It is not yet clear if Yuhu’s Huang Xiangmo can receive a refund for the cash he spent on Australian politicians
The buyer of Dalian Wanda’s Australian projects may be watching their development from a distance after Huang Xiangmo, a Chinese billionaire who became one of Australia’s biggest political donors had his citizenship application rejected and his residency permit revoked down under. Meanwhile in the US, another mainland developer is embroiled in a more traditional scandal as reports emerge that subcontractors on China Oceanwide’s LA project have filed liens for more than $62 million in unpaid bills. And in Singapore, the local branch of Hongkong Land has taken on another residential project and there are many more stories as Mingtiandi kicks off its pig-year coverage.
Buyer of Wanda’s Aussie Projects Pushes Ahead After Boss Ejected
Property development giant Yuhu is pushing ahead with the A$2.8 billion in projects that it had purchased from Dalian Wanda in 2018 despite its founder being refused entry back into the country.
Australian media reported that Huang Xiangmo was fighting to return to his A$12.8 million Sydney mansion after being notified by Australian officials while out of the country that his long-stalled application to become an Australian citizen had been turned down. Read more>>
Unpaid Contractor Files $52M Lien on Oceanwide LA Project
The developers behind Oceanwide Plaza—a massive $1 billion project that has ground to a halt in Downtown LA—owe more than $52 million to some of its contractors, according to a Curbed review of publicly available real estate records.
From June 29 until today, six subcontractors working on Oceanwide Plaza, including masonry, steel reinforcing, and concrete pouring companies, have recorded mechanic’s liens on the property totaling $62.5 million. Read more>>
Hongkong Land, Yanlord JV Buys Singapore Condo Project for S$907M
The Tulip Garden condo project on Singapore’s Farrer Road sold for S$906.9 million on its fourth en bloc attempt according to an announcement by Colliers International, which had been representing the owners in the collective sale.
The condominium comprises 162 apartments and maisonettes and two shop units, and is located in District 10 close to Holland Village and a Good Class Bungalow area. The site can potentially yield up to 670 residential units with its plot ratio of 1.6. Read more>>
Wanxiang JV Sells Denver Residential Block for $110M
A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017.
The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. Read more>>
Top Mainland Developers See Sales Slide 30% in January
Mainland Chinese property developers have reported a decline in home sales for January, in a sign the Year of the Pig could be in for a rocky start.
According to property consultancy CRIC, more than 30 per cent of the mainland’s top 100 developers posted a year-on-year drop in housing contract sales, or presales of unfinished homes, for the first month of 2019. Among these, 13 reported a more than 30 percent decline in sales. Read more>>
Hong Kong Second-Hand Home Sales Surge Before CNY
Sales of used homes on big housing estates in Hong Kong gained momentum last week as homeowners offered greater discounts and investment banks forecast house prices would hit a nadir in March.
The number of transactions at 50 major housing estates, tracked by Ricacorp Properties, stayed above 100 for a fourth consecutive week, reaching 138 in the week ended February 3, a 40-week high. 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.
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