A 220,000 sqm mega-mall in Dalian probably sounded like a good idea at the time. To somebody.
Leading the headlines today, Asia’s biggest logistics developer just spread its footprint a bit wider with the $1.1 billion acquisition of a US warehouse portfolio, while one of Hong Kong’s biggest developers may get a bit smaller if its new 220,000 square metre mall in Dalian goes about as well as one would expect from a mammoth retail project in northeastern China right about now. Read on for all these stories and more.
GLP Acquires $1.1B US Warehouse Portfolio
Global Logistics Properties (or GLP), the leading global provider of modern logistics facilities part-owned by Singapore’s sovereign-wealth fund, is set to acquire a $1.1 billion worth US logistics portfolio from Hillwood Development Company.
The move facilitates its aggressive efforts to expand in U.S. over the last two years as the rise of online shopping drives up the values of distribution centers. GLP will be the asset manager and expects to retain a stake of approximately 10% post-syndication. Read more>>
Hang Lung Braves China Retail Skid with 220K SQM Mall in Dalian
Hang Lung Properties officially opened its largest shopping mall yet in the mainland on Friday, in northeast Dalian, despite a glut of large retail outlets, a flagging local economy and a fall in demand for luxury brands due to the country’s ongoing anti-corruption campaign.
The high-end site, offering 220,000 square metres of retail floor space, is the company’s eighth mainland mall, after others Shanghai, Wuxi, Tianjin, Jinan and Shenyang. Read more>>
Home-Hungry Hong Kongers Snap Up 2300 Units in 11 Days
It’s often said that cash is king, but for Hongkongers gripped by a home buying frenzy this month, that would appear to no longer be the case.
Home seekers snapped up 2,300 new units in the first 11 days of September, according to collated figures from property agents, compared with 2,500 flats sold in the primary market in the whole of August. Read more>>
Perennial Invests RMB 735M in Shanghai Senior Care Provider
Perennial Real Estate Holdings (PREH) said on Tuesday its healthcare arm is taking up a 49.9 per cent stake in Renshoutang, the largest private eldercare operator in Shanghai, through a capital injection of 735.5 million yuan (S$148 million).
Renshoutang operates 11 eldercare facilities with over 2,400 beds, and four pharmacies, each with a dedicated TCM (Traditional Chinese Medicine) clinic. They are located predominantly in Changning District in Shanghai. Read more>>
China Real Estate Investment Growth Edges Upward in August
Investment growth in China’s real estate quickened slightly over January-August, suggesting investors still have confidence in a booming market even as more local governments tightened restrictions on home purchases in a bid to check rapid price rises.
Property investment in January-August rose 5.4 percent from a year earlier, the National Bureau of Statistics (NBS)figures showed on Tuesday, quickening from an increase of 5.3 percent in January-July, while property sales by floor area grew 25.5 percent, slowing from 26.4 percent. Read more>>
Portman Wins Legacy Award for Shanghai Center
John Portman & Associates is pleased to announce that Shanghai Center, a project designed more than 30 years ago, has received the “China Tall Building Legacy” award of the inaugural China Tall Buildings Award. This award recognizes proven value and performance during the period of time from China’s economic opening in 1978, giving the opportunity to reflect and acknowledge projects which have performed successfully and achieved sustainability at the highest and broadest level.
The project was recognized at the inaugural China Tall Building Awards Symposium, Ceremony and Dinner on May 13, 2016 and appears in China Best Tall Buildings: An Overview of 2016 China Skyscrapers published by Tongji University Press. 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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