HNA chairman Chen Feng is the latest Chinese super-investor to feature in the New York Times
Popping up in today’s headlines, HNA is the latest Chinese dealmaker to grab the attention of the New York Times, who look into how a privately held company gets a $60 billion line of credit from government banks. Also in the news, Singapore’s Perennial takes $1 billion to Penang’s seashore, and Beijing’s housing deep-freeze means hard times for home brokers. Read on for all these stories and more.
HNA Mega-Buys Turn Spotlight on Private Firm’s Govt Credit
During his first state visit to Britain, President Xi Jinping of China heralded the great economic opportunities between the two countries, in energy, infrastructure and finance. He finished off the late 2015 trip at Manchester Airport, unveiling a new direct flight to Beijing on the Chinese carrier Hainan Airlines.
The political spotlight was a global coup for Chen Feng, chairman of the carrier’s parent, the HNA Group, who was on hand to greet Mr. Xi and David Cameron, then British prime minister. Read more>>
SG’s Perennial in $1 Billion JV Along Penang’s Beaches
IJM Perennial Development Sdn Bhd today unveiled its RM4.5 billion integrated mixed-use waterfront development today with an expected completion in 2021.
The Light City, located in Gelugor on the east coast of Penang island, covers 32.76 acres of waterfront land and is the second phase of the 152-acre The Light Waterfront Penang project. Read more>>
Homelink Agency Closes 87 Shops as Beijing Business Drops 70%
China’s largest property agency, Homelink, confirmed on Tuesday that it has closed 87 branches in Beijing, underscoring the depth of the city’s real estate market woes after unprecedented government tightening.
The company, which recently attracted China Vanke as an investor, said in a statement that it had shut the outlets after a fourth straight week of falling business in the wake of the harshest purchase restrictions in the capital’s history. Previous reports said Homelink would shut down 300 stores across Beijing. The agent did not say how many more stores it plans to close. Read more>>
Mainland Commercial Apartment Crackdown Puts Developers in Limbo
Several major listed developers are saddled with large stockpiles of residential property they can’t shift after the governments of Beijing and Shanghai cracked down on sales of apartments in buildings originally intended for commercial use.
Many homebuilders have found themselves locked in legal disputes with buyers of such flats – referred to variously as commercial apartments, altered-use properties or converted residences – which had increased in popularity amid a dearth of residential land and heightened market cooling measures. Read more>>
Hong Kong Looking Forward to HK$28B in Land Sales Revenue in Single Day
The Hong Kong government may get up to HK$28 billion from selling two sites next week, a record haul for the city’s coffers on a single day.
The two plots in Central and the Kai Tak area to be sold by government tender are worth up to HK$28 billion and likely to land a single day land sale revenue record, say industry experts. Read more>>
HK Entrepreneur Launches $1.12B in Qianhai Projects
Hong Kong’s “electronics king” Koo Ming-kown has kicked off two projects worth HK$9 billion (US$1.16 billion) to turn a couple of former factory sites in Qianhai — the commercial area in Shenzhen also known as Qianhai New District – into dual office and residential complexes over the next four years.
The 73-year-old entrepreneur invited scores of guests, including top local Cantonese popstars Alan Tam and Joey Yung, to a ceremony in Qianhai to mark the launch of his “Inno” park and city. Read more>>
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