Another Kai Tak land sale leads the way in Mingtiandi’s roundup of Asia real estate headlines today with news that Hong Kong developer Goldin Financial beat off stiff competition to win its second plot on the former airport for HK$11.1 billion, while a Singapore real estate fund manager snaps up a hotel down under for $45 million.
In other news around the region, China’s best-knonw property mogul is pumping another $11.7 billion into the mainland, and a corrupt Chinese judge has seen his $3 billion property fortune seized, and new government figures show mainland property investment continuing to rise.
The first seafront commercial plot of land on the runway of Hong Kong’s former airport, Kai Tak, has sold for a record HK$11.1 billion ($1.41 billion), the city’s Lands Department said on Wednesday.
Hong Kong developer Goldin Financial Holdings shrugged off the turmoil of an escalating trade war to win the tender for Kai Tak 4C Site 4, the second commercial plot on the runway to be offered for sale. At HK$12,888 per square foot, the sale was broadly in line with a forecast of HK$13,000 per square foot by market observers. Read more>>
A Singapore-based investment firm will pay AUS$62 million ($45 million) to buy a prime Civic office complex, which it is now planning to revitalise with a AUS$50 million ($36 million) facelift.
SC Capital Partners late on Wednesday announced it had struck a deal to buy the Finlay Crisp Centre at 1 Constitution Avenue. Read more>>
Billionaire Wang Jianlin is setting his sights back on China after government scrutiny of his group’s overseas deals resulted in an end to a global expansion spree.
Wang’s Dalian Wanda Group Co. on Wednesday unveiled plans to spend 80 billion yuan ($11.6 billion) in the northeastern city of Shenyang, the biggest of the mainland investments it announced in the past six months. The money will be used to build a cultural tourism project, a hospital, an international school and five Wanda Plaza commercial complexes, the conglomerate said in a statement on its website. Read more>>
A provincial judge whose family reportedly controls a business empire worth $3 billion is being investigated by Chinese authorities in a case that has angered the nation.
Zhang Jiahui, a deputy judge in the southern island province of Hainan, and her family were said to control 35 companies spanning industries from real estate to hotel management, the Chinese news website Knews reported on May 11th. Read more>>
Singaporean hospitality company Next Story Group has paid about AUS$45 million ($31 million) for a newly built hotel in Melbourne’s Southbank that will be the launching pad for a new hotel brand.
The 162-room property at 167 City Road, jointly developed by prominent Melbourne developers Andrew Nehme and Dean Giannarelli, will become Next Story’s first LinQ Hotel, an upper mid-scale hotel, when it opens in September. Read more>>
Singapore property development and investment group Metro Holdings has agreed to invest RMB 200 million yuan ($29 million) for a 50 per cent stake in Xiamen CICC Qihang Equity Investment Partnership, or CICC Qihang Fund in short.
The property fund has a fund size of 400 million yuan and was set up by CICC Capital, the private equity arm of China International Capital Corporation (CICC). Read more>>
Property investment in China was resilient in April as developers rushed to boost their land inventories in the wake of looser credit and purchasing rules, but demand for new homes remained weak in a reflection of the broader slowdown in the economy.
Real estate investment is a key driver of growth in the world’s second-largest economy and solidity in the sector could cushion the impact of a vigorous multi-year government crackdown on debt and a sudden flare-up in trade tensions with the United States. Read more>>