Straits Trading boss Chew Gek Khim has successfully flipped a Melbourne office building
It may be the end of the week, but the news keeps rolling in. Today’s headlines include Chew Gek Khim-led Straits Trading Company flipping a Melbourne tower it acquired last year for $123 million, Xinyuan Real Estate buying land in a couple of tier 2 cities for more than $96 million and India’s diamond king setting up shop at a Li Ka-shing owned retail complex. Be sure to keep reading for all of the news.
Straits Trading Company Sells Melbourne Tower for $123 Million
Singapore-listed Straits Trading Company sold a glass and concrete tower at 114 William Street in Melbourne for A$161.5 million ($123 million). The group purchased the building for A$125 million last year from Sydney-based property developers Kyko Group.
The building has a total net lettable area of 21,010 square metres and is home to tenants Cornwall Stodart Lawyers, Host Plus, ING Direct, Westpac and Worrells Solvency & Forensic Accountants among others. Read more>>
Xinyuan Announces New Land Acquisitions in Zhengzhou and Changsha
Xinyuan Real Estate announced that it has completed the acquisitions and secured the land use rights for a land parcel in Zhengzhou, the capital city of Henan province and a land parcel in Changsha, the capital city of Hunan province for a combined total of more than $96 million.
In Zhengzhou, the newly acquired land parcel is adjacent to land parcels that Xinyuan acquired earlier this year in April and will be included as part of the Company’s larger Zhengzhou Shilipu project. The newly acquired Changsha project is located in the Yuhua District, which is located in the downtown area of the city. Read more>>
India’s Diamond King Launches HK Outlet in Li Ka-shing owned mall
Indian luxury jewellery brand Nirav Modi is set to unveil a 3,000 square foot flagship store in 1881 Heritage, a premier shopping arcade at the heart of Tsim Sha Tsui owned by Cheung Kong Property, following a discount on rent of more than 20 per cent from the peak of the market.
Nirav Modi, billionaire founder of the Indian diamond house, also known as India’s “Diamond King” said that falling prime retail rents in Hong Kong had offered an attractive entry point for his burgeoning business in a bid to gain a foothold in greater China. Read more>>
China Gets Desperate About Debt
With its debts surging and growth sluggish, China has hit on a new strategy to revitalize its ailing economy. It’s the same as the old strategy. Only this time, it won’t work.
Earlier this month, China’s State Council released guidelines for a new swap program, in which companies can exchange troubled debt with banks in return for equity. The government hopes this will give the firms a chance to restructure on favorable terms, and avoid the prospect of “zombie companies” propped up indefinitely by state-owned lenders. Read more>>
Wanda’s Wang Goes to Shanghai Disney as Rivals Mend Fences
Wang Jianlin visited Walt Disney Co.’s new Shanghai resort on Wednesday, a sign the Dalian Wanda Group chairman is mending ties with the U.S. entertainment giant months after he issued a challenge to drive his theme parks rival out of China.
Wang, who is planning to open a slew of Wanda City theme parks throughout China, issued his challenge to Disney as early as May, a month before the Burbank, California-based company opened its first resort in mainland China. Read more>>
Chinese Investors Pump $33 Million Into Libyan Projects
Beida-based Prime Minister Abdullah Al-Thinni has announced major plans for the development of Tobruk. There will be a new deep water port which will be the largest in Libya, a new commercial new airport, also to be the largest in the country, and a railway heading south to Sudan.
Funding for the three projects will come from a consortium of Chinese investors, he explained. He did not name them, but on this scale they would have to be Chinese state-owned enterprises. Read more>>
Firm That Built China’s Fake Islands Gets Philippines Deal
A Chinese state-owned company said to have been involved in Beijing’s island-building in the South China Sea signed a deal to construct islands for rival claimant the Philippines as its President Rodrigo Duterte visited last week.
CCCC Dredging will create four artificial islands totaling 208 hectares of reclaimed land in Davao, the port city on the southern island of Mindanao where Duterte was mayor. 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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