Hong Kong takes centre stage in the region’s real estate headlines today, starting with Abu Dhabi’s sovereign fund opening an office in the territory while the city’s Chow Tai Fook Enterprises may be venturing half-way around the world to buy the troubled Baha Mar from China Export-Import Bank. Keep reading for more of the day’s news.
The Abu Dhabi Investment Authority (ADIA) announced the opening of an office in Hong Kong, marking its first on-the-ground presence in the territory. It also announced the appointment of Dong-Sinh Ngo as Chief Representative, Asia Pacific, based in Hong Kong.
ADIA Hong Kong will act as a platform for ADIA to broaden and deepen its network of relationships and identify new opportunities in China and other key Asian markets. In addition to bringing ADIA closer to its key local contacts and investments, the office will assist in identifying new avenues for cooperation and growth in one of the fastest developing regions in the world. Read more>>
After this disposal, CK Property owns at least six more commercial buildings on the mainland, each valued at more than RMB 1 billion. Li Ka-shing made headlines last week for selling a Shanghai project for RMB 20 billion and he still has more assets to unload should he choose to sell.
Including the sale of the Century Link complex in Shanghai, Li and his family have sold seven large property projects with a combined value of RMB 43.4 billion (US$6.4 billion). Read more>>
Nearly two years after its opening was halted by repeated delays that prompted a precipitous plunge into receivership, a Hong Kong-based firm has entered negotiations to purchase shuttered $3.5 billion Baha Mar mega-resort.
In a statement issued Thursday, officials at Chow Tai Fook Enterprises Limited said the firm has applied to the Bahamas government to acquire Perfect Luck Assets, the “special purpose vehicle” created this month by Baha Mar financier China Export-Import Bank. Read more>>
Strategic Capital, the US arm of China State Construction Engineering Corporation, broke ground on a 37-story condo tower at 75 Park Lane South, in the Newport area of Jersey City.
The project will have 358 condos and a full suite of luxury amenities, including on Olympic-size pool, spa, wine tasting lounge with private dining room, rooftop lounge, co-working space, and a gym. Next door, Shore House will reach eight stories and hold 71 condos. Read more>>
A wealthy Chinese buyer who lives in both Shanghai and Hong Kong — and has never visited Miami — is the buyer behind a $10.9 million bulk purchase of 12 units at Brickell City Centre’s recently completed Rise condo tower.
Real estate brokers Marc Hameroff and Sam Sayegh, president and CEO, respectively, of AG Real Estate Advisors’ Asia division, sold the units to the Chinese buyer, who they declined to name. Hameroff and Sayegh said the buyer lives in a Swire-developed tower in Hong Kong. Swire Properties is also the developer of Brickell City Centre. Read more>>
Beijing has stepped up its efforts to cool the city’s property market by setting a ceiling on home prices. In its latest land sale, Beijing’s government not only capped the land price itself, but also the price at which homes built on the site can be sold, making it the most restrictive Chinese city in terms of land policy.
The city’s land administration on Friday night put four plots up for sale. For the three parcels in the Haidian district, the authority stipulated the average price of properties on it cannot exceed RMB 53,400 per square metre, with the maximum price of any one unit being RMB 56,100. Read more>>
A Hong Kong parking space has sold for $620,000, setting a new record in the world’s least affordable property market. The parking space at 55 Conduit Road, in the exclusive Mid-Levels district high above Hong Kong’s financial center, was sold for HK$4.8m this week, according to filings with the Land Registry.
That makes it one of the world’s most expensive parking lots. The amount paid would cover the cost of about 120,000 taxi journeys between the apartment and the city center, equivalent to two commutes every working day for 245 years. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.