CC Land has closed on the Cheesegrater with some help from friends back home
A Chongqing-based developer has closed one of London’s biggest real estate acquisitions ever thanks to some help from Bank of China. Also in today’s headlines, the staff of fugitive billionaire Guo Wengui may be wishing they’d taken that job at the post office and the ongoing buyout process for GLP takes another step towards completion.
BOC, HSBC and ING Finance CC Land’s GBP1.2B Cheesegrater Buy
Bank of China (Hong Kong), HSBC and ING have closed one of the UK’s largest real estate financing deals by securing the finance for the acquisition of The Leadenhall Building, otherwise known as the ‘Cheesegrater’, a 46-storey landmark prime iconic real estate in London.
The three leading banks acted as Joint Mandated Lead Arranger, Joint Bookrunner, Joint Coordinator and Joint Hedge Coordinator by providing financing for the asset which was bought earlier this year for GBP1.15 billion by C C Land Holdings Limited, a Hong Kong listed real estate company. Read more>>
Guo Wengui Employees on Trial for Fake Loan Documents
Three executives of the flagship company of fugitive Chinese tycoon Guo Wengui went on trial on fraud charges on Friday morning in the northeastern port city of Dalian.
Yang Ying, the chief financial officer of Beijing Pangu Investment Company Limited, Lu Tao, its deputy general manager, and Xie Honglin, a financial manager, have been charged with obtaining loans using fraudulent documents, according to a notice posted by the Xigang District People’s Court in Dalian. Read more>>
Malaysian Developer Buys Singapore Site for S$72M
Selangor Dredging Bhd (SDB), via its indirect 50 per cent associated company Champsworth Development Pte Ltd, has acquired a prime parcel of land in Draycott Park, Singapore, for S$72mil.
In a filing with Bursa Malaysia yesterday, the property developer said it plans to develop exclusive mid-rise apartments on the land, which measures 17,442 sq ft and currently has an existing seven-storey apartment building. Read more>>
GLP Declares June 30th Deadline for Buyout Bids
Shortlisted bidders for mainboard-listed Global Logistic Properties (GLP) have been given a deadline of June 30 to put in firm proposals to the company. GLP’s special committee has invited the proposals for “final evaluation”, having allowed the bidders time to conduct their due diligence on the company.
In December, the logistics group embarked on a strategic review following a request by its largest shareholder GIC, which owns over a third of the company. Read more>>
Swire Properties to Launch the Middle House Hotel in Shanghai
As China’s wealthy grow ever more hungry for boutique hotels, Swire Properties plans its third hotel in mainland China, The Middle House.
Located in the heart of luxury shopping development HKRI Taikoo Hui in the bustling Jing’an District of Shanghai, the five-star boutique hotel will be the Hong Kong developer’s fourth property under its “House Collective” umbrella, which also has boutique hotels in Beijing, Chengdu, and Hong Kong. The Middle House is scheduled to open later this year. Read more>>
Small Chinese Investors Turn to US Commercial Properties Says NAR
It’s not just that house in a leafy US subdivision that interests Chinese investors－they may also be intrigued by a storefront in a shopping center, according to new report.
China was the top country of origin in both the buying and selling of US commercial real estate last year, according to the 2017 Commercial Real Estate International Business Trends report, which was released on Tuesday by the National Association of Realtors. Read more>>
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