MCL Land bought a site in Eunos for S$765.8
Hong Kong may be the most expensive place to live in the world, but the city seems to give some value for money, according to a new survey by a Swiss business school. Also in the news today, Hong Kong land’s Singapore affiliate buys a site in Eunos for S$766 million and Evergrande continues to move towards a mainland listing. Read on for all these stories and more.
HK Edges Switzerland and SG as World’s Most Competitive Economy
Hong Kong has been crowned the world’s most competitive economy for the second year running, ahead of Switzerland and Singapore, by the International Institute for Management Development.
In its latest annual report, the Swiss business school ranked Hong Kong first out of 63 economies based on four indicators: economic performance; government efficiency; business efficiency; and infrastructure. Read more>>
HongKong Land Unit Buys Singapore Site for S$765.8
HongKong Land unit, MCL Land, has clinched the Eunosville site through a collective sale, at a price of S$765.78 million.
This works out a unit land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio of 2.8 and to top up the site’s lease to 99 years. The site has a balance lease term of about 70 years. Read more>>
Evergrande Raises $5.8B Ahead of Mainland Listing
China Evergrande Group, the country’s largest property developer by sales, has raised 39.5 billion yuan (US$5.78 billion) in a second round of funding this year, after selling a stake in one of its core subsidiaries to a group of 13 investors, ahead of the relocation of its listing status to the Shenzhen Stock Exchange.
Combined with the first stake sale in January, Evergrande has raised a total of 70 billion yuan through selling 26.12 per cent of its Hengda Real Estate subsidiary, according to a stock exchange filing. Read more>>
Regulators Want Anbang on a Leash – But Will Wu Heel?
A few months ago, the chief executive of a big Western bank was scheduled to meet with one of China’s most aggressive deal makers—Wu Xiaohui, CEO of Anbang Insurance Group Co.
At the last minute, Mr. Wu pulled out, according to the bank’s head of Asia mergers and acquisitions, who arranged the appointment. He needed to see Chinese regulators instead. Read more>>
Anbang Continues to Takes Aim at Caixin
Anbang Insurance Group took aim again on Wednesday at Hu Shuli, editor-in-chief of Caixin Media, asking whether she is employing “people with power” to hurt the company and obstruct justice ahead of a lawsuit against a Caixin writer.
In an open letter, Anbang said that it filed a lawsuit in a Canadian court against Guo Tingbing, who wrote an article for Caixin about the insurer’s business expansion and shareholding structure. It also asked if Hu had tried to interfere with the suit. Read more>>
Record Hong Kong Home Sales Stoke Affordability Concerns
Lengthy queues to secure new homes are expected to become even longer in the second half of the year if recent statistics are an indication of what’s to come in Hong Kong’s property sector.
Sky-high prices, a slew of government cooling measures and the seemingly imminent interest rate rise have failed to dent Hongkongers’ insatiable appetite for property. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply