At the top of today’s news, the co-chairman of Chinese super-investor/debtor HNA Group claims that the company is a victim of a plot by dastardly reactionary forces. And speaking of cross-border investment, a premium condo tower in San Francisco backed by a unit of China Minsheng Investment is poised to break ground, while the builder of London’s Canary Wharf is aiming to bring a fintech hub to the suburbs of Beijing. Read on for more happenings in the world of Asia property.
HNA Group Co’s second-most-senior executive argued that the group is a victim of a conspiracy against the Chinese government and one of the country’s most loyal companies, according to a speech to fellow board members.
In the Feb. 3 speech, Co-Chairman Wang Jian said recent attacks came from “reactionary forces from both China and overseas countering China’s rise, and are a major conspiracy against the Communist Party Central Committee with Xi Jinping at its core,” according to a transcript of the speech distributed to employees, a copy of which was seen by Bloomberg. The aim is to disrupt China’s financial markets and subvert Chinese communist rule, according to the document. Read more>>
China’s plans to build a fintech center in a new city being built southwest of Beijing will get a hand from Canary Wharf Group Plc, the developer behind London’s famed business district.
The new city, known as the Xiongan New Area, is part of President Xi Jinping’s vision to shift various industries and government functions out of the capital and create a tech and innovation hub in the process. Canary Wharf has signed a memorandum of understanding with the state-backed Bank of China Ltd. and Xiongan Construction Co. to develop the fintech zone, according to Richard Burn, the U.K.’s new trade commissioner to China. Read more>>
A luxury San Francisco condo tower breaking ground soon is poised to command some of the highest prices in the entire city.
Construction will start on the 120-unit project at 75 Howard St. — a few blocks from the Bay Bridge — this spring and it will open in mid-2020, said two sources familiar with the project. Last May, an affiliate of Chinese developer SRE Group Limited bought an 80 percent interest in the site for $110 million, or $916,666 million per approved unit. It was the highest price per unit ever paid for San Francisco land. Read more>>
Construction for Shanghai’s first hydrogen energy and fuel cell industrial park commenced in the city’s Jiading district, online media outlet Shanghai Observer reported. The decision to set up such a park coincides with fast developments in China’s new energy vehicle industry, with many companies, including tech giants, making their foray into it.
The construction of the park will include two phases, with phase I to establish a research and development platform for the power system and key parts and phase II to set up a public service platform for the hydrogen energy industry as well as an operation and maintenance center for fuel cell-powered vehicles. Read more>>
Singaporean property developer OKH Global is tying up with Ping An Industrial and Logistics to develop logistics and warehousing facilities in China, it said.
A memorandum of understanding has been inked, and more details will be released later. A joint venture company is expected to be set up by the second half of the year, OKH Global said. Ping An Industrial and Logistics is a subsidiary of the Ping An Group, one of China’s five largest insurers. Read more>>
GS Retail changed the brand name of its health and beauty shop Watsons to “lalavla” on Feb. 6 to attract more younger customers. “We changed our name to establish a brand image that’s more attractive to our main customers, which are in their 20s and 30s,” a GS Retail spokesperson told The Investor.
He added that lalavla is a portmanteau of “lala,” which represents laughter, and “blahblah,” which indicates chatter. GS Retail will also be adopting more eco-friendly products, in addition to renovating the interior design of its stores. The changes will take place from Feb. 7, with GS Retail aiming for completion by the end of May. Read more>>
Parkway Life Reit is buying nursing rehabilitation facility Konosu Nursing Home Kyoseien in Japan for 1.5 billion yen ($13.7 million).
The acquisition of the 120-room property in Saitama prefecture, under a sale-and-leaseback agreement with nursing home operator Iryouhoujin Shadan Kouaikai, will be made at 7.4 per cent below the valuation of 1.62 billion yen, as of the end of December last year. Read more>>