Wanda has headed for the door on its AMC Theatre investment
In today’s roundup of regional news headlines, Dalian Wanda cashes out of nearly its entire stake in cinema operator AMC Entertainment, Hong Kong developer Sino Land’s parent group offers 1,000 jobs across its business units, and a bungalow property near the Singapore Botanic Gardens fetches a record price.
China’s Dalian Wanda Dumps Remaining Stake in AMC Entertainment for $426M
China’s Dalian Wanda Group has dumped almost all of its remaining holdings in AMC Entertainment for $426 million, bringing its stake down to just 0.002 percent, according to a Friday regulatory filing.
Since last Thursday, Dalian Wanda has sold off 30.4 million of its AMC shares, leaving it just 10,000 shares. Read more>>
Hong Kong’s Sino Group Steps Up Hiring as Economy Recovers
Sino Group, which controls Hong Kong-listed developer Sino Land, has become the latest company to kick-start new hiring as economic activity picks up in the city.
The company said it will host a career day on 29 May and offer about 1,000 jobs across its various businesses. Read more>>
Jeju Casino Developer Landing Raising $18M Via New Shares
Hong Kong-listed Landing International Development, promoter of a foreigner-only casino and resort on Jeju Island in South Korea, is to raise HK$138.8 million ($17.9 million) for a combination of capital expenditure on existing facilities at Jeju Shinhwa World and the cost of a new hotel there.
The firm says the move is in anticipation of a tourism recovery later this year, with the easing of the worst effects of the COVID-19 pandemic. Read more>>
Bungalow Near Singapore Botanic Gardens Goes for Record Price
A freehold property on Cluny Hill near the Singapore Botanic Gardens, with a bungalow under construction, is in the early stages of a sale for S$63.7 million ($47.9 million).
That translates to a record S$4,291 per square foot based on 14,843 square feet (1,379 square metres) of land — exceeding the S$4,005 high set earlier this year for an existing bungalow in Nassim Road on a much larger area of 32,159 square feet. Read more>>
Japan’s Kasumigaseki Capital to Engage in Indonesian Housing Project
Japanese real estate consulting firm Kasumigaseki Capital has tied up with Indonesian developer PT Baruna Realty, known for its trademark Greenwoods Group, for a housing development project in the suburbs of Jakarta.
Kasumigaseki Capital’s local subsidiary, PT Kasumigaseki Development Indonesia, and Baruna Realty will construct 316 housing units in the Bekasi Regency of West Java for sale beginning in September. Read more>>
China’s Scrutiny of Shadow Debt Bites Developers Like Evergrande
A tightening of Chinese developers’ use of secretive funding is threatening to curb growth in the world’s second-largest economy.
For years, China’s property developers have drawn on shadowy pools of capital to fund their projects. Now, government scrutiny is reining in that system, after already curbing traditional avenues of funding. Read more>>
Hong Kong Weekend Home Sales Slide as Fever Cools
Hong Kong’s property buyers took a break over the weekend, shrugging aside most of the 188 apartments on offer at two locations, as their demand had been sated by a string of property releases.
In Wong Chuk Hang near Aberdeen on the southern corner of Hong Kong Island, Road King Infrastructure sold 22 of the 106 flats on offer at its South Land project. In Tuen Mun, Sun Hung Kai Properties managed to find buyers for 13 flats out of the 82 on offer at the second phase of its Regency Bay development. Read more>>
Demand for SG Luxury Penthouses Holds Steady Despite Pandemic
Despite the pandemic and ongoing border closures, demand for penthouses has proved firm, with nine transactions so far this year.
While the recent surge in the number of community COVID cases is a temporary setback, demand for luxury homes could gather pace again soon, especially as travel restrictions are eased, consultants said, pointing to interest from ultra-high-net-worth individuals and foreign investors. Read more>>
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