Gaw and KIC teamed up to buy the HK Intercontinental for $940M
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Gaw Capital and KIC Close on $940 HK Intercontinental Hotel Deal
A consortium led by Korean sovereign wealth fund the Korea Investment Corporation (KIC), has sealed a deal to acquire the InterContinental Hong Kong hotel for US$940 million.
According to a report from MK Business News, the KIC hooked up with Hong Kong-based real estate private equity firm Gaw Capital Partners (Gaw Capital) to forge a sales agreement with the InterContinental Hotels Group in July. Read more>>
China’s Kuafu Closes on $300Mil NYC Residential Project
Wrecking crews will soon swarm a site containing six attached low-rise buildings — including the original 77 year-old watering hole Subway Inn — and make space for a new residential skyscraper, now that a $300 million deal has closed.
In their place will be a residential tower being developed by New York-based Chinese developer Kuafu Properties, that is expected to reach more than 1,000 feet in height. Kuafu reportedly went into contract for the site last June, and is expected to start work on the project immediately. Read more>>
Evergrande Takes Over Chongqing Project From HK Developers
Evergrande Real Estate Group (3333) will spend HK$7 billion to take over a Chongqing project from Sino Land (0083), Chinese Estates (0127) and CC Land (1224).
Evergrande will spend HK$3.5 billion buying all of Sino Land’s 50 percent interest in the project, Sino Land and its parent Tsim Sha Tsui Properties (0247) announced jointly yesterday.
Evergrande has been scooping up projects in western China as other developers exit the market. Read more>>
Sino-Ocean Land Plans RMB 5 Bil Bond Issue
Sino-Ocean Land Holdings plans to issue 5 billion yuan in corporate bonds, with the proceeds to help pay down existing debt and replenish general working capital, the company said in a filing to the stock exchange today.
The Beijing headquartered, Hong Kong-listed company says it will issue the debt in two series. The first includes 2 billion yuan, which carry a coupon rate of 3.85 per cent, over a six year term.
A number of Chinese developers are taking advantage of favorable borrowing terms on the mainland this year to refinance projects, while enthusiasm for mainland developer debt has waned in offshore markets. Read more>>
Shanghai Office Rentals Climbed More than 2% in 3rd Quarter
ROBUST demand from domestic financial firms, multinational retailers and professional service providers continued to fuel rental growth in Grade A office buildings on both sides of the Huangpu River in Shanghai in the third quarter of this year, research by property advisors has found.
Grade A office rents in the Pudong New Area climbed 2.2 percent quarter on quarter to 11 yuan (US$1.73) per square meter a day, while they rose 2.3 percent to 9.40 yuan per square meter a day in Puxi during the three-month period, JLL said in a report released yesterday. Read more>>
China Retail Sales Grew by 10.9% in Sept, Continuing Upward Momentum
China’s retail sales of consumer goods grew 10.9 percent year on year in September, slightly higher than 10.8 percent for August, official data showed Monday.
The figure marks the highest rate of growth since the beginning of this year, according to the National Bureau of Statistics (NBS).
HSBC analyst Qu Hongbin said the pace was better than expected as consumption in some areas was boosted by holiday factors. China’s traditional Mid-Autumn Festival fell in late September. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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