The Intercontinental Hotel Sydney Double Bay
Leading the news today, a group of Shanghai investors used the city’s free trade zone to help shift their property buying from eastern China to New South Wales last week. Meanwhile, down in Singapore, the condo market may not be quite as hot as some had hoped, after a residential site falls short of seller’s hopes and China Vanke gains some handy capital by shifting commercial assets into a fund. Read on for all these stories and more.
Shanghai Investors Sign A$140M Deal for Sydney Hotel
Sydney’s wealthy eastern suburbs are attracting a host of aggressive Chinese development and investment groups seeking to cash in on the rising demand for luxury accommodation and homes in the area.
In the largest deal, the InterContinental Hotel in Sydney’s Double Bay, a property best known for its association with the late INXS rocker Michael Hutchence, has been bought by a pair of Chinese companies for about $140 million. Read more>>
BBR Holdings Buys Singapore Condo Site for S$101.5M
The Goh & Goh Building next to Singapore’s Beauty World MRT station was sold to a subsidiary of BBR Holdings for $101.5 million. This was below what the owners had asked for – S$120 million – when the development was put up for sale in February.
BBR Holdings’ unit Alika Properties has exercised a call option to purchase the four-storey mixed-use development, the firm said in a stock exchange filing on Thursday (25 May). The site can potentially yield about 100 residential units and a level of retail shops at the ground floor. Read more>>
China Vanke Sets Up Funds with China Merchants Bank
China Vanke Co. (2202.HK) has agreed to set up two investments funds with units of China Merchants Bank Co. (3968.HK) for consolidating the commercial properties of the Chinese real-estate developer.
China Vanke said after markets closed on Monday last week that it will contribute a combined 5.03 billion yuan ($730.4 million) in the two funds, which will in turn acquire mature commercial property projects held by the Hong Kong-and Shenzhen-listed developer. Read more>>
Anbang Insurance Defies Beijing Govt on Land Deal
An unsettled land deal between a subsidiary of Anbang Insurance Group and the Beijing city government has left several real-estate developers in limbo and the land they paid billions of yuan to sit idle for more than six years.
Across the street of the busy construction site of the 118-story China Zun tower, which will be the tallest building in downtown Beijing, several land plots enclosed by brick walls have remained barren and empty, while an Anbang subsidiary said it won’t transfer the land because needed work hasn’t been finished for preliminary development and it wants a larger fee for its job. Read more>>
New World Centre in Kowloon Renamed as Victoria Dockside
New World Development has announced its plans for “Victoria Dockside,” a US $2.6 billion, 3 million square foot art and design district on Hong Kong’s Tsim Sha Tsui waterfront. Set to fully open in 2019, the mixed-use development will offer Grade A office space, an ultra-luxury Rosewood Hotel, Rosewood Residences, and art, design and leisure experiences along Victoria Harbour.
Victoria Dockside is built on the site formerly known as Holt’s Wharf – a godown terminal next to the Kowloon and Canton Railway in Tsim Sha Tsui. The site had been developed in the early 1970s as New World Centre, and redevelopment of the current project began in 2010. Read more>>
Mainland Developer Stocks Push Hang Seng Index to Two-Year High
Chinese property firms lifted Hong Kong’s benchmark index on Monday to the highest closing level in nearly two years, after several investment banks upgraded China’s real estate shares on the back of better-than-expected sales figures.
The Hang Seng Index extended its winning streak to a seventh straight session, up 0.2 per cent, or 62.36 points, to 25,701.63, the best finish since July 3, 2015. The Hang Seng China Enterprises Index, known as the H-shares index, gained 0.4 per cent, or 39.67 points, to close at 10,619.34. Read more>>
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