The Chongqing developer which bought one of London’s best known office buildings might not be done making its mark in the big smoke, as CC Land declared its interest this week in making more property purchases in the UK. Also in the news, Evergrande is feeling so pleased with its 800 percent jump in profits that it might buy down its infamous debt pile and Wang Jianlin says overseas travel is overrated. Read on for all these stories and more.
CC Land, the Hong Kong-listed property developer that made headlines earlier in the year for its acquisition of London’s landmark “Cheesegrater” skyscraper, is keen on snapping up more property in Britain, where targets have become “much more affordable” compared with Hong Kong, says its deputy chairman.
The company has completed three headline London acquisitions so far this year, as part of its change in strategic focus from mainland China to overseas markets. Read more>>
China Evergrande Group, the country’s largest property developer by sales in 2016, reported first-half profit jumped 832 per cent to 18.8 billion yuan, in line with analysts’ expectations, thanks to higher selling prices for its properties and a greater volume of sales booked during the period.
A poll by Bloomberg found average analyst forecasts were for a profit of 19 billion yuan (US$2.87 billion), compared to the first half of 2016 when the company reported profit of 2 billion yuan. Read more>>
China Evergrande Group, which has the second-largest debt pile among the nation’s corporates, pledged to slash its debt by 2020 after unveiling a jump in first-half profits that was aided by the early redemption of some bonds.
The country’s No.3 property developer by sales also announced it is changing its growth strategy to focus on growing profitably, and reduce the size of its land reserves towards that end. Read more>>
Bonds and shares of Dalian Wanda Group Co. units fell after Chinese media reported that its billionaire Chairman Wang Jianlin and his family were stopped at Tianjin airport near Beijing as they were about to depart for London on Friday. A company denial helped the assets rally later in the day.
The $600 million of 2024 notes sold by Wanda Properties International Co. dropped as much as 3 cents on the dollar to 98 cents, the lowest since July 19, before paring losses to 99.7 cents as of 5:45 p.m. in Hong Kong. Shares of Wanda Hotel Development Co., Wanda’s only traded unit in Asia, plunged as much as 11 percent and ended the day 8 percent lower. Read more>>
Signs are emerging that the capital inflow from China to Australian property is slowing, but is being offset by Singaporean investors. In the first half of this calendar year, Chinese investment in Australian real estate fell 69 per cent, compared with the same period last year.
According to Cushman & Wakefield, despite lower Chinese investment, Australian commercial real estate is on track for another robust year, with the firm’s research forecasting total investment of around $30 billion for the year. Read more>>
Once the leader of the elite group of developers known as the “Five South China Tigers”, Guangzhou R&F Properties gradually became overshadowed by bigger beasts, but it’s now back in focus even as many rivals shy from the limelight.
The developer, with a market value of HK$52.5 billion ($6.7 billion), has grabbed international headlines over the past few weeks with two property deals linked to one of China’s richest men, Wang Jianlin, and his Dalian Wanda Group. Read more>>