Vanke boss Yu Liang is taking the developer into uncharted territory
Still on the mend from a bruising takeover battle that transformed it into a state-owned entity mainland development giant China Vanke shows signs of expanding beyond its core business in putting buildings this week as it joins the country’s two biggest tech giants in a RMB 10 billion tech investment. Also in headlines today, Malaysia’s new government is set to derail plans for a US$20 billion high speed rail project and two of Japan’s biggest investors are doing deals in Dallas. Read on for all details on these stories specially picked by our Mingtiandi team.
China Vanke Joins Tencent and Alibaba in RMB 10B CMC Deal
CMC Inc, a media and entertainment company controlled by mainland media tycoon Li Ruigang, has raised 10 billion yuan (US$1.5 billion) in A-round financing from China Vanke, who co-led this round along with two existing investors – Tencent Holdings and Alibaba Group Holding.
The completion of the latest round of financing gives the company a valuation of about 40 billion yuan, CMC said in a statement Tuesday. Read more>>
Malaysia Cries Foul Over $20B High Speed Rail Project
Malaysia’s Finance Ministry on Tuesday (July 3) revealed the final cost of the East Coast Rail Link (ECRL) project to be possibly RM81 billion (S$27.44 billion), saying this must be reduced significantly to make it financially viable.
Finance Minister Lim Guan Eng said the RM81 billion project cost does not include any additional operations costs, which could not be accurately determined now. Read more>>
Hong Kong Green Group Throws Shade on Lam’s Reclamation Plan
A survey by environmental group Green Sense suggests that only 30 per cent of respondents support land reclamation as a solution to Hong Kong’s housing crisis.
It came after Chief Executive Carrie Lam and Secretary for Transport and Housing Frank Chan both voiced their support for reclamation in recent days. Read more>>
Work Starts on Daiwa, Itochu-Backed Dallas Project
Zom Living, in a joint venture with affiliates of Daiwa House Texas Inc. and Itochu Corp., has begun construction on Atelier, a 364-unit mixed-use luxury community in Dallas. Balfour Beatty serves as general contractor, while Fifth Third Bank and SunTrust Bank provided construction financing. Stantec is the designer of the building and ZRS Management provides leasing and property management services.
Located at 901 N. Pearl St. in the Arts District, between uptown and downtown, Atelier is within walking distance of Klyde Warren Park and provides convenient access to various entertainment, shopping and dining venues. Read more>>
Two More Condo Blocks Join Singapore Collective Sale Rush
Two small condominium blocks went on the collective sale market yesterday, adding to the growing list of sites looking for buyers. The modest sizes of the developments also mean relatively small price tags.
Owners at the 12-unit Jansen Mansion near Kovan MRT station want $22 million, while Blossom Mansions, which has 20 homes in Lorong 37 Geylang, has a target of $32.8 million. Read more>>
Restrictions on Resettlement Payments Could Cut Supply of New Mainland Homes
China’s property developers which benefitted from selling homes to buyers resettled from shanty towns after Beijing capped mortgage lending and price increases may have hit the wall as authorities cut relocation compensation in the ongoing drive to stem overheating.
The alternative source of property sales income since 2016 when the government began reining in the buying spree across major Chinese cities, analysts said, could be crimped following the recent cut, which could slash home sales by one-tenth this year. Read more>>
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