HNA’s Chen Feng is about to get his hands on some Singapore warehouses
China’s HNA may not be completely dead in the water as the mainland conglomerate’s buyout of a Singapore logistics company looks set for completion. Also in the news today, banning construction is the latest step in the battle against foul air and the site of one of Singapore’s most famous party places goes on sale for at least S$689 million. Read on for all these stories and more.
HNA Buys Out 90% of SG Logistics Platform
In a pre-market filing on Thursday (Oct 19), Chinese conglomerate HNA Holding Group said its control of CWT has crossed the 90 per cent ownership threshold and it will proceed to delist the Singapore-listed logistics company.
Following its conditional general offer for CWT at S$2.33 per share, which was launched on Sept 7, HNA said it owns 540,870,092 shares, representing about 90.10 per cent of CWT’s share capital, as at 5pm on Oct 17. Read more>>
Construction Bans Become a Thing as Mainland Battles Pollution
A month after authorities in Beijing decided to ban most construction over the winter to cut pollution in the Chinese capital, another city has followed suit.
Jinan City (pictured), capital of northeast coastal Shandong Province and home to more than 7 million people, will close most construction sites until further notice, the city’s Urban and Rural Construction Committee has decreed. Read more>>
China Retail Sales Growth Holds Steady at 10%
China’s retail sales of consumer goods grew 10.4 percent year on year to 26.32 trillion yuan (3.97 trillion U.S. dollars) in the first nine months of 2017, the National Bureau of Statistics (NBS) said Thursday.
The pace was unchanged compared to the same period last year, the NBS said in a statement. Read more>>
Bank Lending, Govt Spending Keep Mainland GDP Growth at 6.8%
China turned to a tried-and-true recipe to cook up another three months of respectable growth.
Heavy lending by state-owned banks, brisk government spending and strong exports helped keep China’s economy growing briskly and steadily. China’s statistical agency said on Thursday that the economy had grown 6.8 percent in the July to-September period, compared with the same quarter a year ago. Read more>>
Former Zouk Site Goes on Sale After S$689M Bid
The public tender of the prime former Zouk site at Jiak Kim Street was launched on Thursday (Oct 19) by the Urban Redevelopment Authority (URA).
The sale of was triggered last month after a developer committed to bid at a price of not less than S$689.35 million for the 13,482 square metre site, which had been on the reserve list of the Government Land Sales Programme for the second half of this year. Read more>>
GLP Leases Out 1.1M Square Feet of Mainland Shed Space
GLP has signed 106,000 square meters (1.1 million square feet) of new leases with third party logistics companies in China over the past two months.
The customers are serving domestic distribution demand from the express delivery and less-than-truckload sectors. With these leases, GLP establishes a new customer relationship with Yimidida while extending partnerships with three existing 3PL customers, including Best Logistics. Read more>>
Shanghai Goes Green With Plan for Pocket Parks
Shanghai is to build a city park network with some 300 parks by 2020, including mini-sized “pocket parks,” community parks and larger regional parks, officials said yesterday.
According to the Shanghai Greenery and Sanitation Administration Bureau, in the past five years, the city has completed an urban park system with parks graded in three levels — pocket, community and regional. Read more>>
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