CIC could take an A$500M stake in 477 Collins Street in Melbourne
Asia’s real estate players opted not to take a break, even on an August weekend, with China’s sovereign wealth fund said to be closing in on an A$500 million investment into a Melbourne project, while a certain US presidential candidate’s name could soon be appearing on resorts in West Java and Bali. Meanwhile Moody’s worries over Evergrande’s Vanke investment, and much more if you just keep reading.
CIC Said Buying A$500M Stake in Mirvac Melbourne Project
Eight billion dollar property giant Mirvac’s recently inked deal with China Investment Corporation looks set to pay its first dividend, with the pair believed to be in talks about an A$500 million stake in a Melbourne CBD property.
Street Talk understands Mirvac is considering offloading a 50 per cent stake in 477 Collins Street in Melbourne, bringing in a capital partner to help fund the developer’s planned 40-storey tower. Read more>>
Trump Hotels Planned for West Java and Bali
MNC Land, the property arm of Indonesia’s MNC Group, has confirmed it will build two new resorts in Lido, West Java, and Tanah Lot, Bali, in partnership with real estate mogul and US Republican presidential nominee Donald Trump’s The Trump Organization — with construction to start in early 2017, its senior official said in a statement on Tuesday (02/08).
The $500 million resort and theme park in Lido will be the country’s first integrated lifestyle resort, which included two hotels, a golf field and a high-end residential complex. Read more>>
Evergrande Could Lose Control Over Debt After Vanke Investment
Moody’s Investors Service says that property developer China Evergrande Group’s acquisition of a stake in China Vanke Co., is credit negative, but will not immediately affect its B2 corporate family rating or B3 senior unsecured bond rating.
The rating outlook remains negative. Evergrande announced yesterday that it had acquired 4.68 percent of the total issued shares of China Vanke for 9.1 billion yuan. Read more>>
Shenzhen Home Prices Said to Have Fallen 8% in July
Shenzhen’s average new housing price fell to 56,720 yuan ($8,555) per square meter in July, down 8.2 percent from the previous month, the sharpest month-on-month decline since 2012, according to the transaction data released by the Urban Planning, Land and Resources Commission of Shenzhen Municipality.
The city recorded slump in sales of both first- and second-hand houses in Shenzhen, indicating that the market is facing a downturn as high priced plot’s short-term stimulus effect gradually fades, coupled with the off-season effect. Read more>>
Mainland Companies Seen as Key to HK Office Market
Despite the slowdown in the Chinese economy, mainland companies are likely to remain the key driver of Hong Kong’s office market.
“Mainland companies have been the key driver in sales and leasing of Hong Kong’s office market over the past two years and they are actively seeking opportunities to buy office buildings in core and non-core business districts, such as Central, Admiralty, Sheung Wan and Kowloon East,” said Thomas Lam Ho-man, head of valuation and consultancy at Knight Frank. Read more>>
HK Secondary Home Market Climbs on Interest Rate News
Hong Kong’s secondary residential prices have seen a sharp rebound as buyers have jumped back into the market after the United States decided to keep interest rate unchanged and the overall improvement in the stock market has increased buying power.
Housing estates including Taikoo Shing in Quarry Bay and Kingswood Villas in Tin Shui Wai have registered noticeable increases in prices after collapsing as much as 20 per cent since September last year. 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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