Evergrande boss Xu Jiayin is in step with the Shenzhen govt
The rush to complete deals before the end of the year continues this week with Vanke and Evergrande paying more than $1.3 billion for a pair of plots in Shenzhen, while China’s second largest lender will pay you to let them lease out your home. Meanwhile, it looks like the owners of China’s HNA Group may be getting a stocking full of coal from the government of New Zealand. Read on for all the details on all these stories and more.
Vanke and Evergrande Buy RMB 8.6B in Shenzhen Land
Two of China’s largest property developers have acquired land in the southern city of Shenzhen, also known as the country’s “Silicon Valley”, the Shenzhen Land and Real Estate Exchange Centre announced yesterday.
China Evergrande Group, which is based in Guangdong province and listed in Hong Kong, is the country’s second-largest developer by sales volume. It acquired 10,376 square metres for 5.5 billion yuan (US$833.84 million), while China Vanke, which is based in Shenzhen, acquired a 19,227.53 plot for 3.1 billion yuan, according to the exchange centre. Read more>>
Japan’s Takenaka Buys Amazon-Leased Seattle Building for $268M
NKF Capital Markets has announced the $268.5 million ($924 per square foot) sale of Tilt49, a newly constructed 11-story Class A office building totaling 290,573 square feet in Seattle. The buyer was Takenaka Corporation out of Tokyo, Japan and the seller was a joint venture of Des Moines-based Principal Financial Group and Seattle-based developer Touchstone.
The office space in its entirety has been triple-net leased through 2033 to a prominent on-line retailer and technology company. Read more>>
HNA Bid for ANZ Asset Manager Nixed by NZ Govt
HNA Group Co.’s acquisition of Australia & New Zealand Banking Group Ltd.’s asset-finance business in New Zealand has been rejected by regulators because of its opaque ownership structure, another setback for the acquisitive Chinese conglomerate that has come under worldwide scrutiny.
New Zealand’s Overseas Investment Office didn’t determine who the relevant overseas person was from the information provided about ownership and control interests, it said in a statement Thursday. HNA in July said it was controlled by two charities based in New York and Hainan, while 12 company officials including founders Chen Feng and Wang Jian hold stakes. Read more>>
CCB Will Pay You Let Them Rent Out Your Mainland Condo
China Construction Bank (CCB), the country’s second-largest lender, is to offer homeowners a one-off payment in exchange for the right to rent out their property as it ramps up efforts to tap the government-backed rental housing market.
Analysts said the new service, reported on Wednesday in the 21st Century Business Herald, may herald a wave of new financial products from banks eager to capture a share of the rental segment. The government is drumming up support for the leasing market with a spate of incentives aimed at alleviating some of the pressure on house-price inflation by encouraging people to rent instead of buying. Read more>>
Yanlord Land buys 65% of Shenzhen Site for $114.8M
Yanlord Land Group acquired a 65% stake in Shenzhen Dongguan Shengtai Investment Co., Ltd., a company holding the development rights to Gongfang Dasha in Shenzhen, for $114.82m (RMB563m).
According to a press release, Gongfang Dasha is a redevelopment site with a gross floor area (GFA) of 55,000 sqm. The site is nestled within the LuoHu district, Shenzhen Special Economic Zone’s key shopping and commercial district. Read more>>
Hong Kong’s Wharf Pays RMB 2.1B for Stake in Foshan Mixed-Use Project
China Merchants Land said it agreed to sell a unit with real estate assets in Foshan city of China’s southern Guangdong province for 2.11 billion yuan ($319 million) to a joint venture with Wharf Holdings.
The unit to be disposed, Foshan Merchants Brilliant Property, is developing a site area of more than 81,000 square meters for commercial and residential usage, China Merchants Land said in a filing to the stock exchange on Monday. Read more>>
SG East Coast Condo Complex Up for Sale at S$340M
Casa Meyfort, a freehold residential site located on Meyer Road on Singapore’s lower east coast, is up for collective sale by tender. Built in the 1990s, Casa Meyfort comprises 76 apartments on a land area occupying 85,249 sq ft.
As the condominium fronts Meyer Road, the site has a good view of the Central Business District, the sea, as well as the Mountbatten Road landed housing estate. 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