…ceivers reportedly dumped 5 Churchill Place at a 60% markdown to Chen’s purchase price (Image: Savills) Mainland tycoon Chen Hongtian has received demands from a pair of banks to repay more than HK$1.6 billion ($200 million) in overdue loans and interest charges, according to a media account, as liquidators continue to market global properties linked to the cash-strapped chairman of Cheung Kei Group. Hong Kong-based Nanyang Commercial Bank, a unit…
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China’s Bad Bank Leads $304M Chicago Office Tower Investment
…s in Los Angeles and Brooklyn, and Fosun spent $725 million to acquire One Chase Manhattan Plaza in New York last year. In addition to its residential project in Manhattan, Vanke also has invested in a development in San Francisco with US developer Tishman Speyer. Showing Investors Some Good News For Cinda, the Chicago real estate deal may be a chance to show investors some useful activity. While the stock initially soared following its debut, its…
China Construction Completes Buy of US Builder Plaza
…of China State Construction Engineering Corp. The price was not disclosed. Plaza will continue to operate autonomously under the Plaza Construction name, the company said Monday. “Our firm has always maintained a very ‘hands-on’ approach to working with our clients and managing world class construction projects for nearly 30 years,” says CEO Richard Wood. With the sale to China Construction, he adds, “Plaza is poised for accelerated growth with en…
Mainland Developer Buying Singapore’s GSH Plaza for S$725 Mil
…ble office units in the building at approximately S$2,900 per square foot. Plaza Ventures, the holding company for GSH Plaza, is 51 percent owned by GSH Properties, along with an investment vehicle belonging to GSH chairman . TYJ Group, an investment vehicle of GSH chairman Sam Goi and Vibrant DB2, an investment vehicle of Vibrant Group Limited and DB2 Group. The consortium had acquired the building in 2014 from Keppel Land and Alpha Investment Pa…
Wanda Mall Sell-Off Raises Questions on Health of China Operations
…said in response to the asset sale controversy. “It is a part of the Wanda Plaza asset light strategy, and Nanchang Wanda Plaza West Lake is part of the first batch of asset light projects.” Pearl River Life Insurance, the Guangzhou-based buyer of Wanda’s Nanchang project, is invested by Pearl River Investment Holdings, Guangzhou Finance Holdings, Guangdong New South Group and other companies. The legal representatives of Pearl River Investment an…
Vanke’s $116M Manhattan Acquisition Now Centre of NYC Investigation
…“there was a deed restriction on the property, but our contract was to purchase a property that was of residential use. To the extent that it was not residential use, we would not have purchased the property.” Slate and Adam America have been useful local partners for Vanke as the Chinese developer looks for opportunities in New York which still have significant upside. Last year the real estate company started by billionaire Wang Shi entered int…
China’s Cindat Invests $571M in NY Hotel JV With Hersha Hospitality Trust
…uity stake in a Renzo Piano-designed condo project at 565 Broome Street in Manhattan The mainland private equity firm also has invested in a $340 million HOK-designed mixed-use development at East 86th Street and Lexington Avenue in Manhattan that is being jointly developed by Ceruzzi Properties, Stillman Development International and Kuafu Properties and was announced in January. Cindat also has an undisclosed stake in 5 Beekman Street in New Yor…
HNA Said in Talks to Sell Manhattan Building Near Trump Tower for $452M
…hich among other duties provides security for Trump Tower, the president’s Manhattan headquarters on Fifth Avenue. HNA and its partners bought the property in April 2016 in a deal valued at around $463 million — some $11 million over the rumoured selling price this month. The potential disposal would add to more than $17 billion in asset sales by HNA in 2018 alone, as the troubled mainland conglomerate struggles to raise enough cash to pay down a…
Vanke Manhattan High-Rise Risks Foreclosure as ICBC Files New York Lawsuit
…nt COVID-19 pandemic made matters worse. Vanke achieved greater success in Manhattan through its partnership with local developer Tribeca Associates on the renovation of the Bush Tower office building, which it acquired in 2015 for $125 million. The company also bought a set of properties in Brooklyn, as well as making a controversial investment with local partners to take over a former Manhattan nursing home in 2016 for $116 million for a luxury…
Partners Group Takes Majority Stake in $1.34B Buyout of Beijing Commercial Complex
…nt company of e-commerce giant JD.com agreed to pay RMB 2.68 billion to purchase the Beijing Jade Palace Hotel, less than three kilometres from the Dinghao Plaza in Haidian district, in order to develop its own office building in the district, which has averaged less than 1 percent office vacancy over the last three years. Facing the same office shortage, ByteDance, the Chinese tech unicorn behind the hit video chat app TikTok, in February paid RM…
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