A Vegas developer may make a bid for Anbang’s hotels, including NYC’s Essex House
At the top of today’s real estate a Las Vegas-based developer may be willing to gamble on acquiring a portfolio of hotels recently put on the market by China’s Anbang Insurance, and the earnings season continues with Hong Kong’s Henderson Land reported a 52 percent jump in profit on its core business. Plus Country Garden seems eager to make friends with Malaysia’s Dr M and there are even more stories from around the region if you keep reading.
Vegas Developer Said Interested in Anbang Hotels
A Las Vegas real estate developer and its partners have expressed interest in buying a 15-hotel portfolio from Beijing-based Anbang, The Post has learned.
The portfolio includes Manhattan’s Essex House — but Anbang, which owns a total of 18 US hotels, is being coy about whether the Central Park South property is to be sold, the developer said. Read more>>
Henderson Land Reports 52% Jump in Core Profit for 2018 1H
Henderson Land Development, the property giant chaired by Lee Shau-kee, saw core earnings soar 52 per cent in the first half of the year, driven mainly by a hefty gain from two asset disposals.
The firm, expecting offer another 2,300 flats for sale in the second half of this year, remained upbeat about the market outlook. “The recent US-China trade disputes have obscured the global economic outlook,” the company said in a filing to the stock exchange on Thursday. Read more>>
Wheelock Buyout Offer for SG Unit Called “Reasonable, But Not Compelling”
Primepartners Corporate Finance, the independent financial adviser (IFA) to the recommending directors of Wheelock Properties (Singapore), on Friday said that the financial terms of the offer are “fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders”.
It reached this conclusion after considering that the developer’s revenue has decreased significantly across the period under review as majority of the completed development properties have been sold, and the company has not added any new property development projects during this time. Read more>>
COLI Core Profit Jumped 14.3% in 2018 1H
State-owned China Overseas Land & Investment Ltd <0688.HK> said on Thursday its first-half core profit jumped 14.3 percent from a year ago, boosted by higher margins.
Core profit of the country’s seventh-biggest property developer by sales, which excludes revaluation gains and non-recurring items, came in at HK$19.2 billion ($2.45 billion) in the first six months. Read more>>
Nan Fung Cuts Prices in Tseung Kwan O as HK Market Stumbles
Nan Fung Development has become the second Hong Kong developer to sell new homes below market price as the property market in the world’s least affordable city starts to feel the effects of rising interest rates, cooling measures and a slowing Chinese economy.
Housing policies announced by the city’s Chief Executive Carrie Lam Cheng Yuet-ngor in late June, including a tax on new flats that remain vacant, had played a part in weakening developers’ aggression when pricing homes, according to analysts. Read more>>
Country Garden Chairman Vows to Keep Investing in Malaysia
Hong Kong-listed property developer Country Garden Holdings founder and chairman Yeung Kwok Keung is confident in Malaysia’s economic prospects under the new government and plans to enlarge its investments in Malaysia, according to a report by Chinese daily Nanyang Siang Pau.
“I am confident that Malaysia, under the leadership of [Prime Minister] Tun Dr Mahathir Mohamad, will continue to welcome foreign businesses and investors. Therefore, I intend to invest more in Malaysia in the coming years, potentially in the area of modern agriculture and robotics industry, as per the country’s law and regulations,” he said in a press statement. Read more>>
GuocoLand Says Net Profit Dropped 42% in Most Recent Quarter
Real estate player GuocoLand saw a slump in both the top and bottom line in the fourth quarter, with the group’s stock of unsold residential units down.
Net profit for the three months to June 30 fell by 42 per cent year on year to S$141.2 million, according to audited results released on Sunday evening. Read more>>
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