Wang Shi’s Vanke has bought three HK sites in the last two years
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Mainland Developers Bought $4.2 Bil in HK Sites in Last Two Years
The rapid expansion of Chinese mainland developers who splashed out about HK$33 billion to buy land over the past two years is challenging the dominance of Hong Kong giants in the city’s property development business.
The mainland acquisition binge accounted for 24.6 per cent or nearly a quarter of the HK$134 billion in government land revenue since 2013. Read more>>
Evergrande Real Estate Hits 2015 Sales Target in 10 Months
On November 2, Evergrande Real Estate published its October performance with sales of 25.8 billion yuan; the cumulative sales total for the first 10 months of the year is 154.53 billion yuan, which means that Evergrande has completed 103% of its annual target of 150 billion yuan two months ahead of schedule, and become the first real estate enterprise to over-fulfill the annual target ahead of schedule this year. Read more>>
China’s Wanda Establishes Global Film Division
China’s powerhouse Dalian Wanda group is to bring its disparate movie assets together in a new film holding company.
The unit is headed by Jack Gao, a former Microsoft executive who also spent time at News Corp. and sat on the board of directors at Bona Film Group, when News Corp. was a strategic investor in Bona. Gao has for the past several months been an investment advisor (Group VP and CEO of International Investments & Business Development) within Wanda. Read more>>
Starwood to Open St Regis Hotel in Shanghai’s Jing An District
Starwood Hotels & Resorts Worldwide, Inc today announced the signing of an agreement with Shanghai Huayu Real Estate Co., Ltd., a subsidiary of B.M. Holding (Group) Co., Ltd., to bring its ultra-luxury St. Regis brand to Shanghai. Scheduled for completion in early 2017, The St. Regis Shanghai Jingan will open its doors in one of the most exclusive, sought-after locations in the heart of the city’s central business district. Read more>>
Hong Kong Investors Buying Up London Shop Space
The number of stores on Oxford Street, London owned by Hong Kong investors has risen nearly two times over the past two years, making Hong Kong the second largest ownership group behind investors of UK origin.
Their appetite in overseas commercial properties will continue given rising pressure on the decline in Hong Kong shop rents amid weakening retail sales in the city. On the other hand, rents in prime street shops in Britain and Europe are on the rise, backed by an increasing number of mainland tourists. Read more>>
Kaisa Closing in on Deal With Onshore Creditors
Debt-laden Chinese developer Kaisa Group Holding is close to finalising a deal with its onshore creditors, a senior advisor said, days after the company said its talks with offshore creditors were also progressing.
Kaisa became the first Chinese property developer to default on its offshore debt payments. The company which owes almost $11 billion, of which $2.5 billion is due to overseas creditors, is in the midst of debt restructuring talks which have helped support its bonds. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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