One of Australia’s biggest builders has won the deal to put together an $814 million dollar Chinese invested complex in LA, Wanda hits the wall in Madrid after city officials balked at an offer to tear down and rebuild a historic landmark and Hong Kong rents reach post-crisis records. Read on for al these stories and more.
Construction giant Lend Lease has entered into a US$814 million contract with Chinese developer Oceanwide to build a mixed-use complex in Los Angeles, adding a significant project to its workbook in southern California.
Oceanwide Plaza, a subsidiary of the Hong Kong-listed China Oceanwide Holdings, is developing the large-scale mixed-use complex consisting residential properties, hotel and shopping centres with a total gross area of about 138,249sq m in downtown LA. Read more>>
China’s property and entertainment giant Wanda has agreed to sell a historic Madrid skyscraper, a source close to negotiations said today, after feuding with city authorities over plans to renovate the landmark.
Wanda acquired the 25-storey Edificio Espana, built in the 1950s under the dictatorship of General Francisco Franco, in June 2014 for 265 million euros (now USD 292 million) and wanted to turn it into a hotel and shopping centre. Read more>>
Grade A office rents in Hong Kong’s Central district hit HK$107.4 per square foot, their highest level since the Global Financial Crisis in 2008, but property consultants expect the price growth to stabilise due to uncertainties in the global economy.
Property consultants said rents in Grade A buildings in the city’s Central Business District have been rising due to the tight vacancy environment. Read more>>
If history is anything to go by, the recent pick-up in home sales in Hong Kong will soon come to an end and the housing market will continue to head downward due to mainland China and Hong Kong economic uncertainties.
The fall out from Brexit and concerns about increased global economic risk may delay increases in US interest rates, while the devaluation of the yuan could prompt some mainland Chinese, once a key source of property buying in Hong Kong, to consider buying properties offshore to diversify their asset allocation. Read more>>
There are five-star hotels, and then there are “seven-star hotels.” At least, that’s what media outlets are calling Wanda’s 51st hotel, located on Shanghai’s Bund, which made its grand debut to the public late last month. It’s real estate tycoon Wang Jianlin’s first hotel in Shanghai, and third ultra-luxury hotel overall. The hotel brand, Wanda Reign, is at the topmost level of the four tiers of hotels in Wanda’s portfolio and has outposts in Chengdu and Wuhan.
Like in the case of the Burj Al Arab in Dubai, Wanda says it never claimed the seven-star title, but that the media may have interpreted it that way because it puts the Wanda Reign brand a tier above the five-star Wanda Vista. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.