Today’s roundup of mainland China stories features a Shenzhen-based developer announcing plans for a second headquarters in Beijing, as well as a humbling turn of events for a once-chic shopping centre in China’s capital.
Also in the headlines today, China Vanke has come up with a new name for its property services division and two more mainland developers are pushing for Hong Kong IPOs for their property management subsidiaries.
According to a 28 October report, property developer Kaisa Group Holdings will soon set up its second headquarters in Beijing. Kaisa confirmed the report to mainland news site Guandian.
Kaisa said the purpose of establishing the Beijing headquarters is to coordinate the capital’s abundant financial, media, technology and talent resources, while strengthening the group’s strategic layout and business expansion in Beijing-Tianjin Wing and the surrounding areas. Read more>>
A 28 October industry report stated that China Vanke’s services division, Vanke Property Development Co Ltd had changed its name to Wanwu Cloud Space Technology Service Co Ltd.
According to a report on Guandian.cn, Vanke Group on 24 October launched the new brand with a focus on urban services under the mantra “Everything Cloud City”. The group plans to leverage its know-how accumulated during 30 years in property services to promote the innovation and transformation of the urban service field. Read more>>
On 29 October, KWG Pacific Group Holdings Co Ltd announced the final pricing for its spin-off of KWG Youhuo Group. Guandian understands that KWG Pacific specified a final offer price for each KWG Youhu share of HK$7.89 ($1.02).
KWG Youhuo is set to be listed on the main board of the Hong Kong Stock Exchange on 30 October and will start trading at 9:00 am that day. The stock code of KWG Youhuo will be 3913. KWG Youhuo formally submitted the IPO application documents to HKEX on 24 June. Read more>>
On the evening of 28 October, the Hong Kong Stock Exchange announced the results of a pre-listing hearing for Jinke Smart Services Group Co Ltd’s proposed IPO.
According to its prospectus, Jinke’s property services arm is seeking to expand its existing business through scale and organic growth and potential acquisitions of other property management firms in order to enlarge its project portfolio and gain market share. Read more>>
Beijing’s Sanlitun Tongying Center, traditionally focused on specialty dining and entertainment, is facing a crisis of vacant stores. A reporter from Beijing Commercial Daily recently visited the shopping centre in the Sanlitun business district and found that Mercedes-Benz’s largest experience store and the Internet celebrity restaurant Sifang Sanchuan had quietly closed.
Half of the mall’s original merchants have left, with the void filled mostly by chain restaurant brands like Chua Lam’s Dim Sum. Analysts say specialty stores tend to be riskier during the pandemic, while chain brands are more flexible in capital turnover. Read more>>
On 26 October, a commercial plot was listed on the Shanghai government’s land market website. The office portion of the plot is positioned as a corporate headquarters building. The terms of the government land sale require that the plot’s buyer use the project as headquarters for well-known online companies of international, national or regional scale.
The plot on Daqiao Street of Yangpu district’s Dinghai neighbourhood stretches west to Guangde Road and north to Yangshupu Road. The transfer area is 52,606 square metres (566,246 square feet) and the auction minimum is RMB 6.5 billion ($970 million). Read more>>
On 29 October, two residential plots (Lishui 2020G39 and Lishui 2020G40) in Lishui district of Nanjing entered the market for sale. They were sold at the auction reserve price with a total transaction amount of RMB 980 million ($146 million).
Guandian learned that the Lishui 2020G39 plot was won by Jiangsu Ganglong Huayang Real Estate Co Ltd (Ganglong) at a reserve price of RMB 380 million, or around RMB 6,064 per square metre of gross floor area. The Lishui 2020G40 plot was won by a unit of China Poly Developments and Holdings for RMB 600 million, which is equivalent to RMB 6,308 per square metre of housing. Read more>>