The Spire London sold GBP 260 mil in units in its first five weeks
Asia’s real estate giants were busy on Monday, with China’s Greenland Group announcing strong sales in London, the mainland government clamping down on “innovative financing” for corporate takeovers, and ARA Asset Management getting an important thumbs up for its privatisation bid. We don’t have all the headlines – just the ones you need to read. So keep scrolling down.
Greenland London Project Sells £260M in Units in First Five Weeks
Bosses say the fact it only took five weeks to sell homes worth £260million at Docklands tower Spire London demonstrates the strength of the capital’s market.
Construction is underway at the £800million plus development, located on West India Quay beside Canary Wharf with completion due in 2020. Read more>>
China Shuts Down High Yield Insurance Sales at Vanke Raider
China’s insurance regulator has suspended Foresea Life, a unit of financial conglomerate Baoneng Group, from selling “universal life” products until it addresses problems in its management of customer accounts and information.
Foresea Life has been aggressively wresting market share from bigger, listed peers by offering investors guaranteed-return, higher yielding products. Read more>>
Franklin Templeton Backs ARA Privatisation Bid
Franklin Templeton Institutional, which owns about 10 per cent of ARA Asset Management, will vote in favour of the S$1.78 billion privatisation, ARA said on Monday.
ARA in November announced a privatisation bid by a consortium led by its group founder and chief executive officer, John Lim. The consortium, which includes Cheung Kong Property and The Straits Trading Company, wants to take the group private at S$1.78 a share. Read more>>
GIC to Invest $260M in Indonesian Theatre Chain
GIC Pte, Singapore’s sovereign wealth fund, agreed to partner with an Indonesian cinema operator by investing 3.5 trillion rupiah ($260 million), to help expand the theater chain across the country.
PT Nusantara Sejahtera Raya, which operates the Cinema 21, Cinema XXI and The Premiere brands in Indonesia, has entered into a strategic partnership with GIC, the companies said in a joint statement on Monday. The company operates 157 cinemas across 36 cities in Indonesia, Nusantara Sejahtera Raya said in the statement. Read more>>
Chinese Developer Pays $125M for NYC Site
Ding “John” Wai’s Sentry Operating Corp. is purchasing a former Queens hospital for $125 million, according to media reports.
The building, at 90-02 Queens Boulevard in Elmhurst, was formerly part of St. John’s hospital, and spans about 260,000 square feet. The purchase also includes a five-story parking garage across the street at 87-28 58th Avenue, which will remain in its current state to provide tenants with parking. Read more>>
HK’s Phoenix Property Targets Southeast Asian Deals
Hong Kong-based Phoenix Property Investors, a private equity real estate firm with assets managed and under management in Asia of over US$6.7 billion, is looking to increase investments in South-east Asia property markets including Singapore.
“The company is expanding its investment footprint from North Asia, particularly Hong Kong, Japan and China, to the South-east Asia region,” Phoenix said in a news release on Monday. Read more>>
Vanke’s Wang Shi Says Evergrande is Not a Financial Investor
Wang Shi, the chairman of embattled housebuilder China Vanke, believes China Evergrande Group’s recent purchases of his company’ shares are not purely for investment.
Wang was asked on Saturday during a session at the annual Caixin Forum whether Evergrande’s recent moves to increase its holding in Vanke goes beyond merely a financial investment, as Evergrande officials have claimed in the past. 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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