Two of Hong Kong’s biggest developers deny getting into a dispute over a residential project, while Blackrock chief Laurence Fink admits to worries over Chinese debt. Meanwhile one of China’s most beleaguered developers is suspected of playing dead so that it’s major shareholder can buy out the firm on the cheap. Read on for all these stories and more.
Cheung Kong Property Holdings (1113) executive director Justin Chiu Kwok- hung denied a souring of relations between the group and former Sun Hung Kai Properties (0016) chairman Walter Kwok Ping-sheung over their joint venture residential project in Mau Tau Kok.
Sales of units at The Zumurud had been stopped since March and Chiu admitted yesterday that the two sides held different views on the market. Read more>>
BlackRock Inc’s Laurence Fink, who oversees the world’s largest money manager with $US4.7 trillion of client assets, said “we all have to be worried” about China’s mounting debt amid slowing growth, even as he remains bullish on the nation in the long term.
“You can’t grow at 6 per cent and have your balance sheets grow faster,” Mr Fink said on the sidelines of a forum in Hong Kong on Tuesday. “In the future, I would prefer seeing the economy growing 6 per cent with some form of deleveraging,” he said. Read more>>
Investors would do well to take shelter in office REITs in the near-term, as a flurry of headwinds are expected to batter the local retail REIT scene.
According to a report by CIMB, going into the next few quarters, office REITs are likely to enjoy positive rental reversions for this year as expiring rents are still some 10% below current market levels. Read more>>
It might be a splendid time for Chinese developers in big cities like Beijing and Shanghai currently witnessing a real estate revival, but not so for Glorious Property. Not at least on paper.
Controlled by billionaire Zhang Zhirong, Shanghai-based Glorious has come a long way from being among the Top 50 Chinese developers to one reporting its second consecutive year of massive losses and failing to repay debts. Read more>>
HIGH-end commercial and residential developer Yanlord Land Group has entered into a joint venture with subsidiaries of China Ping An Insurance Group, Tianjin Realty Development (Group) Co and Beijing Capital Land to acquire a land parcel in Tianjin for 2.37 billion yuan (S$497.5 million).
This mixed-use site spanning a gross floor area of 351,338 sq m in the Tianjin Hong Qiao District will comprise high-end residential and commercial units as well as educational facilities. Read more>>
Land prices in the New Territories are expected to fall further after a large residential site in Tai Po sold for HK$3,620 per square foot, about 20 per cent lower than the adjacent one sold in September last year.
The Lands Department on Tuesday said the tender for the site at Chong San Road, Pak Shek Kok was awarded to Billion Real Estate Holdings with its highest bid of HK$4.02 billion. Read more>>
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