Here is a list of the day’s latest China real estate news collected from around the web:
Private equity giant Blackstone Group says it is turning its attention to distressed Chinese real estate, and its founder says he is pleased with the firm’s Australian investments, according to The Australian Financial Review.
Stephen Schwarzman said Blackstone, which was the first foreign firm to establish a buyout fund in China, has shifted its view of China’s real estate market, having previously deemed the sector overpriced.
“We just bought a large office building in Shanghai as the developer could not hold it,” Mr Schwarzman said, according to the AFR.
Billionaire real estate developer Hui Ka Yan for a second consecutive year has topped the latest annual list of China’s top philanthropists published by Forbes China, the licensed China-language edition of Forbes.
Hui, the chairman of Hong Kong-listed Evergrande Real Estate Group, gave the equivalent of $68 million, to charity last year. Hui is also famous for his interest in sports, bringing big-name international soccer talent such as Lucas Barrios to China.
Chinese insurance firm Ping An plans to buy the iconic Lloyds of London building for around $396 million (£260m).
The seller will be Commerzbank’s Commerz Real Funds unit. This will be the first London acquisition for Ping An, which is China’s second-largest insurer. Website Property Investor Europe says the firm has recently begun looking at investment opportunities outside of China.
Meanwhile Commerzbank, Germany, is beginning to divest from equity real estate holdings in the UK. Lloyd’s of London insurance has a long term lease with a clause that allows it to renew indefinitely.