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.
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>>
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>>
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Housing Finance on Thursday closed 11.78 percent higher after a petition alleging misappropriation of funds was withdrawn from the Supreme Court.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>>
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 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>>
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>>