Anbang had dreamed of converting the Waldorf to condos it could sell in a booming NYC luxury market
Anbang Insurance’s $1.95 billion purchase of New York’s Waldorf Astoria was one of the biggest real estate stories of 2014 and today the struggles of the mainland firm’s successor to complete the project lead Mingtiandi’s headline roundup.
Also in the news today, Ping An Insurance will meet with HSBC leadership this month to discuss breaking up Hong Kong’s largest bank, Japan’s Mitsubishi is launching a US logistics fund and Hong Kong homeowners have begun cutting prices to sell their flats.
China’s Dajia Insurance Struggles to Complete Waldorf Astoria Conversion
New York’s famed Waldorf Astoria hotel is struggling to complete its plan for converting hundreds of guest rooms into luxury residences, a process that is shaping up as one of the largest, most intricate and priciest condo conversion and hotel rebuild projects undertaken.
China’s Anbang Insurance Group Co. bought the Park Avenue hotel for a record sales price of $1.95 billion in 2015, vowing to deliver some of the most luxurious and exclusive residences in the city. Read more>>
Mitsubishi’s Diamond Realty Launches $70M US Logistics Fund
Mitsubishi’s Diamond Realty Management unit has launched DREAM US Fund 4, a new development fund specialized in logistics facilities in the United States, according to an announcement by the firm late last month.
The Fund plans to acquire two real estate development properties at a total cost of
approximately $170 million as seed assets, including a last mile logistics facility in Texas and a regional distribution in Maryland, with additional investments expected in similar properties, the firm said. Read more>>
Discounts Drive Hong Kong Home Sales to 3-Month High
Hong Kong property sales rebounded to a three-month high in April as owners became more willing to offer big discounts, or even sell at a loss to get deals done, a trend that could drag home prices down further.
The value of transactions rose by about a fifth to HK$41.9 billion ($534 million) as the number of deals increased by more than a quarter to 4,847 from March, according to Centaline Property Agency. Read more>>
China Home Price Growth Slowed in March Despite Policy Relaxation
China’s new home prices rose at a slower pace last month from March, as sales were affected after developers were forced to shut their sales offices in many cities due to the nation’s worsening Covid-19 situation.
The average new home price in 100 Chinese cities increased 0.02 percent to RMB 16,193 ($2,450) per square metre in April, easing from 0.03 percent growth in March, according to data from China Index Academy, one of the country’s biggest independent real estate research firms. Read more>>
Singapore Landed Home Prices Grew at 10-Year High in 2021
Landed residential property prices in Singapore appreciated at the fastest pace in the past 10 years in 2021, surging 13.3 percent year on year compared to a lacklustre 1.2 percent expansion in 2020.
According to a report by ERA Realty Network on the Singapore landed housing market released on Wednesday (May 4), prices of landed housing from 2018 to 2021 also grew faster than prices of non-landed properties such as condominium units. During this 4-year period, capital values of landed residential properties increased by 28.8 percent, while those of non-landed housing climbed 24.2 percent. Read more>>
HSBC, Ping An Meeting to Explore Break Up of Hong Kong’s Largest Bank
Top executives of HSBC and Ping An will meet in mid-May to discuss the Chinese insurer’s proposal that HSBC should explore options including spinning off its Asian business, a source familiar with the matter said on Wednesday.
Ping An, London-headquartered HSBC’s biggest shareholder, last week called on HSBC to look at ways to boost its returns. The source declined to be identified due to the sensitivity of the situation. Read more>>
Singapore Heritage Bungalow on the Market for $46M
Another freehold conservation bungalow in District 15 has been launched for sale, this time, at an asking price of S$63.6 million ($46 million) or S$2,000 per square foot.
Marketed by OrangeTee & Tie, the property, at 760 Mountbatten Road, comes with a land size of 31,820 square feet over 50 percent larger than the one at 759 Mountbatten Road that was launched for sale just 3 weeks ago. Read more>>
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