Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Canada Pension Plan Investment Board (CPPIB) and Australia-based integrated property firm Goodman Group (Goodman) have announced a US$1.25 billion increase in their equity allocation to the Goodman China Logistics Partnership (GCLP). The allocation will be made on an 80:20 basis, consistent with the partnership’s equity structure, with CPPIB committing $1 billion and Goodman committing $250 million.
According to a statement from the GCLP, the partnership is seeing continued strong demand in core logistics markets, including in the greater Shanghai and Beijing regions and key Western China markets, driven primarily by e-commerce and domestic consumption. Read more>>
The Shanghai-listed arm of a major state-owned Chinese corporation, the $75 billion China Poly Group, has outlined an ambitious growth strategy for Australia aimed at making it the third biggest property developer here over the next decade.
Poly Real Estate has built a presence in Australia in the past two years, with projects planned for Sydney and Melbourne. Read more>>
Shui On Land bought a 60 percent stake in the Taipingqiao 116 project near Xintiandi for a total consideration of $563 million, structured as an earn-out, according to an announcement from the company. Once the share transaction is completed, Shui On will own the 90,000 square metre residential site in its entirety.
The stake in Taipingqiao is being purchased from New York-based Apollo Global Management, which acquired the holding as part of the China Trophy Property Development Fund. Apollo absorbed the fund when it acquired Venator Real Estate Capital Partners earlier this year. The sale of the stake to Shui On allows investors in the Trophy Fund, which originally was managed by Shui On-linked Winnington Capital, to recoup much of their capital from the original fund. Read more>>
Shares in Goldin Properties Holdings surged 53.6% to 11.98 Hong Kong dollars Thursday, boosted by news that the Hong Kong property developer will raise 18 billion yuan ($2.8 billion) by selling commercial property in China.
Goldin, headed by billionaire Pan Sutong, announced late Wednesday it will sell a 25% interest in its Tianjin property development to an affiliate belonging to Pan and an unnamed independent company. Read more>>
Ping An Trust, a subsidiary of Ping An Insurance group, has agreed to sell its 49 per cent stake in a residential site in Beijing to China Jinmao Holdings group for 985.5 million yuan (HK$1.18 billion).
China Jinmao, the real estate arm of Sinochem group, will own 100 per cent of the site after the completion of the transaction, China Jinmao said in a filing to the Hong Kong stock exchange on Monday. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.