Street protests forced the Hong Kong government to shelve an auction of a residential site on the former Kai Tak runway
A dumped $1.7 billion land auction leads the way in Mingtiandi’s roundup of real estate headlines today with the Hong Kong government having postponed the sale of a residential site in Kowloon amid street protests against the now delayed extradition law.
In other news around the region, a mainland developer signs a $23 billion electric vehicles deal, while Singapore’s sovereign wealth fund is partnering on two new hyperscale data centres, and a probe into money-laundering is said to be unfairly targeting Chinese property owners in Canada.
$1.7B Land Auction Postponed As Protests Disrupt Hong Kong
Hong Kong’s government postponed a high-profile land auction because of street protests that choked the city centre, a sign of how political tensions are spilling into the world’s most expensive property market.
Officials on Thursday postponed the tender for a plot of residential land in Kowloon district estimated to fetch as much as $1.7 billion. Read more>>
Evergrande Commits to $23B Electric Car Agreement
China Evergrande Group signed a strategic cooperation framework agreement with Guangzhou Municipal Government as part of efforts to deepen its deployment in the new energy vehicle (NEV) domain.
Based on the newly signed deals worth RMB 160 billion, Evergrande Group will launch three major NEV-related bases in Guangzhou. Read more>>
IndiaBulls $14M Embezzlement Allegations Withdrawn
Shares of Indiabulls Housing Finance on Thursday closed 11.78 percent higher after a petition alleging misappropriation of funds was withdrawn from the Supreme Court.
Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company alleging fund misappropriation, withdrew the petition. Read more>>
GIC To Partner on 2 New Hyperscale Data Centres in Jakarta
Singapore investment company GIC is making another foray into the data centre market, this time partnering data centre provider Polymer Connected to build two such facilities in Jakarta, Indonesia.
Singapore-headquartered Polymer Connected has acquired land at Jakarta Barat to build the campus, which will include 2.6MW Tier 3 and 26MW Tier 4 hyperscale data centres, according to a joint release issued on Thursday (Jun 13). Read more>>
Online Listings Fang.com Completes Spin-off of China Index Holdings
Online real estate portal Fang.com announced that it has successfully separated its subsidiary – China Index Holdings (CIH) – to create two independent, publicly traded companies with “different objectives and opportunities”.
In a statement, Fang said the separation was done via a dividend distribution of all the CIH ordinary shares owned by Fang to Fang’s equity holders. CIH is the holding firm for Fang’s China Index Academy research unit. Read more>>
Vancouver Money-laundering Probe Eyes Chinese Property Owners
The British Columbia government has embarked on a misguided investigation into local and foreign money laundering and their effects on the local economy, particularly in casinos and real estate.
It is actually racist speak for: let us find a way to blame Chinese money for the greater Vancouver area’s chronically unaffordable housing. 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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