Greenland’s Spire London may fall short of expectations
The unwinding of China’s mega-investors leads the news again today as Shanghai-based Greenland Group pauses to reconsider its quest to build London’s tallest residential tower, and a policy bank controlled by the central government takes control of HNA’s ongoing asset liquidation. Meanwhile, in Singapore, there was little love for site on the island nation’s northeast corner, and an Indian development titan says that financing problems are for bantam-weights. Read on for all these stories and more.
Greenland Group Retreats From Plan London’s Tallest Resi Tower
The developer behind the tallest tower being planned in London’s Docklands has admitted it may be forced to go back to the drawing board in order to get the scheme off the ground.
The 67-storey tower was also set to be a landmark for Aecom, given it is the US company’s first job as a main contractor in the UK. Read More>>
China Policy Bank Takes Over HNA’s Asset Liquidation
China Development Bank (CDB) is leading a team to supervise HNA Group’s asset disposals as the heavily indebted conglomerate scales back operations to a point that will leave it holding only core assets, people familiar with the situation said.
The finance-to-aviation group is more than a year into the process of unwinding a $50 billion acquisition spree that at its peak netted the group stakes in banks, fund managers, hotels, property and airlines, among other assets. Read More>>
Pasir Ris Site Draws Just Three Bids in Singapore
A 3.8ha white site at Pasir Ris Central saw three bids from developers at the close of the tender yesterday. Among the bidders was Far East Organization, while Singapore Press Holdings and Kajima Development submitted a joint bid.
The third bid was from Phoenix Residential and Phoenix Commercial. Both companies are owned by Allgreen Properties and Kerry Properties, which are in turn linked to prominent Malaysian business magnate Robert Kuok. Read More>>
India’s DLF Says Cash Crunch to Hurt Smaller Competitors
India’s largest listed property developer expects many of its smaller peers to go belly up as creditors cut financing after a shock default.
“Weaker balance sheets are going to fall off, while large listed developers will get through current liquidity crisis,” Saurabh Chawla, outgoing chief financial officer of DLF Ltd., said in a phone interview. Read More>>
HK Retail Investors Take Up Just 30% of Available Fosun Tourism IPO
Fosun Tourism Group, which owns the Club Med resort chain, failed to sell more than half of the shares allocated for retail investors in its initial public offering, in yet another sign of weakening demand for new listings in Hong Kong.
The company received applications for 6.47 million shares, a mere 30 per cent of the 21.4 million shares kept aside for Hong Kong investors, or a tenth of all shares it issued, according to a statement released on Thursday. Read More>>
China Completes 88 Supertalls in 2018
The world’s second-largest economy has built more skyscrapers in 2018 than any other country has ever done in a year, according to a recent study. A total of 88 buildings of 200 metres (656 feet) or greater in height have been completed in the Middle Kingdom in the past 12 months – eight more than last year.
The figure is a record for the country itself and accounts for more than 60 per cent of this year’s world’s total. The United States, a distant second on the list, built 13. Read More>>
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