Singapore leads the news again today as the city’s fifth housing project this week goes up for collective sale. Slightly further south in Melbourne, a Chinese developer continues to buy up suburban sites and Sunac’s Sun Hongbin reaches a bit deeper into his pocket to bail out LeEco. Read on for all these stories and more.
Collective sale fever has gone through the roof this week with Vista Park condominium launching a tender yesterday, joining four other candidates trying to sell en bloc in recent days.
Vista Park owners are eyeing at least $350 million, which means each unit owner could pocket $1.16 million to $3.5 million – a premium of over 60 per cent to what they could otherwise fetch by selling individually in the open market. Read more>>
Chinese developer Dahua Group is making another major Melbourne land acquisition, snapping up a 56.4 hectare farm in Wollert for a speculated price of more than $70 million.
The deal reflects an enormous capital gain for the vendor, local developer Greencor, which paid a reported $26 million in 2012, around the time agents considered the “low” in this city’s residential property cycle. Read more>>
Billionaire property magnate Sun Hongbin has come to the rescue of LeEco for the second time this year, providing US$270 million in loans to the internet giant’s video streaming and TV unit on Thursday through his Tianjin-based residential developer China Sunac Holdings.
Sunac will provide Leshi Internet a 1.29 billion yuan loan (US$194.5 million) for general working capital, plus 3 billion yuan of guarantees to cover its existing and new debt, the company said in a filing to the Hong Kong stock exchange on Thursday. In addition, Leshi Zhixin the TV unit, will receive a 500 million yuan loan, the statement said. Read more>>
New York’s Upper 5th Avenue and Hong Kong’s Causeway Bay retain their first and second place rankings, while soaring rents have seen London’s New Bond Street rise to become the world’s third most expensive retail street, according to Cushman & Wakefield.
The annual Main Streets Across The World report, now in its 29th edition, tracks 451 of the top retail streets around the globe and ranks the most expensive in 68 countries and regions by prime rental value utilizing Cushman & Wakefield’s proprietary data. Read more>>
Industrial and Commercial Bank of China (ICBC), the nation’s largest bank by assets, said on Thursday it would offer 500 billion yuan (US$75.4 billion) worth of credit to support the home rental market in Guangzhou.
The bank would offer credit to support the establishment of a state-owned residential leasing platform in Guangzhou. Read more>>
A year ago, property developer Hui Ka Yan was known for the high leverage of his listed real estate company, China Evergrande Group. The company’s debt is largely unchanged, but following an extraordinary rise in its stock price, Hui has notoriety of a different kind: He is the richest man in China and leads a 26% overall rise in the mainland’s top 400 fortunes this year.
Most notable are the gains of Internet entrepreneurs, manufacturers and property developers. In that last group, Hui’s $42.5 billion net worth takes him to a level no Chinese has scaled before. Read more>>