Greenland Australia Managing Director Sherwood Luo
China’s second-largest developer gives up on a Melbourne project as it struggles to raise interest in its hotel REIT, and media in the UK reveals that an attempted Fosun acquisition was scuttled due to a lack of financial transparency. Meanwhile, Shenzhen follows Shanghai’s lead in cooling its housing market, but not too closely. Read on for all the details.
Greenland Group Backs Away From $33.8M Melbourne Project Citing Delays
One of China’s biggest developers, Greenland Group, has ditched plans to build 1500 luxury apartments next door to Melbourne’s Flemington Racecourse, terminating a $45 million contract with Victoria Racing Club for the site.
The surprise split will throw into the question the racing club’s strategy for the large parcel and leaves Greenland without its hoped for entry into the Melbourne market. Read more>>
UK Rejected Fosun Acquisition Due to Opaque Finances
The wave of Chinese money seeking refuge in the West is provoking unease in the City as the country’s entrepreneurs and businessmen come under increased regulatory scrutiny in the UK.
A series of potential deals with Chinese investors around the world have collapsed or been blocked in recent months amid growing doubts over their ability to see through a deal. Read more>>
Shenzhen Clamps Down on Real Estate Market, But Not Too Much
A raft of new measures to dampen the hot Shenzhen property market is likely to make it harder for non-residents, including those from Hong Kong, to purchase a home there, but it remains unclear if the package will cool the market, analysts say.
The Shenzhen municipal government announced the new rules late on Friday. They included higher mortgage down payments and a more stringent threshold for home purchases by non-locals. They came into immediate effect. Read more>>
Wanda Raises $2.4B in Film Unit Share Sale
Dalian Wanda Group Co.’s closely held film-making unit raised 15.88 billion yuan ($2.4 billion) in a recent sale of its shares, an executive said.
Wanda Pictures completed the share sale, which was oversubscribed, in one and a half months, Liu Zhaohui, vice president at the group, said at a briefing in Hong Kong on Thursday. He didn’t provide further details. Read more>>
Chinese Investors Send EB-5 Applications Up 34% in 2015
A controversial federal immigration program offering green cards to some foreign investors had record demand in 2015, as concern that a key provision of the law might expire fueled a surge of aspiring immigrants.
The program, known as EB-5, received applications from 17,691 investors in 2015, up from 11,744 in 2014 and 6,554 in 2013, according to figures released last week by U.S. Citizenship and Immigration Services. Read more>>
China Buys Aussie Construction Firm, Makes It a Developer
Chinese-owned construction company John Holland says it is focusing this year on investment in a new business model, which includes taking on a development role in projects.
CIMIC Group, formerly Leighton Holdings, sold the contractor to state-owned China Communications Construction Company last year for $1.15 billion. In its first financial results under the new owner, John Holland said the business model had been developed to achieve growth, vertical integration and the ability to generate projects through development, investment and acquisition. Read more>>
PBOC Tries Letting Farmers Mortgage Land
In a historic first, China will allow farmers to use their land as collateral for bank loans, potentially enabling the country’s more than 600 million rural residents to tap the credit markets as part of an easing of restrictions on land use and financing.
The People’s Bank of China announced the plan in a statement on Thursday, saying a pilot programme would be conducted in selected regions across 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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