A rendering of the proposed Star Bay City theme park (Image: Shinsegae Hwaseong)
US entertainment giant Paramount is teaming with South Korea’s Shinsegae Group on a new theme park, with that story leading today’s headline roundup. In other news, developers Hoi Hup and Sunway win the tender for an eastern Singapore project and Indian industrialist Ratan Tata dies at 86.
Paramount Teams With Shinsegae for $3.4B Korea Theme Park
Korean retail giant Shinsegae Group said Thursday that it has partnered with US media group Paramount Global on a KRW 4.57 trillion ($3.39 billion) international theme park project.
Development affiliate Shinsegae Hwaseong will lead the project that involves creating a 4.2 million square metre (45.2 million square foot) complex in Hwaseong, Gyeonggi province, 45 kilometres (28 miles) south of Seoul. Read more>>
Hoi Hup-Sunway JV Wins Tampines Project in Singapore
Singapore’s Housing and Development Board awarded a land parcel measuring 23,512 square metres (253,081 square feet) at Tampines Street 94 for a 99-year lease term for a mixed commercial and residential development at S$668.28 million ($511.6 million) to Hoi Hup Realty and Malaysia’s Sunway after a successful tender for the land jointly submitted by the parties.
The group said both parties will incorporate a joint venture company, in which Hoi Hup or its nominee companies and Sunway Developments Pte Ltd will have equity interest in the proportion of 65:35. Read more>>
Former Tata Group Chairman Ratan Tata Dies at 86
The real estate sector paid homage to Ratan Tata, former Tata Group chairman, who died at the age of 86 in Mumbai, saying that his influence will continue to inspire business leaders across industries and that his legacy goes beyond “business, inspiring generations to lead with purpose and give back to society.”
“In the real estate sector, we have long admired Ratan Tata’s ability to balance business growth with social impact. He understood the importance of building not just structures, but communities,” they said. Read more>>
Wanda in Talks to Sell Back Remaining Stake in Hollywood Studio
Legendary Entertainment is in advanced talks to buy out Dalian Wanda Group’s stake in the movie studio, people familiar with the matter said, as the Chinese conglomerate looks to unwind one of its most high-profile overseas acquisitions.
Legendary is looking to fund the potential transaction with its own financial resources, the people said, asking not to be identified discussing private information. Legendary and Apollo Global Management are poised to take control of the company after the potential deal, the people said. An announcement could come as soon as in the coming days, they said. Read more>>
Mainlanders Buy More Than One-Fifth of New Hong Kong Homes This Year
Homebuyers from the mainland poured into the Hong Kong property market in the first eight months of 2024, setting records for transactions, after the city’s government scrapped all of its cooling measures earlier this year.
Buyers from the mainland accounted for 7,575 primary and secondary property transactions in the first eight months of the year, an increase of 70 percent from a year earlier, while the value of those deals rose 43 percent to HK$84.9 billion ($10.9 billion), Centaline Property Agency said Wednesday. Both transactions and total deal value hit fresh record highs. Read more>>
Investors Expect $283B in Fresh China Stimulus This Weekend
Investors and analysts are expecting China to deploy as much as RMB 2 trillion ($283 billion) in fresh fiscal stimulus as Beijing seeks to shore up the world’s No.2 economy and boost confidence.
That’s what they hope the country’s finance minister will announce at a highly anticipated briefing on Saturday, according to a majority of 23 market participants surveyed by Bloomberg. Most of the respondents expect the funding to come in the form of government bonds. Read more>>
China’s Property Agents Rejoice Over the Return of Homebuyers
Shenzhen real estate agent Feng Kunzhu, 34, barely had time to eat at the start of China’s Golden Week holidays from 1 October, a day after the Chinese government eased homebuying curbs in its latest bid to rescue the country’s ailing property market.
Potential homebuyers, including those from out of town who are now free to purchase a wider range of properties in parts of Shenzhen, have thronged show flats across the southern Chinese city. Read more>>
Straits Trading Expands Cooperation With SDAX in Singapore
The Straits Trading Company has partnered with Singapore’s Digital Asset Exchange to offer clients from both sides access to their respective services.
On Thursday, STC said the collaboration will offer members of Straits Trading Shareholders’ Club access to SDAX’s array of private markets and alternative investment opportunities. These include the investment and trading platform’s commodity notes, trade finance notes and social bonds, as well as SDAX’s Private Credit Fund and Fine Art Fund. Read more>>
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