Wu Xiaohui’s Anbang Insurance has sold bank shares worth at least RMB 6.6 billion
Stratospheric rents at Hong Kong’s highest point lead the news today as a daughter of casino magnate Stanley Ho leases out a pair of apartments on Victoria Peak for nearly US$77,000 per month. Also in the news, China’s Anbang Insurance might be scrambling for cash as it sells off bank shares, and mega-buyer Sunac says its acquisitions helped core profits rise over 200 percent in the first half of the year. Read on for all these stories and more.
Stanley Ho’s Daughter Rents Out Peak Apartments at HK$600k Per Month
Two units at Mount Nicholson on The Peak have reportedly been pre-leased for HK$1.2 million, or HK$600,000 for each unit monthly, meaning a per square- foot price of HK$135 a month. The two luxury flats worth about HK$130 million, with total area of 8,855 sq ft, are owned by Alice Ho-chiu yan, daughter of Macau casino tycoon Stanley Ho Hung-sun, sources say.
Completed in 2015, Mount Nicholson is a joint venture project developed by Nan Fung Group and Wheelock, with units ranging in size from 4,000 to 9,950 sq ft. Read more>>
Anbang Sells Off Bank Shares After Govt Crackdown
Anbang Insurance Group Co. and its units had reportedly trimmed their stakes in some leading Chinese banks during the second quarter, as premium income plunged and most funding taps were turned off amid the Chinese government clampdown on opaque and acquisitive insurers.
The private insurer is one of several Chinese companies facing heightened government scrutiny after binging on acquisitions overseas and selling high-risk financial products. Read more>>
Sunac Says 1H Core Profit Jumps 204%
Sunac China, the country’s sixth largest property developer by sales, said on Thursday its core profit in the first six months surged 204.2 percent due to an increase in margins.
Its core profit, which excludes revaluation gains, was 1.37 billion yuan ($212.21 million) during the period, while net profit rose 1,683.4 percent to 1.30 billion yuan. Read more>>
Hong Kong Home Price Growth Slows as Market Cools
Hong Kong’s prices of pre-owned homes rose at the slowest clip in 16 months in July, signalling that the breakneck pace of gains is finally losing momentum.
The monthly home price index, a measure of movements in the second-hand property market, rose by 0.3 of an index point, or less than one-tenth of a per cent, to 336.8 in July, from 336.5 in June, according to the Rating and Valuation Department’s data. Read more>>
Greenland Group Gains Approval for Latest Phase of London Brewery Project
Phase 3 of the redevelopment of Britain’s oldest brewery site will see 50 new homes, office and workshop space, and public realm works to connect to the new river walk alongside the Wandle in Wandsworth.
The project also includes the restoration of a Grade-II* listed terrace that is one of Wandsworth’s finest architectural assets. The row of houses will form 16 of the 50 new homes. Read more>>
Shimao Raises Sales Target After Strong First-Half
Shimao Property Holdings (0813) raised its full-year target sales by 10 percent on the back of 28 percent year-on-year growth in its first-half net profit. During the period, net profit stood at 3.88 billion yuan (HK$4.6 billion) while revenue rose 19.3 percent to 35.82 billion yuan.
The property provider recorded its contracted sales soared 30.9 percent year-on-year to 45.12 billion yuan in the first six months of 2017, and raised its full-year sales target by 10 percent to 88 billion yuan. Read more>>
Poly Australia Picks Designer for Sydney Project
Chinese-owned developer Poly Australia, the local arm of Chinese developer Poly Real Estate, is set to put its stamp on a key block near Circular Quay in the Sydney CBD, with architecture firm Grimshaw winning a design competition for a major office tower.
Poly won approval to develop the A-grade office tower in May and is moving quickly to get the new building underway after it last year snapped up the site in George Street from Anton Capital for about $160 million. Read more>>
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