Anbang is moving ahead with a plan to convert the historic hotel into condos
Anbang’s days as a major player in global real estate markets may be over, but the hangover from its buying binge is being felt in New York, as news today confirms that the now government-controlled Chinese insurer is moving ahead with a plan to convert much of the Waldorf Astoria to condos. Mainland politics also plays a role in Korea’s Lotte selling off their Chinese hypermarkets and further south, CapitaLand plans to manage a competitor’s Phnom Penh shopping plaza. Read on for all these stories and more.
Anbang Moving Ahead with Scaled-Back Waldorf Condo Conversion
It’s official: Anbang Insurance Group Co. has filed a plan for the luxury condos it’s developing at Manhattan’s Waldorf Astoria, and it calls for fewer apartments than the company initially aimed for.
The Chinese insurer’s project to convert many of the landmark hotel’s guest rooms now calls for 352 condos, according to details of the offering plan on the New York state attorney general’s website. Last March, a preliminary filing showed 409 condos. Read more>>
Lotte China Selling Off HyperMarkets After Political Crisis
Lotte China plans to wrap up the sales of its hypermarket chain in China within the next three months. Potential buyers have started to inspect the South Korean retail giant’s stores. While many have reviewed documents, Chinese retailer Liqun Group was the first to carry out on-site inspections of Lotte Mart’s Chinese stores, reports Yonhap news agency.
However, a Lotte Mart official says three or four other companies also planning on-site inspections. Read more>>
China Life Sells Tianjin Tower to Itself
State-owned China Life Insurance said its Tianjin branch has agreed to acquire office-use space with a total gross floor area of 72,855 square meters in the eastern Chinese city’s business center district from a property developer for 1.91 billion yuan ($301.3 million).
The company’s branch intends to use a part of the property – floors 7 to 25 and 31 to 47 in the officer tower building – as its office premises, and a part for leasing, it said in a filing with the Hong Kong stock exchange on Sunday. Read more>>
Country Garden Says Core Profit Doubled in 2017
China’s Country Garden Holdings Co Ltd (2007.HK) said annual core profit doubled to a record on robust domestic sales and was hopeful about a high-profile property project in Malaysia despite a sharp drop in sales to mainland Chinese buyers.
Many of China’s major property developers are expected to book their annual best-ever profits for 2017, largely shrugging off the impact of Beijing’s tightening measures as they speed up the pace of developments and as they benefit from consolidation in the industry. Read more>>
CapitaLand to Manage Phnom Penh Mall for Oxley
Singapore-based CapitaLand Retail has entered into an agreement with Oxley and Worldbridge Land to manage a mall in Phnom Penh.
Through this partnership, CapitaLand will manage the new mall, which will be located in The Peak, an upcoming high-end development in Phnom Penh. Read more>>
China Leadership Reaffirms Support for Rental Housing
China will press ahead with the development of a long-term rental market and implement more measures to stabilize housing prices, Minister of Housing and Urban-Rural Development Wang Menghui said on Monday.
“The property market has remained stable, as the price rise has effectively slowed down and the market expectations show positive signs ahead,” he said on the sidelines of the ongoing 13th National People’s Congress. Read more>>
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