Hong Kong’s second richest man expects the city’s home prices to keep sliding and selling a Manhattan nursing home to China’s biggest developer could put a New York company on the wrong end of a lawsuit. Read on for all these stories and more.
Billionaire Lee Shau-kee, Hong Kong’s second-richest man, expects home prices in the city to remain under pressure, with about 10 per cent further downside to be expected before a bottoming pattern sets in.
The chairman of Henderson Land Development, speaking on the sidelines of the company’s annual general meeting, said home prices have been falling since the peak last year, and that the downtrend has further to go. Read more>>
The state Department of Health is exploring taking legal action after it was misled by the Allure Group, a nursing home chain that recently sold the former Rivington House property to a group including China Vanke, and netted a $72 million profit. In response to issues raised by Manhattan politicians, a top DOH official asserted that Allure misrepresented its intentions for the site in a certificate-of-need application.
“The operator made representations of their intent to continue to operate the facility as a nonprofit nursing home. It appears that a number of these representations were misleading,” wrote DOH Deputy Commissioner Daniel Sheppard. Read more>>
ASRR Capital Ltd. — the publicly-traded Israeli company led by New York real estate moguls Alex Sapir and Rotem Rosen — has brought in Chinese and Hong Kong investors to partner in redeveloping the Miami Arts & Entertainment District property it purchased earlier this year, The Real Deal has learned.
The deal marks the latest major Chinese investment in Miami, as Asian buyers continue to target the area. Read more>>
Hong Kong bank Dah Sing Financial Holdings Ltd (0440.HK) has agreed to sell its insurance business to China’s Thaihot Group Co Ltd (000732.SZ) for $1.4 billion, a source with direct knowledge of the matter told Reuters, in the city’s most expensive insurance deal ever.
The deal is the latest in a series of insurance M&A launched by Chinese investment firms as they seek to diversify risks out of a slowing economy. Chinese insurers and investment firms are also trying cut exposure to the renminbi on worries the currency may weaken further, eroding the value of their investments. Read more>>
The People’s Bank of China is deploying a new system to assess macro-prudential risks in Shanghai’s property market, aiming to introduce the system nationwide after it is proven in Shanghai, according to a statement released by the central bank’s Shanghai headquarters on Friday afternoon.
Shanghai will become the first mainland city to adopt the system, which has been lauded by the PBOC since last year as a modern and market-oriented way to monitor financial risk. Read more>>
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