Li Ka-shing has picked out a $2.1 bil Canadian prize
Leading today’s news, Hong Kong’s “Superman” is flexing his financial muscle again as Cheung Kong Property agrees to buy a Canadian HVAC business for more than $2.1 billion. Also in the headlines, after the city of Beijing rolled out nearly a dozen new restriction on home purchases since the lunar new year, China’s housing ministry points to the capital as a model for other cities to aspire to, and in Hong Kong home prices hit new records despite more land sales and higher duties. Read on for all these stories and more.
Li Ka-shing Buying Canadian HVAC Co for $2.1 Bil
Cheung Kong Property Holdings, controlled by Hong Kong’s second richest man Li Ka-shing, announced plans to acquire a Canadian building equipment services provider for HK$16.44 billion (US$2.12 billion).
The Canadian company is engaged in the building equipment services sector providing water heaters, HVAC (heating, ventilation and air conditioning) equipment, comfort protection plans and other services to homeowners primarily in Ontario, Canada, under the consumer brand identity of “Reliance Home Comfort”, according to the firm’s filing to the Hong Kong stock exchange on Friday. Read more>>
Housing Ministry Points to Beijing as Model for Home Purchase Restrictions
China’s Housing Ministry is suggesting that local authorities can learn from the Beijing municipality’s tightening of its property-sale policies, as the central government promises to come down hard on violations of real estate law.
Beijing’s housing department, which has imposed what analysts say are the stiffest restrictions in the country, was invited by the Ministry of Housing and Urban-Rural Development to present its policies and achievements at a Wednesday teleconference on regulating real estate development, sales and broking activities. Read more>>
China Fortune Land Launching 2,800 Unit Residential Project Near Jakarta
A subsidiary of a Chinese developer in Indonesia will launch its integrated real-estate project of the country’s first international new industry city on April 6, an executive of the company said on Friday.
China Fortune Land Development (CFLD) Indonesia’s vice president Imelda Adhisaputra said the project, located in Tangerang city around 50 km west of Jakarta, offers 2,800 houses on the 60-hectare land. Read more>>
China’s Outbound Investors Turn to Overseas Bond Sales to Support Deals
Chinese companies struggling to get their money out of the country have come up with an alternative: raise money overseas.
Chinese firms have issued some $52.6 billion worth of U.S. dollar bonds in the first quarter, up 72% from the previous three months, according to Dealogic, and nearly five times the amount from the first quarter of 2016. Read more>>
Hong Kong Home Price Index Hit New Record in Feb
Home prices in Hong Kong, the world’s least affordable major city, rose for the 11th consecutive month to an all-time high in February, underscoring the importance of housing issues for the city’s new leader.
February’s home price index, which represents home price movements in the secondary market, rose 1.1 per cent to 312.8, from January’s 309.4, according to data from the Ratings & Valuation Department. Read more>>
Stamp Duty Loopholes Under Scrutiny as HK Home Prices Soar
The government is being urged to plug a loophole in the tax regime after seeing a sharp rise in the number of first-time buyers purchasing multiple properties in one go to avoid paying a levy.
Industry practitioners have suggested the administration take action instantly to cool the sizzling property market. Read more>>
Wanda Cinema Line Rebrands as Wanda Film Holding
Wanda Cinema Line, the theatrical exhibition arm of Chinese property development giant Dalian Wanda, said it plans to change its name to Wanda Film Holding Co., Ltd., in a regulatory filing on Thursday, to better reflect their increasingly diversified business.
The name change indicates that Wanda still intends on reorganizing its entertainment assets after it shelved those plans late last year, when regulators expressed concern over the financial viability of the change. 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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