HNA Said Putting $6B in Global Properties on the Market and More Asia Real Estate Headlines

China’s gray rhinos are back in the news today as HNA Group is reported to be trying to sell a $6 billion property portfolio even faster than it snatched up the collection of hotels, office buildings and other assets. Wanda’s Wang Jianlin also shows up with a vow to build four times more malls in the next ten years than he has in the last 15, and it’s surely a coincidence that China Vanke and mainland lender ICBC are announcing a distressed asset fund. Read on for all these stories and more.

HNA Said Putting $6B in Global Properties on the Market

The City Center skyscraper in downtown Minneapolis – which houses offices of Target Corp – and other office buildings in New York City and San Francisco were sold last year to one of China’s most acquisitive companies. They could soon be sold again.

China’s HNA Group Co. is looking to offload a large portfolio of commercial properties in New York, London and other major cities, according to people familiar with the matter, in a sharp reversal of its buying spree in recent years. Read more>>

Wanda Vows to Quadruple Mainland Mall Portfolio

Chinese billionaire Wang Jianlin vowed to quadruple the size of his shopping-mall empire, betting that retailers will thwart the advance of e-commerce competitors by adding entertaining experiences in stores and mini-theme parks.

The Dalian Wanda Group Co. chairman plans to have 1,000 shopping malls covering more than 90 percent of China’s cities within a decade, according to a transcript of remarks he made at a business event released by the company. The entertainment to property conglomerate will also introduce small theme parks to commercial facilities and focus on using artificial intelligence in future developments. Read more>>

China Vanke, ICBC Set Up Distressed Asset Portfolio

China Vanke, one of China’s largest residential property developers, is setting up a fund in collaboration with China’s largest bank ICBC to invest in distressed assets, reflecting a structural shift in asset trading away from new property developments.

Analysts said the fund represents a landmark change where pre-existing assets are now perceived to harbour more business opportunities. Read more>>

China Sets Sights on Property Tax – Again

China’s new residential properties tax will be based on “appraisal value”, Finance Minister Xiao Jie confirmed in an article published by the communist party’s flagship newspaper, suggesting the top leadership has finally reached initial consensus, which should see an acceleration of its introduction.

However, apart from suggesting all legislative procedures will be completed by 2019, many of the finer details still remain unclear, in what has become one of the most contentious issues among residents. Read more>>

Starwood Capital JV Buys Sydney Office Tower

A joint venture between an affiliate of Starwood Capital Group, Arrow Property Investments, and Pindan Capital has acquired a 190,000 SF office in North Sydney, Australia. Terms of the transaction were not disclosed.

The property, located in St Leonards, a prime growth corridor and mandated Priority Precinct of the NSW State Government, is located within close proximity of the St Leonards and the future Crows Nest railway stations. The asset will be managed by the joint venture and operating partners, Arrow Property Investments and Pindan Capital. Read more>>

Gaw Capital Hit by $5M Email Phishing Scam

A private equity fund company involved in the largest sale of shopping centres in Hong Kong has become the city’s biggest victim of email fraud after being duped out of HK$39 million (US$5 million).

The scam came to light when the 31-year-old manager of Gaw Capital Partners in Yee Wo Street, Causeway Bay made a report to police on Tuesday. Read more>>

Ho Bee Land in A$84M Residential JV on Australia’s Gold Coast

Gold Coast-based property developer Villa World (ASX: VLW) has announced a joint venture agreement with Singapore’s Ho Bee land that will deliver 285 homes sites north of Melbourne’s CBD. The joint venture relates to Villaworld’s two previously contracted land sites in the suburb of Wollert, comprising 16 hectares adjacent to the future Wollert town centre.

The new Elyssia community is expected to gross an end value of $84 million, offering home sites with an average land size of approximately 395m squared and an expected average sale price of $300,000. Read more>>

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