Tsawwassen Mills mall near Vancouver, British Columbia
A pair of mainland investors who were fortunate enough to sell their Shenzhen mall to Link REIT three years ago for nearly $1 billion have just picked up their fourth shopping mall in the Vancouver area, with that story leading our headline roundup today. Also in the news, a Shenzhen city government entity has bailed out troubled developer China South City Holdings, Australia’s Goodman has picked up a Sydney shopping centre, and more news from Hong Kong and mainland China.
Chinese-Owned Firm to Buy Ivanhoe’s $317.4M Vancouver-Area Mall
Ivanhoe Cambridge has agreed to sell the 1.2 million square foot (111,483.65 square metre) Tsawwassen Mills mall near Vancouver, British Columbia to the former owners of Shenzhen’s Central Walk mall.
Central Walk, a development company owned by mainland Chinese investors Liu Weihong and Liu Ergang, purchased C$407 million ($317.4 million) property after having picked up the Mayfair Centre mall in Victoria, BC from Ivanhoe Cambridge last year. Liu Weihong and Liu Ergang now own four major retail assets in the Vancouver area after selling their Shenzhen mall to Link REIT for around $982 million in 2019. Read more>>
Shenzhen SOE Buys $243.3M Stake in China South City Holdings
Municipal government-owned Shenzhen Special Economic Zone Construction and Development Group has purchased a 29.28 percent stake in debt-laden property developer China South City Holdings for HK$1.91 billion ($243.3 million).
Zheng Songxing, founder of the logistics facilities and commodity trading centres developer, reduced his interest in the company to 20.16 percent from 28.5 percent as a result of the transaction. Read more>>
Goodman Group Inks $141.6M Deal to Buy Sydney Homemaker Centre
Industrial-focused Australian developer Goodman Group has struck a A$202 million ($141.6 million) cash-and-scrip deal with Arkadia Property Group to acquire the Alexandria Homemaker Centre in South Sydney.
The multi-level homemaker centre has a site area of 34,380 square metres and a gross lettable area of 22,417 square metres. It is home to roughly 26 retailers including The Good Guys, Bing Lee, Baby Kingdom, Beacon Lighting, Snooze, Forty Winks, and Plush. Read more>>
Luxury Brand Retreat Changes the Face of Hong Kong Retail
Private clinics and car dealers are snapping up retail space around Hong Kong that had been vacated by luxury brands, giving commercial landlords some relief amid an industry slump caused by the dearth of tourists and competition from online shopping.
Human Health Holdings, which runs a network of 50 clinics around Hong Kong, signed a six-year contract for HK$95 million (US$12.1 million) in the first quarter to lease a 38,000-square foot (3,530 square metres) space at Star House in Tsim Sha Tsui, according to CBRE. The space was vacated by SaSa Plus after its lease expired in November 2020. Read more>>
New World Unveils Mixed-Use Project Near Hong Kong Airport
New World Development has unveiled plans to open three office buildings at its 11 Skies commercial complex near Hong Kong airport in July. The office towers have a combined gross floor area of approximately 570,000 square feet (52,954.73 square metres).
The entire development, which will include commerce, entertainment, retail and dining components, is planned to have a gross floor area of 3.8 million square feet and is expected to fully open by 2025. Read more>>
Henderson Land Applies to Rezone Hong Kong Housing Site
Henderson Land filed an application with the Town Planning Board to relax the plot ratio and building height for a 5,250 square metre housing project that it will develop in the Kwu Tung area of Hong Kong. The company plans to build 994 flats within the New Territories development which is expected to have a total gross floor area of 34,125 square metres.
Meanwhile, the developer has dubbed its Hung Hom redevelopment project as Baker Circle and could begin marketing homes in the 1,000-home Kowloon property in June. Read more>>
China Housing Policy Easing Moves into Largest Tier 2 Cities
The cities of Hangzhou, Chengdu and Haikou in China revised policies to support their respective residential property markets. Hangzhou eased requirements for the purchase of pre-owned homes, Chengdu made it easier to be verified as eligible for home purchase, and Haikou relaxed rules on down payments, mortgage loans and purchase eligibility. Read more>>
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