Logistics lead the way in Mingtiandi’s roundup of real estate headlines today as lenders plan to sell off the warehousing and metals trading units of a company controlled by cash-strapped conglomerate HNA, while shed projects in the Middle East are receiving a $4 billion boost from China.
In other news around the region, the family behind an India real estate and finance group stands accused of siphoning off $14 billion through shell companies, and gamers are getting excited about a Six Flags-style theme park in China.
Elsewhere, a buyer snaps up a Singapore penthouse for S$31.5 million, while a developer commits to a sales launch in Hong Kong this weekend despite street protests and a downbeat market.
Lenders to CWT International Ltd, a unit of China’s indebted HNA Group Co Ltd, have put its Singapore-based metals trading and logistics units up for sale, according to a filing to Hong Kong’s bourse on Wednesday.
The proposed sale comes after CWT International defaulted on a HK$1.4 billion ($179 million) loan in April, since when trading in its shares has been suspended. Read more>>
Chinese companies are set to invest more than $4bn in logistics projects in Dubai and Abu Dhabi according to the UAE’s president of the National Association of Freight and Logistics (NAFL).
Nadia Abdul Aziz, president of NAFL, said: “Logistics business is in for a boom. Many projects are being built for Expo 2020 and Chinese investors are coming to Abu Dhabi and Dubai. There will be large logistics parks in Jebel Ali and one near the Expo venue.” Read more>>
Just days after US based Investment firm Blackstone and Bengaluru based realty firm Embassy Group agreed to purchase around 39% stake in the real estate arm of Indiabulls from its promoters Sameer Gehlaut and family for ₹ 2,700 crore ($389 million), its sister concern, Indiabulls Housing Finance, faces allegations of siphoning off loans.
This allegation comes at a particularly uncomfortable time for Indiabulls Housing which is in the midst of a merger with Lakshmi Vilas Bank. Read more>>
City-based realty player Lodha Group has partnered with Warburg Pincus-backed logistics developer e-Shang Redwood (ESR) to develop an industrial park in Thane district at a cost of $100 million.
The 50:50 joint venture between the two companies will develop 89 acres of land parcel in an industrial park in phased manner, which will house 17 institutional-grade speculative and non-speculative buildings. Read more>>
The Hong Kong unit of China’s most valuable property developer said it is putting 251 flats up for sale this Sunday, in a defiant launch against downbeat sentiments amid a worsening US-China trade war and the city’s biggest street protests in two decades.
Vanke Property (Hong Kong) will sell 251 units of its Grand Le Pont apartments in Tuen Mun this Sunday in the latest phase of its launch, with prices in the fourth catalogue starting from HK$4.66 million for a 353 square foot unit to HK$9.3 million ($1.19 million) for a 738 square foot (68 square metre) flat after discounts, according to a statement by the Shenzhen-based developer. Read more>>
Dota 2 lovers: Get your China visas ready. China is building the world’s largest gamer theme park …“for the win!”
Unless Disney opens up a section of its Hollywood Studios park dedicated to arena-play video games and other gamer-related attractions, then China’s got them beat. This under-wraps park, roughly the size of an average Six Flags Amusement Park, will be the one that mainstreams video games as major theme-park attractions. Read more>>
A Chinese citizen is understood to have been granted an option to buy a five-bedroom penthouse at YTL Land and Development’s 3 Orchard By-The-Park project for S$31.5 million ($23.06 million).
This works out to S$4,805 per square foot for the 6,555 square foot triplex unit. Read more>>
WHSmith has expanded its presence in China with an exclusive ‘toys and kids’ brand called Zoodle.
The concept is launching in the country through a franchise partnership with La Source Commercial Co. The first Zoodle store opened in Changsha Huanghua International Airport in March 2019. Further stores are scheduled to open this summer at Tianjin Binhai International and Ürümqi Diwopu International airports, with two more at the new Beijing Daxing International Airport. Read more>>