Keppel Land Executive Chairman Loh Chin Hua has Nanjing on his mind
At the top of today’s real estate news the mainland subsidiary of a Singaporean developer buys into a Nanjing residential project, while the city-state’s biggest warehouse developer may be one of the few winners from Brexit, as UK authorities look for distributions centres to be used for an inland customs clearance facility.
Meanwhile, HNA keeps trying to bail out its balance sheet and a pair of Nanjing Road towers win top marks for going green. Keep reading for all the details on these stories and more.
Keppel Land China Buys 40% Stake in Gemdale Nanjing Project for $206M
Keppel Land China, the wholly owned subsidiary of Keppel group’s property arm, Keppel Land, has formed a joint venture with Gemdale Corporation to develop an 8.8 hectare prime residential site in Nanjing, China.
Through a share purchase agreement (SPA) signed with Gemdale’s subsidiary, Gemdale Corporatino Nanjing Real Estate, Keppel Land China will fully acquire Eternal Commercial for RMB 1.4 billion (S$206 million). Read more>>
GLP’s Gazeley Division in Talks to Create Inland Port Post-Brexit
The U.K. government aims to address one of the big challenges of Brexit by creating a so-called inland port where imported goods can be checked without causing logjams at the coast, two people with knowledge of the plan said.
Her Majesty’s Revenue and Customs is in talks to rent a warehouse at Magna Park in Milton Keynes, about 70 miles (113 kilometers) from the coast and 50 miles northwest of London, the people said, asking not to be identified because the negotiations are private. HMRC is talking to the owner of the property, Gazeley, about the lease, which is yet to be signed, the people said. Read more>>
HKRI Taikoo Hui Towers Awarded LEED Platinum in Shanghai
HKRI Centre One and Two at the HKRI Taikoo Hui project in Shanghai, have been awarded LEED Platinum Core and Shell, making the grade A office towers in the city’s Jing An district to achieve the US Green Building Council’s highest rating for building design and construction.
The office buildings on Nanjing West Road, developed by a joint venture between HKR International and Swire Properties employ air filtration systems to minimize airborne pollutants and set aside over 30 percent of the project development as greenery to promote biodiversity while minimizing the water consumption. Read more>>
China Vanke Goes Low in Pricing New Hong Kong Project
China Vanke, the mainland’s second-largest developer by sales, has priced apartments at its first wholly owned residential development in Hong Kong’s Tuen Mun starting at HK$9,878 (US$1,265) per square foot – cheaper than 30-year-old subsidised housing in the area.
The average price for the first batch of 231 units at the 1,154-unit Le Pont development is expected to be HK$11,073 per square foot, after factoring in discounts of as much as 16 per cent, Vanke Property (Hong Kong), a wholly owned subsidiary of the developer, said on Friday. Read more>>
New World Development Reports 204% Surge in Net Income
Hong Kong property developer New World Development reported on Thursday net income of HK$23.34 billion for the financial year ended June 30, reflecting a 204.1 per cent surge from last year.
The Hong Kong-listed company posted an underlying profit of HK$7.98 billion (US$1.02 billion) for the period, up 11.8 per cent year on year, beating an average analyst estimate of HK$7.81 billion, according to a poll by Bloomberg. Read more>>
HNA Cancels Planned Buyout of Dangdang.com
China’s HNA Group has abandoned plans to buy Beijing-based e-commerce company Dangdang as strained finances force the troubled conglomerate to unload hotel and other assets abroad.
Internet technology arm HNA Technology announced the cancellation Wednesday. Under plans announced in April, it would have acquired 100% stakes in two e-commerce companies under Dangdang, including Beijing Dangdang Information Technology, for 7.5 billion yuan ($1.1 billion). Read more>>
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