Leading today’s real estate news, Ivanhoé Cambridge is looking to double its real estate investments in India — if it can find the right sites. Further east, a famed American toy retailer plans to roll out stores in Beijing and Shanghai, and one of China’s biggest overseas investors has confirmed it is taking over France’s oldest fashion house. And there’s still more news below if you keep on reading.
The real estate arm of Canada’s second-largest pension fund manager wants to “more than double” the C$800 million ($631 million) it has already committed to investments in India in the short term, the unit’s president said on Wednesday.
Ivanhoe Cambridge, the real estate unit of Caisse de depot et placement du Quebec, wants to grow its logistics and residential investments, Ivanhoe President Daniel Fournier said in an interview, although he did not specify an exact time frame. Read more>>
Fosun International announced on Thursday that it had acquired a controlling stake in the 129-year-old French fashion house Lanvin, joining other Chinese companies that have recently bought top brands to capitalise on the demand for luxury products from wealthy mainlanders.
Fosun did not disclose financial details of the deal, but said Lanvin’s current shareholders would retain a minority stake. Read more>>
Japanese conglomerate Sumitomo Corporation on Thursday announced that it has formed a joint venture with Indian auto components major Krishna Group, marking its entry into the country’s real estate sector. Both partners will hold 50:50 stake in the JV company, Krishna Group said in a statement.
The JV, Krisumi Corporation, plans to construct approximately 5,000 housing units as well as commercial facilities and office buildings over a total of eight phases on a site of about 26 hectares. The first project will be Krisumi City, an 18 million sq ft development in Gurugram with cost in excess of $2 billion. Read more>>
FAO Schwarz, whose famous New York store closed more than two years ago, is setting its sights on China as part of an expansion begun late last year.
The toy retailer said Thursday it will open locations in Beijing and Shanghai this year through a collaboration with China’s largest toy distributor, Kidsland. Kidsland will also open 30 smaller FAO Schwarz stores and shops in 200 department stores across China over the next five years. Read more>>
China has about 500 smart city pilot projects, the highest in the world, according to a leading auditing and consulting firm. Over 1,000 smart city pilot projects are ready for or are under construction worldwide and China is home to about 500 of them, covering big and small cities, according to a report by Deloitte.
China is keen to build smart cities, and the industry will enjoy more policy and investment support, state-run Xinhua news agency quoted Ma Jionglin, a senior Deloitte partner as saying. Read more>>
The house at the centre of a bitter, high-profile dispute between former China tour guide Yang Yin and a rich Singaporean widow has been put up for sale with an expected price of above S$35 million ($26.5 million) or S$1,100 per square foot of land.
Madam Chung Khin Chun’s bungalow in Gerald Crescent sits on a plot of land that is about the size of half a football field. Her niece Hedy Mok, the appointed deputy public trustee for the estate’s administration, had reportedly said before that the bulk of the proceeds from this land sale would go to charity. Read more>>