HNA Group’s Chen Feng is writing his own book of cross-border deals
The parent company of Hainan Airlines continued its battle for the “Big Chinese Investor” crown this week by picking up its own US hotel chain, while another big buyer, Wang Jianlin again lost his title as Asia’s wealthiest man to Jack Ma. All this while down under, banks halt mortgages for foreign homebuyers, while Chinese investors continue to shop for new projects. Read on for all the details.
China’s HNA to Buy Carlson Hotels Group
Carlson Rezidor Hotel Group, the home to brands including Radisson and Country Inns & Suites, will be sold to a unit of Chinese conglomerate HNA Group.
The Wall Street Journal reported in January that parent company Carlson was exploring alternatives for the hotel business. The parent company also owns business travel manager Carlson Wagonlit Travel. Read more>>
Wang Jianlin Re-Loses Title of Asia’s Richest Man to Jack Ma
The title of Asia’s richest man has once again changed hands, after Alibaba chairman Jack Ma recently overtook Dalian Wanda’s Wang Jianlin to the top spot.
According to Bloomberg’s billionaires index, Ma increased his net worth by US$4.3 billion (S$5.8 billion) to US$33.3 billion, after the e-commerce giant’s financial affiliate Ant Financial raised a record amount in funding. Read more>>
China Vanke Says Core Profits Up 28% in Q1
China’s largest residential property developer, China Vanke Co Ltd, said its first-quarter core profit rose around 28 percent from the year before, as government measures to support the sector boosted sales of apartments.
Vanke said in a statement late on Wednesday that its core profit was 805.1 million yuan ($124 million) in January-March, up from 628.7 million yuan a year earlier. Read more>>
Sino Land Cuts Prices by 10% on Sai Kung Project
Sino Land has become the latest developer in Hong Kong to cut prices and sweeten its mortgage terms to boost sales in the upcoming Labour Day week as the city’s once-sizzling property market shows signs of losing steam.
The developer on Wednesday announced it is raising the discount for the 30 units on offer at The Mediterranean project in Sai Kung to up to 26 per cent, from December’s 14.5 per cent. Buyers will also receive a first mortgage loan of up to 85 per cent, up from the earlier 80 per cent, of flat value. Read more>>
Big 4 Aussie Bank Stops Lending to Foreign Homebuyers
Banking giant Westpac has stopped lending to foreign property buyers in a surprise move that is likely to spark concerns about a slowdown in residential construction, particularly in capital city apartments.
Australia’s apartment construction boom is being underpinned by a wave of foreign buyers, with many borrowing from local banks to fund part of their home purchase. Read more>>
Chinese Developers Still Shopping for Australian Projects Despite Downturn
Chinese property investors remain interested in the Sydney and Melbourne markets despite a recent housing slowdown, an Australian architect working with Chinese developers says.
Despite recent official warnings of a property slowdown, Chinese developers are still interested in putting their money into new Australian residential developments, architect Drew Dickson says. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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