Greenland’s Hertsmere House is planned to rise 67-storeys above London’s Canary Wharf
China’s second largest developer has now won approval to build Europe’s tallest homes along Canary Wharf, while a Singaporean serviced apartment operator ties up with the mainland’s biggest construction firm to open more units in China. Also a bit more light is shed on the mystery behind a failed $3.5 billion Chinese project in the Bahamas, and a look at Link REIT’s latest acquisition in Mong Kok. Read on for all this and more.
Greenland Group Gets Go-Ahead for 67-Storey London Tower
Shanghai-based Greenland Group has won planning permission to build what it says will be Western Europe’s tallest residential tower in London.
Designed by US-based architect HOK, the petal-shaped Hertsmere House will rise 240.5m (67-storeys) over West India Quay in London’s Canary Wharf.
The tower will have 861 homes, of which 96 will be “affordable”, the company said. A linked development in nearby Limehouse will see a further 60 affordable homes built. Read more>>
Singapore’s Ascott Group Teams with CSCEC to Expand China Apartment Empire
Singapore-listed CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited, aims to fast-track its expansion into the China market by forging a strategic alliance with the country’s biggest construction firm.
Ascott said that through its alliance with Dongfu Investment Development Corporation – a subsidiary of China State Construction Engineering Company (CSCEC) – it will have first right to manage apartments currently under development as well as future projects to be built by Dongfu Investment. Read more>>
Riots in Mong Kok? Link REIT Buys Mall Anyway
The Mong Kok clashes this month may have dented the confidence of some investors in Hong Kong.
The Hong Kong Association of Banks has issued a statement expressing concern over the violent protests that took place in the popular shopping area for visitors and gathering spot for locals.
It reminded Hongkongers how important social order and rule of law are to maintaining the city’s status as an international financial hub and retaining the faith of global investors. Read more>>
CSCEC Subsidiary Pleaded for Help Before Missing Deadline on $3.5B Bahamas Project
Weeks after Baha Mar’s contractor assured Prime Minister Perry Christie and the developer, Sarkis Izmirlian, that all was on track for a scheduled opening at the end of March 2015, the mega-resort’s contractor knew the $3.5 billion project was likely to miss the deadline.
In a confidential memo sent to its Beijing parent company on January 20, 2015, China Construction America (CCA) warned that the Cable Beach project and its stakeholders faced “irreversible and catastrophic loss” unless drastic action was taken. Read more>>
KWG Backs Away From Land Auctions as Bidding Rates Rise
Hong Kong-listed mainland developer KWG Property says it will seek projects through mergers and acquisitions rather than bidding for land after seeing an increasing number of small developers face financial strain.
“Land is too expensive in big cities,” KWG executive director Hoffman Tsui said at the company’s annual results press briefing on Monday.
Guangzhou-based KWG posted 0.7 per cent annual growth in its core profit (excluding fair-value gains and non-recurring items) to 2.6 billion yuan (HK$ 3.1 billion) last year. Read more>>
Philippine Development Giants Split Over Outlook for China Projects
Two of the country’s largest property developers are taking different directions with respect to investing in China, with one heading for the exit and the other staying put, as growth in the world’s second largest economy continues to slow down.
SM Prime Holdings Inc., owned by Filipino-Chinese shopping mall tycoon Henry Sy Sr., remains bullish on China while Ayala Land Inc. (ALI) of the Ayala clan has chosen to call it quits – for now.
SM Investments Corp. senior vice president for investor relations Cora Guidote told The STAR the SM Group’s business is “still growing” in China despite problems besetting the country. 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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