Bank of China is lending $50M to Moinian’s luxury hotel project
One of China’s biggest state-owned lenders is backing Moinian Group’s Manhattan luxury hotel project, and China’s property market shows mixed results in the latest batch of government data, with housing sales climbing but developers still holding off on investment. Read on for all these stories and more.
Bank of China Lends $50M to W New York Hotel Project
The Moinian Group landed a $50.7 million mortgage from the Bank of China on the W New York – Downtown Hotel and Residences at 123 Washington Street in Lower Manhattan, according to records filed with the New York City Department of Finance.
The Bank of China financing, which closed in February and was made public on March 2, is part of the re-enhancement of the $50 million in 2007 liberty bonds that the New York City Industrial Development Agency originally issued for the development. The 400,000-square-foot mixed-use project was completed in 2010. Read more>>
China Housing Sales Jump 49% in Jan-Feb
China’s housing sales in the first two months of the year continued to accelerate as the authorities continued to loosen measures meant to encourage consumers to buy homes.
China’s central government and local governments have been loosening monetary policy and easing administrative restrictions on home purchases for the past year to address concerns that a possible downward spiral in the property market could spill over to the rest of the economy. Read more>>
Mainland Real Estate Investment Grows by 3% Defying Govt Efforts
China’s real estate investment rose 3 percent in the first two months of 2016 in year-on-year terms, as growth in the area of property sold sped up to 28.2 percent, official data showed on Saturday.
The investment growth, reported by the National Bureau of Statistics (NBS), compared with an increase of 1 percent in the full year of 2015. Read more>>
China Retail Sales Climb 10% in 2016
CHINA’S retail sales of consumer goods grew 10.2 percent year on year in the first two months of 2016, official data showed Saturday.
The rate slowed from the 11.1-percent growth recorded in December 2015 and 10.7-percent for the entire 2015, according to the National Bureau of Statistics (NBS).
NBS data showed that total retail sales of consumer goods stood at 5.29 trillion yuan (US$815.2 billion) in the first two months of 2016. Read more>>
Swire’s bet on the shift in Hong Kong’s business district appears to be paying off
Swire Properties Net Profits Rise 48% in 2015 as Valuations Rise
Swire Properties reported net profit of HK$14.07 billion for the year ended December 31, 2015, compared with HK$9.51 billion in 2014. This represented an increase of 47.9 percent, year-on-year.
Underlying profit, adjusted for changes in the valuation of investment properties, fell by HK$74 million from HK$7.15 billion in 2014 to HK$7.07 billion in 2015, the company reported today. Revenue was HK$16.44 billion in 2015, up by 6.9 percent on year. Read more>>
Guangzhou R&F Properties Net Profits Up 8%
Guangzhou R&F Properties’ net profit rose 8 per cent to 5.66 billion yuan (HK$6.77 billion) last year, it said on Friday, helped by strong sales in first-tier cities, but the company chairman said it plans to shift focus to some second-tier cities this year.
Revenue was up 28 per cent to 44.3 billion yuan. The company’s share price closed at an 18-month high on Friday, up 5 per cent at HK$10.40. Read more>>
Wharf Predicts a Rough Few Years for Retail
Wharf Holdings Ltd. (00004.HK) expects the growth prospects for Hong Kong’s retail sector to remain subdued for the next two to three years, the Hong Kong Economic Journal reported.
The conglomerate, however, is holding firm on lease renewals and hasn’t reduced the rents on any contracts in its malls, the report said, citing chairman and managing director Stephen Ng Tin-hoi.
Wharf recorded over 12 percent decline in retail sales at its flagship Harbour City and Times Square properties last year. Read more>>
Warehouse Developer Logos Property Expands into Singapore
Seeking investment opportunities in Southeast Asia, Australia-based Logos Property has launched an office in Singapore, backed up by Canadian investor Ivanhoé Cambridge.
Logos plans to raise capital for logistics deals via joint venture partnerships and club vehicles, similar to its operations in China and Australia. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
Leave a Reply