Here is a list of the day’s latest China real estate news collected from around the web:
-
Developer Dalian Wanda Chases Recognition with Picasso Deal
Wanda Group, one of China’s biggest real estate developers, has bought a Picasso painting for more than US$28.1 million at a Christie’s auction in New York.
It was the first time that a Chinese enterprise bought a Picasso painting in the West.
The painting, titled “Claude et Paloma,” was completed by the Spanish master in 1950. The painting features his 3-year-old son and 1-year-old daughter.
“This is one of Picasso’s favorite paintings, which had been hung in his studio until his death,” said Guo Qingxiang, who is in charge of Wanda’s art collections.
“We are pleased to have purchased this painting at such a price, especially with the global economic slowdown, because another of Picasso’s paintings, “Boy with a Pipe,” was sold at a record US$104.16 million in 2004.”
-
Singapore Condos for Mainland Rich Funded by Bonds
Faced with curbs on luxury residences and fundraising at home, China ‘s biggest mainland−listed property developer is building apartments for wealthy Chinese in Singapore and raising debt in the city’s currency.
China Vanke Co., which also plans developments in San Francisco and Hong Kong, sold S$140 million ($113 million) of four−year notes with a 3.275 percent coupon on Oct. 31, according to data compiled by Bloomberg.
-
China’s affordable housing policy may boost iron ore prices
The strength of iron-ore prices in recent months has surprised many analysts and investors, but Jefferies analyst Christopher LaFemina says there may be more gains to come for the steelmaking commodity.
Expectations that China will adjust its real-estate policies to address an undersupply of affordable housing in major cities should be a positive for iron-ore demand in 2014, he says.
-
Hong Kong firm signs $104 million development deal in SA
On Tuesday Shanghai Zendai purchased a 1 600-hectare parcel of land in the eastern Johannesburg suburb of Modderfontein and plans to redevelop it over the next 15 years into a commercial, residential and light industry hub.
The firm said it selected the plot due to its strategic location between the city’s airport and Sandton City financial district, known as the richest square mile in Africa.
“We’re looking forward to being part of Africa’s emerging success story for many years to come,” said Shanghai Zendai’s chairman Dai Zhikang in a statement.
-
History offers cautionary tale to local developers
Chinese property developers – including sector giants like Greenland, Wanda and Fosun – have been making headlines around the world this year with their investments in high-end real estate projects across the US and Europe. The torrent of Chinese capital being pumped into foreign real estate will remind many of the avidity with which Japanese investors gobbled up US assets in the 1980s. As they get their feet wet in the global real estate market, Chinese developers should look at the disastrous consequences of Japan’s buying spree to avoid the same mistakes.
China’s current fixation with overseas real estate goes back to 2011, when Huang Nubo, chairman of Beijing Zhongkun Investment Group Co, announced plans to buy a 300-square-kilometer tract of land in Iceland to build a golf resort aimed at Chinese tourists.
- Xinyuan Real Estate Co., Ltd. Announces Third Quarterly Dividend for 2013
Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), a residential real estate developer with primary focus on high growth cities in China, today announced that its Board of Directors has declared a cash dividend for the third quarter of 2013 of US$0.025 per common share, or US$0.05 per American Depositary Share (ADS), which will be payable on November 29, 2013 to shareholders of record as of November 18, 2013.
Xinyuan Real Estate Co., Ltd. (“Xinyuan”) (NYSE: XIN) is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. In China, Xinyuan primarily focuses its development projects in Tier II cities, Zhengzhou, Ji’nan, Suzhou, Kunshan, Xuzhou, Chengdu and Hefei.
- China Housing Secures Title for Xi’An Residential Project
China Housing & Land Development, Inc., (“China Housing” or the “Company,” NASDAQ: CHLN) today announced that the Company has secured the land title for its Golden Bay project located in the Baqiao District of Xi’an City in Shaanxi Province.
This project was originally introduced in July 2009 and an RMB55.92 million deposit was made at that time. Now that the land title has been secured, China Housing will develop two land parcels on a total site area of approximately 94,825 square meters.
Digest powered by RSS Digest
Leave a Reply