New COLI boss Yan Jianguo (R) helped drive record New Territories land sale
Topping today’s headlines is the latest record land sale in Hong Kong, as a mainland-HK joint venture takes home a New Territories residential site for HK$8.33 billion. Also in the headlines, both WeWork and Savills are expanding in India, and Hines flips a San Francisco project to a Hong Kong-listed developer. Read on for all these stories and more.
COLI-Sino Land-K Wah JV Wins Site for 1600 HK Homes with $1.1B Bid
A consortium formed by Sino Land, China Overseas Land & Investment and K. Wah International won development rights for a residential project at West Rail’s Kam Sheung Road station in Yuen Long with an upfront lump sum payment of HK$8.33 billion (US$1 billion).
MTR Corp said Grand Ample, formed by the three partners, won the tender to develop phase one of the project. Read more>>
WeWork to Have 7 India Centres by Year-End
WeWork India, which provides shared workspaces, has zeroed in on three more locations, which includes one in Koramangala in Bengaluru and two in Delhi, as it looks to expand its centres in India.
WeWork India, a joint venture between Embassy Group and USheadquartered coworking space provider WeWork, will begin its India operations with the launch of WeWork Galaxy, a 1.4-lakh sq ft facility in Bengaluru, in July. It is targeting to set up a total of seven centres across the country by 2017-end, including one in Whitefield, Bengaluru, and additional locations in Mumbai and Delhi. Read more>>
HK-Listed Zhuguang Holdings Buys SF Sites From Hines, Martin Building
Scarcity makes the San Francisco real estate market tenable in the long run. Or in the short run, depending on demand and the prospective buyer’s ambition. Martin Building Properties and Hines just disposed of a development site each in San Francisco to two separate LLCs affiliated with Hong Kong-based Zhuguang Holdings Group Company Limited.
Martin Building sold 88 Arkansas Street site for $26 million, and Hines sold its property at 525 Harrison Street for $36 million. The transactions closed in January of 2017, according to public information. The buyer was identified by the San Francisco Business Times. Read more>>
Financing From Li Ka-shing Helps Fuel HK Home-Buying Frenzy
Thousands of people flocked to snap up flats in Hong Kong on Friday, lured by favourable financing terms offered by the city’s No. 2 developer even as authorities fret over sky-high prices that a series of cooling measures has failed to dampen.
Potential buyers, clutching documents and flanked by agents, queued early for a chance to buy one of the 496 apartments developed by Cheung Kong Property Holdings Ltd, which is controlled by Hong Kong’s richest man Li Ka-shing. Read more>>
GIC-DLF India Property Deal Moving Forward
Realty major DLF’s promoters are likely to enter into an agreement with Singapore’s sovereign wealth fund GIC in the next few weeks to sell their 40% stake in rental business for an estimated ₹13,000 crore.
DLF, the county’s largest realty firm, expects the deal to be concluded by October this year after receiving regulatory and all other approvals, its CFO Ashok Tyagi said. Read more>>
China’s Biggest Developers Build Hospitals to Get Cheap Land
It’s called “Asia’s top-notch plastic surgery hospital,” according to the promotional brochure for the grand, Chinese palace-style building near the port of Tianjin.
With nearly 100 VIP suites and doctors from South Korea offering Chinese clients $2,400 nose jobs and $1,000 double-eyelid plasties, the cosmetic surgery palace is a gamble by one of China’s most indebted developers, China Evergrande Group: get into the health-care business as a new strategy to boost profit. Read more>>
Savills Opens 2nd India Office in Mumbai
Savills, a global estate service provider, has announced the opening of its Mumbai office. This is company’s second office in India with first being in Bengaluru.
According to Bryan Kidd, Country Manager, India India with its large scale and consistent growth is fast joining the ranks of the Asia Pacific region’s most sought after locations and is becoming an increasingly important market for their clients. Read more>>
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