Leading the news today, one of China’s biggest buyers of real estate assets is now moving into the media sector with a deal for one of the country’s best known business publications. Also in the headlines, Singapore’s CDL is making encouraging noises about its Chongqing projects, while Shanghai’s government has decided that it’s not ok for people to sleep in offices. Read on for all these stories and more.
HNA Group Moves into Media with Caijing Deal
Chinese conglomerate HNA Group has added news media to its recent string of acquisitions by acquiring an 80 percent stake in a media company in Beijing that runs the website of Caijing Magazine, one of the most popular and influential Chinese business magazines.
HNA’s business now spans aviation, finance, real estate, logistics, hospitality, tourism and ecological technology. And it is adding news media to its portfolio. Read more>>
Singapore’s CDL Launches Chongqing Projects
City Developments Limited (CDL) is buoyant on its China projects despite many Chinese cities implementing property cooling measures. The real estate developer, which has footprint in the cities of Shanghai, Suzhou, and Chongqing, is counting on economic ties between Singapore and China to drive housing demand and entice investors to its various project locations.
“China may be a tough market, but having built up our land bank in China, we are well positioned to take advantage of the opportunities that will arise from bilateral agreement projects between Singapore and China,” said Mark Yip, chief executive officer of CDL China. Read more>>
Shanghai Cracks Down on Sale of Commercial Space for Homes
The controversy over the Chinese government’s crackdown on converted residential projects in Shanghai shows no sign of abating with the developers locked in complicated disputes with buyers.
The projects are developed on plots acquired as commercial or office land and have become a popular product in the country’s biggest cities where residential land supply is disproportionately low and homes built on such land are subject to purchase restrictions. Read more>>
Land Sales Surge 73% in 50 Mainland Cities
China’s land sales in 50 major cities surged 73 per cent in the first two months of 2017 despite a raft of measures rolled out in a bid to cool the red-hot property market.
Fifty city governments received a total of 452.8 billion yuan (US$65.6 billion) from land auctions during January and February this year, up from 262.5 billion yuan in the same period of 2016, Centaline Property data shows. Read more>>
Hong Kong’s MTR to Offer 7 New Projects for Sale in Coming Year
MTR Corp plans to offer seven property projects for tender over the next 12 months, believed to be the largest number planned in a single year by Hong Kong’s rail operator, after it announced a 21.1 per cent fall in net profit last year on lower property development income.
The seven projects would provide a total of 8,000 units, accounting for 42 per cent of the Hong Kong government’s target to provide 19,000 private flats in the year to March 2018. Read more>>
Lone Star Makes All Cash Offer for Astro Japan Assets
Lone Star Funds, the global private equity firm, today issued the following statement:
“An affiliate of Lone Star Real Estate Fund V announces that it has extended an all-cash offer to the Board of Directors of Astro Japan Property Group (ASX:AJA-AU) (“Astro”) for all of the company’s Japanese real estate assets at Astro’s December 31, 2016 book value.1 The proposal is conditional upon confirmatory due diligence, which Lone Star is ready to commence immediately, an agreement between Astro and Spring Investment Co., Ltd. (“Spring”) to terminate Spring’s external management agreement, as well as customary market documentation and final approval conditions.” 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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