Leading the news today, China’s biggest ecommerce group has hired Southeast Asia’s largest developer to manage its new 80,000 square metre office building in Shanghai. Also, developers in Hong Kong and mainland China continue to report record earnings in the first half, and a Beijing business park developer says Chinese investors continue to warm up to cool Brittania. Read on for all these stories and more.
CapitaLand announced on Wednesday (Aug 23) a strategic alliance with China’s Alibaba, Asia’s largest e-commerce company, with agreements to manage its new Shanghai headquarters and launch an online mall on Lazada Singapore.
Alibaba is Lazada Group’s biggest shareholder, having invested over US$2 billion for an 83-per cent stake in Southeast Asia’s largest e-commerce platform. Read more>>
China’s Country Garden Holdings Co Ltd ratcheted up its sales target for the year by 25 percent, citing strong room for domestic growth, after reporting a record high half-yearly net profit on booming property business in smaller cities.
Sales at the developer’s $100-billion Malaysian project are set to drop as expected, with Chinese buyers no longer coming forward following Beijing’s moves to stop capital flight into offshore investments. Country Garden, however, said the project was being “well received” by overseas investors. Read more>>
Henderson Land Development’s interim earnings more than doubled, as booming sales in the world’s most expensive real estate market helped meet its full-year sales target within six months, and bolstered its bottom line.
Underlying profit, excluding revaluation gains on investment properties jumped to HK$10.73 billion (US$1.37 billion) in the first six months, from last year’s HK$4.78 billion, according to a statement to Hong Kong’s stock exchange. Net profit, taking into account a revaluation gain of HK$3.15 billion, rose 64 per cent to HK$14.15 billion. Read more>>
Mainland Chinese and Asian companies are eyeing investments in east London despite fears over Brexit and Beijing’s crackdown on high-profile overseas deals, ABP Global Holding Group said.
Firms from China, Taiwan, Hong Kong and India have acquired or reserved 60 per cent of total office space, or 33,388 square metres, in the first phase of the Royal Albert Dock project, Sam Crispin, chief executive officer of ABP’s Hong Kong sales unit told the South China Morning Post. Read more>>
For conglomerate Dalian Wanda, owned by one of the richest men in China Wang Jianlin, shedding properties at home is perhaps a lot easier than acquiring assets abroad amid Beijing’s heightened scrutiny of outbound investment.
Developer Guangzhou R&F Properties, which chipped in 19.9 billion yuan ($3 billion) to buy 77 upscale hotels from Wanda in July, told reporters on Tuesday that the deal was struck in the twinkling of an eye under unexpected circumstances. Read more>>
Hong Kong-focused property developer Chinese Estates said it will trim its 5% stake in another real-estate firm China Evergrande Group if the selling price is acceptably high.
Chinese Estates said Monday it may sell some Evergrande shares if they reach “a satisfactory and attractive level” after announcing unrealized gains of HK$1.2 billion ($153 million) during the first six months of this year as Evergrande shares grew in value during the period. Read more>>