Sun Art’s RT-Marts are now a target for Alibaba
It’s been a busy year for the real estate crowd, but things might be slowing down a bit for Chinese buyers of overseas assets, according to the latest government numbers. Figure in the spring festival effect before you read too much into that report. Meanwhile a Japanese investor is on its way to building $1 billion portfolio around Washington, DC and Jack Ma buys more bricks and mortar. Read on for all these stories and more.
China Outbound Property Deals Slid 84% in Jan
Foreign property investment by Chinese companies plunged by 84 per cent last month, as Beijing’s capital controls choked off the flow of foreign acquisitions.
In an effort to curb capital outflows and ease downward pressure on the renminbi, Chinese regulators have in recent months imposed a series of restrictions on outbound dealmaking. The curbs came after outbound investment in non-financial assets surged by 44 per cent in 2016 to a record $170bn. Read more>>
Japan’s Unizo Buys DC Commercial Complex for $148M
Unizo Holdings Co. Ltd. came one big step closer Wednesday to a $1 billion D.C. portfolio.
The Japanese investor closed Wednesday on its $148 million acquisition of Capitol View, following a flurry of deals in 2016 for properties ranging from The Executive Building at 1030 15th St. NW to the CNN-anchored Union Center Plaza Phase 2 in NoMa. That brings its running total to about $936.5 million. Read more>>
Sun Art Shares Halted After Reports of Alibaba Bid
Sun Art Retail Group Ltd., the parent of China’s largest grocery chain, asked for its shares to be suspended in Hong Kong on Friday amid speculation that the company is in talks to sell its supermarket operation, RT-Mart, to e-commerce giant Alibaba Group Holding Ltd.
Shares in Sun Art, the biggest hypermarket operator in China, jumped 6.5% to HK$8.70 ($1.12) on Friday morning before the suspension, their highest level in two years, after Chinese media reported that the two companies were in discussions. Read more>>
14 Developers Compete for Hong Kong Island Residential Site
The Hong Kong government’s tender of a residential site in Ap Lei Chau on Hong Kong island has attracted good response, with 14 bids received from local and mainland developers
The waterfront site, which could yield a total gross floor area of 762,091 square feet, can accommodate 1,400 units of 540 square feet in size, and is estimated to fetch prices of HK$7.6 billion to HK$11.4 billion or HK$9,972 per square foot to HK$15,000 per square foot. Read more>>
Pamfleet Puts SG’s Prospex Back on the Market with New Price Tag
THE Prospex, a nine-storey retail and office building next to Bugis+, is back on the market, this time with an indicative guide price “in excess of S$70 million”.
This appears to be lower than the S$80 million asking price when the building was previously put up for sale on an en bloc basis through an expression of interest (EOI) exercise that closed in October 2015. The big difference this time around is that the building has now been substantially let; no tenants had been signed up when the previous sale attempt was launched. 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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