Evergrande Group chairman Xu Jiayin seems determined to break into the world of electric cars, as the mainland property magnate this week agreed to pay nearly $1 billion to take over the Swedish electric car firm which controls the assets of the now-defunct SAAB brand.
Evergrande boss Xu Jiayin has spent another $930 mil on electric cars
Also in the news, one of India’s biggest cities saw its new home supply nearly double in 2018 and Country Garden denies the latest controversy surrounding it Forest City project in Malaysia’s Johor Bahru. Read on for all these stories and more.
Evergrande Follows Up on Faraday Fail with $930M EV Acquisition
Real estate developer China Evergrande Group will purchase a majority stake in automaker National Electric Vehicle Sweden for $930 million as it steps up its diversification into the green-car field.
Subsidiary Evergrande Health Industry Group will purchase 51% of the Sweden-based carmaker from third-party holding company Kerryman Holdings by the end of the month. Read more>>
New HK Infrastructure Expected to Boost Office Demand in TST, Island East
The decentralisation of companies moving away from the core business district will accelerate after the opening of the HK$36 billion (US$4.59 billion) Central-Wan Chai Bypass and Island Eastern Corridor Link on Sunday, according to property consultants.
The bypass means vehicles will only need five minutes to travel from Central to North Point at Island Eastern Corridor, down from as much as 35 minutes currently, according to the Highways Department. Read more>>
Chennai New Housing Launches Nearly Doubled in 2018
The Chennai realty market recorded a substantial increase in number of new apartments last year when compared with the corresponding period of 2017, a report by a property consultant said.
In a statement, Anarock Property Consultants said Chennai added new supply of 15,680 units in 2018 compared to 7,940 units in 2017, which is a massive rise of 98%. Approximately 49% new supply was added in the affordable segment, it added. Read more>>
Country Garden Denies Reports of Malaysia Labour Violations
Country Garden Pacificview (CGPV) Sdn Bhd, the developer of Johor’s Forest City, has today denied that it had cases of non-contractual payment for workers from China who had entered the country on tourist visas.
It asserted in a statement that the company is a law-abiding corporate citizen which ensures compliance of all laws and regulations. The Financial Times had quoted a Chinese construction worker in Johor’s Forest City project who claimed that he was on a tourist visa pending a work permit. Read more>>
430-Room Hilton Hotel Opens in Guangzhou
Hilton Hotels and Resorts, Hilton’s flagship brand, today announced the opening of Hilton Guangzhou Science City. The eight-story, 430-room full-service hotel is just minutes from the world-class Baoneng International Sports Arena and 15 kilometers away from Pazhou Exhibition Center. The property is owned by Guangzhou Tianma Group and managed by Hilton.
“This new opening is Hilton’s first in Guangzhou Science City, a growing Research and Development and IT center that is key to the development of Pearl River Delta as China’s central hub for high-tech innovation,” said Qian Jin, area president for Greater China and Mongolia, Hilton. Read more>>
Condo Owners on Singapore’s Newton Road Try for S$44M Collective Sale
Owners of Newton Lodge, a 16-unit apartment block in Newton Road, have put their freehold 21,409 square foot site up for tender at a minimum price of $44 million.
This translates to a land rate of $1,468 per sq ft per plot ratio (psf ppr) at a 1.4 gross plot ratio, said the property’s sole marketing agent JLL. Factoring in an additional 8 per cent bonus gross floor area for balconies and communal areas, the land rate drops to about $1,359 psf ppr. Development charges are not payable for the site’s redevelopment. Read more>>
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