Chaolong Developments has bought a Novotel hotel and a shopping mall in Melbourne for A$150 million
Melbourne leads the way in Mingtiandi’s roundup of Asia real estate headlines today as a company with links to a mainland China developer has snapped up a Novotel hotel and a shopping mall in the Australian city for $105 million.
In other news across the region, a US asset manager is said to be refinancing $1.5 billion of debt borrowed against a commercial building in Seoul, and a Dutch pension fund has invested $100 million in a PAG-led series of office deals.
Elsewhere, a fried chicken chain that doesn’t involve a white-clothed colonel is planning to open 1,500 more restaurants in China, and a top mainland developer finds one more investment in electric cars.
Chinese Developer Buys Novotel Hotel and Mall for A$150M
Asian investment firm iProsperity has found a Chinese-backed buyer for two linked properties in suburban Melbourne, the Century City Walk Shopping Centre and the adjoining 200-room Novotel Melbourne hotel, in a A$150 million ($105 million) deal.
Title documents show the buyer, Chaolong Developments, to have links through a director to a Chinese provincial developer, Runjiang Investment Group, a Shijiazhuang-based developer from Hebei province in China’s north. Read more>>
Brookfield Set to Refinance KRW 1.8T Debt on IFC Seoul
Brookfield Asset Management is seeking to refinance KRW 1.8 trillion ($1.5 billion) of debts borrowed on the International Finance Center in Seoul which the company acquired for KRW 2.55 trillion in late 2016.
Brookfield has recently selected South Korea’s Kookmin Bank as the lead manager for the refinance and picked Samsung Life Insurance and NH Investment & Securities as co-managers, according to investment banking sources on July 23. Read more>>
Popeyes China to Open 1,500 More Fried Chicken Joints
Popeyes Louisiana Kitchen is set to develop and open more than 1500 Popeyes restaurants in Mainland China over the next 10 years.
Popeyes China will be the last of Restaurant Brands International’s three major brands to enter the Chinese market. Burger King has operated in the territory since 2005, and it now has more than 1000 locations in China. Read more>>
Evergrande Sets Up New Electric Car JV
Evergrande Health announced on July 24 that one of its wholly-owned subsidiaries has entered into an agreement with German powertrain supplier hofer Aktiengesellschaft to set up a joint venture in Germany, signifying Evergrande’s access to world-class integrated electric powertrain system technology.
According to the newest announcement, Evergrande Health will hold 67 percent stake whilst hofer AG holds 33 percent equity interest in the JV. Besides, Johann Hofer, the founder of hofer powertrain, will serve as chairman of German JV. Read more>>
Bouwinvest Invests $100M in PAG-Led APAC Office Deals
Bouwinvest has invested $100m in a portfolio of offices in metropolitan markets in Asia Pacific, as part of the Dutch property investor’s plan to invest €1.5 billion ($1.67 billion) in the region by 2021.
Bouwinvest, which is owned by the €61 billion Dutch pension fund BPFBouw, said it has acquired office buildings in Tokyo, Osaka, Hong Kong, Seoul and Auckland. Read more>>
SG Tycoon Says Li Ka-shing Not Involved in Vancouver Lawsuit
Fresh from winning a four-year legal wrangle with one of Canada’s largest property developers, Singapore tycoon Oei Hong Leong said he was glad justice had been served – but felt compelled to clarify that the case had nothing to do with Hong Kong billionaire Li Ka-shing.
Oei, who at 71 is worth an estimated US$1.5 billion according to this year’s Forbes billionaires list, said he had fielded questions about the ownership of Concord Pacific Acquisitions, part of Concord Pacific Group, that sued him at the Supreme Court of British Columbia. 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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