Nick Tobin is stepping down from Wanda’s Aussie deal partner Yuhu Group
Leading today’s roundup, Chinese regulators are further tightening developers’ funding channels by curtaining their dollar-bond issuance, amid concerns about foreign-exchange volatility. Also in the headlines, the developer chaired by controversial Chinese-Australian investor Huang Xiangmo has shed its second chief executive in six months, after buying up Wanda Group’s trophy projects Down Under. And Singapore’s housing market continued its climb last month according to the latest flash estimates, so keep reading for all the details.
China Clamps Down on Offshore Funding for Developers
China’s top economic planning body has told the country’s heavily indebted property companies to curb their issuance of dollar-denominated bonds, a sign of Beijing’s concern about the side effects of the yuan’s recent slide.
In a statement late Wednesday, the National Development and Reform Commission said it would ban property companies from selling bonds outside China, unless the proceeds were used to repay maturing debt or to prevent defaults. Read more>>
China Hits the Brakes on the Belt and Road
China has spent nearly five years steering an ever-growing stream of hundreds of billions of dollars to a bold plan to gain greater global influence by funding big projects across Asia, Eastern Europe and Africa.
Now, Beijing is starting to tap the brakes.
The value of the deals that Chinese companies are striking under the country’s big global plan — called the Belt and Road Initiative — is smaller than a year ago, according to new data. Read more>>
Yuhu Group Loses Second CEO in 6 Months
Development giant Yuhu Group’s chief executive Nick Tobin has stepped down from his position, less than six months after being appointed. Tobin replaced former NSW treasurer Eric Roozendaal who departed the company after the donations scandal that unseated Labor Senator Sam Dastyari.
Tobin came on earlier this year as the Chinese developer was confirmed as the buyer of Dalian Wanda’s Australian assets. Yuhu said that Tobin is leaving the company to establish his own consultancy business. Read more>>
Private Home Prices in Singapore Tick up 1.5% in May
Prices of completed non-landed private homes in Singapore climbed 1.5 percent last month from the previous month. This is according to the National University of Singapore’s (NUS) flash estimates for its Singapore Residential Price Index (SRPI) released yesterday.
The rise is a rebound from April, when prices dipped by 0.2 percent, revised up from an earlier estimate of a 0.3 percent drop. The price increase in May was felt across the board, with apartments in the central region, excluding small units, climbing 1.8 percent, followed by units outside the prime locations, which saw prices rise 1.3 percent. Read more>>
Hang Lung Tops Out Tower 2 of Wuxi Center 66
Hang Lung Properties marked another milestone for its mainland China portfolio when it topped out the second office tower in its Wuxi Center 66 project in Wuxi, Jiangsu province.
In a ceremony presided over by CEO-designate Weber Lo the Hong Kong developer celebrated the latest sign of progress in the eastern China commercial complex some five years after completing the shopping mall component of Center 66. Hang Lung expects to open the office tower in the second quarter of 2019. Read more>>
China to Expand Bullet Train Network 20% by 2020
China’s transport ministry aims to expand its high-speed railway network by one-fifth to 30,000 kilometers by 2020, up from 25,000 km as of the turn of the year. Authorities have drawn up plans related to the expansion with the goal of reaching 80 percent of China’s cities with a population of at least one million people, state-backed news outlet The Paper reported.
The transport ministry also aims to increase China’s expressways to 150,000 km, up from 136,000 km last year. The network will cover almost all cities with a population above 200,000 people. The government plans to add some 180 deep-water berths at coastal ports, and approximately 2,700 kilometers of waterways. In terms of air transport, authorities aim for civilian airports to serve all cities with more than 200,000 people. There are also plans to establish higher-quality, interconnected transport infrastructure networks, linked to transit hubs. Read more>>
Breitling Opens Beijing Flagship Boutique
Swiss luxury watchmaker Breitling has opened its first flagship boutique in Asia at Hongkong Land’s newly completed WF Central mall in Beijing.
The prestige timepiece brand celebrated the opening of its 152-square-meter shopping space with a ceremony featuring mainland celebrities including actor Lei Jiayin and singing star Han Xue appearing alongside Breitling CEO Georges Kern. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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