Jackie Chan has played in more than 140 movies in his nearly 60 year film career but now the action star is starring in another real life drama as a set of apartments occupied by the actor and his family have become part of a Beijing legal battle which leads today’s headline roundup on Mingtiandi.
Also in the news, top mainland insurer Ping An is said to be on the hunt for more real estate and the Hong Kong market received a spark last week after the city’s monetary authority eased restrictions on borrowing for commercial property financing.
Two luxury Beijing flats where Hong Kong actor Jackie Chan and his family have lived for the last decade are up for auction, reportedly amid a dispute over ownership.
Mainland Chinese media reported on Friday that the two properties in downtown Dongcheng district were on the auction block as a combined lot, with a starting price of 71.9 million yuan (US$10.5 million). Read more>>
Ping An, China’s second-largest insurer, intends to raise its exposure to domestic real assets to both tap a government initiative to build infrastructure and take advantage of such investments’ long duration for better asset-liability management.
“We will be looking at newer types of real estate and infrastructure assets. Healthcare and public rental housing assets … are some of the areas the government is currently focused on developing. We will also be gradually increasing our exposure to these assets,” Timothy Chan, Ping An Insurance’s chief investment officer, said in response to AsianInvestor questions during its interim-result webcast on Friday (August 28). Read more>>
Transaction volumes for retail shop spaces rose in Hong Kong after monetary authorities eased rules on commercial property mortgages last week in an effort to support a market that has been hard hit by the coronavirus pandemic.
The Hong Kong Monetary Authority (HKMA) raised the cap on the loan-to-value ratio for commercial property mortgages to 50 percent from 40 per cent, giving retailers easier access to loans and boosting liquidity in the struggling commercial property sector. Read more>>
DBS Bank and property developer Hongkong Land signed an agreement today to convert an existing five-year revolving credit facility of HK$1 billion (SS$176.2 million or RM537.55 billion) in February into a sustainability-linked loan with the interest rate being indexed against environmental, social and corporate governance (ESG) targets.
Hongkong Land, a member of the Jardine Group of companies, will be eligible to receive a tiered discount on the interest rate of the loan should it achieve predetermined ESG targets agreed with DBS. Read more>>
Property developer Oxley Holdings recorded a net loss of S$296.3 million for the second half of the financial year ended June 30, on the back of other losses incurred due to the Covid-10 pandemic, it said in a statement after the market closed on Friday.
The H2 net loss was a sharp reversal from the S$62.5 million net profit in the year-ago period. It came despite revenue quadrupling to S$638.9 million, from a restated S$160.3 million in the year-ago period. Read more>>
Wing Tai Properties, the Hong Kong associate of Singapore-listed Wing Tai Holdings, has reported a net loss of HK$485.7 million (S$85.2 million) for the six months ended June 30 – compared with a HK$212.2 million net profit in the year-ago period.
This is despite its revenue more than quadrupling to HK$1.96 billion from HK$423.9 million in the year-ago period. Read more>>
According to the 2020 semi-annual report released by China Fortune Land Development (CFLD) on Aug. 28, the company achieved 37.37 billion yuan in revenue for the first half of the year, with more than 60% coming from areas outside the wider Beijing region.
During this period, the company achieved net profit of 6.06 billion yuan attributable to equity holders of the parent company, at a profit rate of 16.2%. In addition, the company’s debt-to-asset ratio hit 83.1%, a year-on-year decrease of 5 percentage points. Read more>>