutional investors reevaluate their real estate investment strategy in the United Kingdom amid rising uncertainties.
According to sources from the investment banking industry and National Pension Service on Thursday, Hyundai Investment Co along with three or four other Korean institutional investors had sought to acquire Prince Exchange building located in Scotland’s capital city Edinburgh for about 130 billion won ($112 million), but recently decided to hold off investment until they further see the developments from the British break from the EU bloc. Read more>>
Xiaomi to Open 1000 Mainland Stores as Online Sales Slump
Smartphone vendor Xiaomi Corp said on Monday it plans to open 1,000 offline experience stores over the next three to four years and continue to expand its product portfolio. The move toward experience stores comes in the wake of online smartphone sales hitting the ceiling.
Xiaomi has been grappling with declining phone shipments and mounting competition from rivals such as Huawei Technologies Co Ltd 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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