SM City Tianjin measures 565,000 square metres
The Philippines biggest retail developer must be hoping that Christmas is catching on in Tianjin as it now has 565,000 square metres of retail space to fill in the famously oversupplied Chinese second-tier city. Also in the headlines today, Shanghai home prices fall for the first time in nearly two years, and Vanke officially throws in the towel on its attempt to bring in Shenzhen metro as a white knight in its long-running takeover battle. Read on for all these stories and more.
Confident Filipino Developer Opens 565,000 Square Metre Mall in Tianjin
SM Prime Holdings Inc. said Monday it has opened its seventh mall in China, as it pursues its expansion in the mainland. SM City Tianjin, a shopping center with a gross floor area of 565,000 square meters, soft opened on December 17, the company said in a statement.
“The opening of SM City Tianjin reflects our strong confidence on China’s economy. This gives SM Prime a wider perspective on China’s shopping culture, allowing us to capture bigger opportunities as an international integrated property developer,” SM Prime president Jeffrey Lim said. Read more>>
Shanghai Home Prices Fall for First Time in 21 Months
Shanghai’s new-home prices fell for the first time in 21 months last month while prices in Beijing halted growth as a raft of government market-cooling measures took its toll.
But a tone-setting economic meeting indicated top leaders had realised the flaws of curbing demand temporarily. Instead authorities vowed “long-term mechanism” to address the underlying imbalances. Read more>>
Vanke Scraps Shenzhen Metro Plan in Face of Shareholder Opposition
China Vanke Co., one of the country’s biggest home developers, scrapped a plan for rescue from the clutch of a hostile takeover, the latest twist in the battle for control of the company.
China Vanke announced Sunday that it abandoned a potential $6.6 billion asset-swap with subway operator Shenzhen Metro Group due to opposition from other major shareholders, whose holdings would have been diluted. Read more>>
Hong Kong Now 11th Most Expensive Place for Expats
Hong Kong is now the 11th most expensive location in the world for expatriates, falling from 9th place last year. This was one of the findings of the latest Cost of Living survey published by ECA International, the world’s leading provider of knowledge, information and software for the management and assignment of employees around the world.
To ensure that an employee’s spending power is maintained when they are sent on international assignment, a cost of living allowance is often provided as part of the pay package. This allowance will be affected by differences in inflation levels as well as exchange rate movements between the employee’s home and host countries. Read more>>
LKK Renames Corporate Avenue 3 as Infinitus Tower in Shanghai
On 17 December, 2016, LKK Health Products Group (“LKKHPG”) announced that Shanghai Corporate Avenue 3 was officially named Infinitus Tower. The unveiling ceremony of Infinitus Tower was held on that day. Mr. Lee Man Tat, Lee Kum Kee Group Chairman, Lee Kum Kee Family members, Mr. Sammy Lee, Chairman & Managing Director of LKKHPG, LKKHPG board members and other distinguished guests attended the event.
In December of last year, LKKHPG entered into a sale and purchase agreement to acquire the Property in a consideration of RMB 5.7 billion through a joint venture between the respective subsidiaries of LKKHPG and Vanke Property (Hong Kong) Company Limited (“VPHK”), in which LKKHPG ultimately owns 90% of the shares and VPHK owns 10% of the shares. Read more>>
Mainland Insurance Regulator Clamps Down on Leveraged Buyouts
The China Insurance Regulatory Commission hopes to reduce the proportion of total equity assets held by insurance funds to 30 percent. The limit was raised to 40 percent last year. The move indicates the regulator wants to improve regulatory measures against the short-term and speculative use of insurance funds.
CIRC Vice-Chairman Chen Weihui said in an article published on Wednesday in People’s Daily that the regulator is planning to introduce measures to curb speculative use of insurance capital in investing in the stock market, including forbidding insurers and non-insurance institutions from jointly acquiring listed companies. 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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