Leading the news today, Wang Jianlin’s Dalian Wanda is ready to bet $10 billion that Sichuan residents will have some major healthcare needs, CY Leung notices that Hong Kong’s home market seems to be getting frothy, and JP Morgan coughs up for a $1.75 loan to HNA in NYC. Read on for all these stories and more.
Dalian Wanda Group Co Ltd will invest 70 billion yuan (8.06 billion pounds) in a health park in China’s southwest, the firm said in a statement sent to Reuters on Monday, as some of the country’s biggest companies look to tap demand for private healthcare.
Wanda, headed by China’s richest man, Wang Jianlin, said it had signed an agreement with the Chengdu city government to create a ‘park’ with two international general hospitals, eight small specialized hospitals and 30 healthcare-related firms. Read more>>
Hong Kong’s government is tightening property rules for the second time since November as investors have snapped up multiple units in one shot to qualify for lower tax rates.
The new rules, intended to prevent the purchasing of several properties in one contract to avoid stamp duties, will take effect from midnight, Hong Kong’s Chief Executive Leung Chun-ying said in a briefing Tuesday. First-time home buyers acquiring more than one property in a single contract need to pay 15 percent in taxes, Leung said. Read more>>
Chinese conglomerate HNA Group has secured a 10-year, $1.75 billion loan for its acquisition of 245 Park Avenue in Midtown Manhattan.
According to Commercial Mortgage Alert, a group of five banks funded the fixed-rate mortgage. The biggest portion came from J.P. Morgan, which provided 25 percent of the loan. The rest are split between Deutsche Bank, Barclays, Natixis and Societe Generale. The individual share of the loan for the four banks is unclear. However, at least one of the lenders has a portion that is smaller than 20 percent. Read more>>
The Beijing government over the weekend revised up its land supply plan, but to a level that’s not as large as the headline figure suggests, raising doubts whether the actual supply will be enough to rein in home prices.
In its residential land supply plan for the five years to 2021 the municipal government has promised to provide 6,000 hectares that could translate into a total of 1.5 million homes, or 1,200 hectares with 300,000 units per year. Read more>>
A Malaysian developer has trumped a record field of 24 contenders to lodge a sky-high bid for a Toh Tuck Road site. S P Setia offered $265 million for a plot that experts tipped would go for under $200 million.
The top seven bids came in at above $800 per square foot per plot ratio (psf ppr), higher than estimates of between $560 and $750 psf ppr. S P Setia’s bid translates to $939 psf ppr for the 18,721.4 sq m site. Read more>>
Chinese developers have splashed out almost $37 million buying two development sites in Melbourne, defying predictions that recent increases in taxes and charges on foreign buyers, a clampdown on development lending and capital outflow restriction in China could hurt offshore appetite.
In the bigger of the two deals Beijing-based developer Holder East acquired a commercial car park in West Melbourne for about $25 million from a syndicate of Indonesian investors. Read more>>