Future Land chairman Wang Zhenhua may be feeling the heat from the government just now
Shares of a major mainland developer dropped on Monday after the company revealed that its chairman was being investigated by the government. Plus, Chengdu’s overbuilt market is creating a boon for bargain hunters and Hong Kong home sales look set for their slowest month ever. Read on for all the headlines.
Future Land Shares Plunge as Chairman Probed
Future Land Development Holdings Ltd. shares plunged by the most since July after the company said its chairman and controlling shareholder Wang Zhenhua was being probed by Changzhou city authorities.
In a statement to the Hong Kong stock exchange Friday, the company said the investigation by the Commission of Discipline Inspection of Changzhou city’s Wujin district was of a personal nature and unrelated to company activities. Read more>>
Chengdu Market Slump Drives Developer Consolidation
Merger and acquisition (M&A) activities in Chengdu’s property market reached a fever pitch last year and is expected to continue as deals are expected to come thick and fast in a depressed market, say industry experts.
The idea of bigger and better is the driving force behind the latest round of consolidation, they say. “Although no official figures have been released so far, the total value of M&A deals concluded in 2015 was likely 50 per cent more than in 2014,” said Xiang Wei, head of research at Sichuan Centaline Property Consultants. Read more>>
Hong Kong Housing on Track for Slowest Sales Month Ever
As the colder weather sets in, Hong Kong property appears to be caught in a frosty market of its own, with monthly sales volume on track for a historical low, property agents say.
Centaline Property Agency expects the number of property transactions, includes apartments, shop units and car parks, of around 3,500 for January, the lowest in volume terms ever recorded in a data set dating back to January 1991. Read more>>
Apple to Open 31st Mainland Store in Qingdao
Apple Inc announced on Saturday that it would soon open its 31st outlet in Qingdao, China. The retail outlet will be located in China’s biggest shopping complex, MixC luxury shopping mall, according to the reports. The new store is expected to open between 10AM to 10 PM local time on weekdays and weekends.
China has always been a lucrative market for the tech giant and in recent years, Apple has aggressively expanded its franchise operation in the world’s largest smartphone market under the leadership of Angela Ahrendts, senior VP of retail and online stores at Apple. Read more>>
Dalian Wanda Acquisition Spree Begins to Hit Its Credit Rating
U.S. ratings agency Standard & Poor’s cut its long-term credit outlook on Chinese major property firm Dalian Wanda Commercial Properties to “negative” on Friday.
The Hong Kong-listed company is a real estate arm of Chinese conglomerate Dalian Wanda Group, led by China’s richest man Wang Jianlin.The long-term corporate credit rating is now “BBB+”. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
Leave a Reply