Zhang Li, founder and co-chair of Guangzhou R&F, seems to have mixed feelings about his son’s most recent purchase
A US megamansion leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the son of one of the co-chairmen of developer Guangzhou R&F is said to have offered $75 million, via the Zillow phone app, for a 25,000 square foot bachelor’s pad in near Elon Musk’s Los Angeles home.
In other news around the region, a South Korean REIT has snapped up an office building in Budapest for $46 million, and a Malaysian pension fund has invested $70 million into an Australian healthcare real estate vehicle, while China’s biggest online property portal launches in UAE.
Elsewhere, the first home of a traditional Chinese medicine retailer is put up for sale in Singapore.
Guangzhou R&F Heir Said Buying $75M Bel-Air Megamansion
Liang “Johnson” Zhang, the son of Li Zhang, one of two co-chairmen of developer Guangzhou R&F, is said to have made an all-cash offer on a luxury Bel Air estate at 822 Sarbonne Road owned by The Arya Group builder Ardie Tavangarian and his wife Tania.
While the deed has not yet been filed, local real estate rumors have it that the man saw the home while browsing the Zillow phone app and reached out to the listing agents himself with an offer. Read more>>
South Korean REIT Buys Budapest Office for €41M
South Korean real estate investment trust JR AMC has marked its entry into the Hungarian office market with the acquisition of a €41 million ($46 million) asset.
Developer Skanska said it has sold its Nordic Light Trio office building in Budapest to the Asian investor. Read more>>
Malaysia’s EPF Invests A$100M in Dexus Healthcare RE Fund
Malaysia’s $200-billion pension fund Employees Provident Fund is investing A$100 million Australian ($70 million) in an Australian health care real estate fund managed by real estate developer Dexus.
In a statement, the developer said EPF’s investment in Healthcare Wholesale Property Fund will enable it to acquire North Shore Health Hub, Stage 1 of the development at St Leonards, currently held in Dexus’ trading portfolio. The health care facility is due for completion in late 2020. Read more>>
Original Eu Yan Sang Building On Market for S$62.5M
The iconic Eu Yan Sang Building in Chinatown has been launched for sale with a guide price of S$62.5 million ($46 million), the property’s exclusive marketing agent JLL said on Monday.
Built in 1910, it housed the first traditional Chinese medicine Eu Yan Sang outlet in Singapore set up by its founder Eu Tong Sen. The building was designed by architect Alfred Bidwell from the firm Swan & Maclaren, whose other best-known works include Raffles Hotel and the Victoria Memorial Hall. Read more>>
SG Business Magnate Wins 4-Year Battle Over Vancouver Property
Singapore businessman Oei Hong Leong has won a long-running court battle involving one of Canada’s largest property developers and a commercial site in the heart of Vancouver.
The case, which began in October 2015, pitted Oei against Concord Pacific Acquisitions Inc, part of Concord Pacific Group. The firm, led by CEO and President Terry Hui, accused Oei and his associated company of breaching an agreement pertaining to the development of the site and acting in bad faith. Read more>>
Fang.com Opens Property Portal in UAE
Leading Chinese real estate internet platform, Fang, has launched in the UAE, after the Middle Eastern country saw investors from China making $462 million (AED 1.7 billion) of property investments in the first nine months of 2018.
The dedicated portal, uae.fang.com, will feature property listings in the UAE, covering the country’s leading developers as well as brokerages in China. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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