Fosun’s plan to put its latest NYC project on stilts was not warmly received
A joint venture real estate project in Manhattan led by China’s Fosun and local builder JD Carlisle has been stopped after unsuccessfully attempting to exploit a zoning loophole. Meanwhile, back on the mainland, both Greenland Group and Greentown Holdings continue to expand away from their core development businesses – all these stories and much more await you just a few lines further down this page.
Fosun NY Project Blocked by Local Regulators
The Department of Buildings ordered a halt to construction work at JD Carlisle and Fosun Group’s 15 East 30th Street, a condominium development that drew the ire of its neighbors by using a zoning loophole to raise its height by 155 feet.
The DOB issued the order over an outdoor space on the second floor, which didn’t meet the required width of 10 feet, Crain’s reported. Work will remain on hold until the developers and the city agency resolve the issue. Read more>>
Greentown Holdings Prices Services IPO in Hong Kong
Greentown Service Group raised HK$1.55 billion ($200 million) from its initial public offering in Hong Kong on Tuesday but in the end relied on institutional investors to get the deal done as post-Brexit nerves and aggressive pricing put off some retail investors.
The property management affiliate of Chinese developer Greentown China finalised the offer price for the 778 million share deal at HK$1.99 per share. Read more>>
Greenland Group Branches Out into Incubators on the Mainland
Shanghai-based Greenland Holding Group, one of mainland China’s three largest developers, has taken another step toward diversification into non-property businesses, unveiling a new plan on Tuesdaythat could potentially turn multi-million square metres of its commercial properties into incubators for technology start-ups.
Under the plan that took nearly a year to finalise, Greenland is committed to investing significant resources as part of a strategic move to cut its reliance on property development, according to Xue Yingjie, executive deputy general manager of Greenland’s commercial business division. Read more>>
TPG Partners with Temasek and HarbourVest in India
Private equity firm TPG Capital has partnered three of its limited partners (LPs) to close its acquisition of ICICI Home Finance Co. Ltd for as much as $320 million, according to two people briefed on the matter.
TPG has brought on board Temasek Holdings Pvt. Ltd, an investment arm of the Singapore government, Singapore’s sovereign wealth fund GIC and US-headquartered HarbourVest Partners, a private equity fund of funds and one of the largest private equity investment managers in the world, the two added, asking not to be identified. Read more>>
Singapore’s CDL Buys Out Remaining Stake in Summervale
CITY Developments Limited (CDL) has increased its shareholding interest in Summervale Properties from 50 per cent to 100 per cent, after its wholly owned subsidiary, Sunmaster Holdings, completed the acquisition from Wing Tai Land (WTL) for S$410.96 million.
Both CDL and WTL had considered various ways to optimise their interests in Summervale, which is the owner and developer of Nouvel 18, a prime development project, and agreed that the consolidation of the equity interests in Summervale under one party would provide flexibility for future plans relating to Summervale and Nouvel 18, said CDL in a statement on Tuesday. Read more>>
Retired Huayuan Boss Ren Zhiqiang Profiled in Wall Street Journal
Ren Zhiqiang, the former head of Beijing Huayuan Group and a pioneer in Chinese real estate development, is the subject of a video profile in the Wall Street Journal which highlights his social advocacy.
The former PLA soldier known as the “Big Cannon” for his outspoken nature, retired from Huayuan in 2014, and had previously worked together with SOHO China boss Pan Shiyi and Vantone chairman Feng Lun. Watch>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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