M&G Real Estate acquired the largest mall in the South Korean city of Ulsan in a $131 million deal
It’s Friday and some people will spend time this weekend doing a little shopping. For M&G Real Estate the major purchases of the week may already be complete after the private equity shop acquired a mall in the South Korean city of Ulsan for $131 million. Back on the mainland, the Asian branch of US mall developer Taubman, also grabbed some retail headlines with the announcement of the planned opening of its second mainland mall project, and a mall owned by China Vanke has set up a nursery room designed especially for husbands to kill time as their wives shop.
M&G Real Estate Buys Largest Shopping Mall In Ulsan For $131 Mil
M&G Real Estate, a property investment arm of UK-based Prudential Group, will acquire Upsquare, the largest shopping complex in the South Korean port city of Ulsan for $131 million. The city is better known as the home to the country’s largest automaker Hyundai and the global ship maker Hyundai Heavy Industries Co.
Upsquare Project Finance Vehicle (PFV) owns Upsquare and has decided to sell the shopping mall to M&G Real Estate. Both parties signed a contract last week. Upsquare PFV is a project finance vehicle launched in 2008 to build the shopping mall, and its largest shareholder is Angelo, Gordon & Co., U.S.-based alternative investment manager. Read more>>
Moody’s Says China Property Sector To Stabilize
China’s real estate market is on track to stabilize despite the risk that any further tightening measures could hurt developers and cause a sharp fall in home sales, according to Moody’s analysts. Meanwhile, the credit ratings agency sees Hong Kong property companies enjoying modest earnings growth in the next year.
The mainland property sector has a stable outlook for the near term, a Moody’s Investor Service report said, with the effects of newly introduced cooling measures unlikely to result in “dramatic declines” in sales or prices during the next six to 12 months. Read more>>
China Harbour Engineering Wins $770 million Guinea Port Deal
China Harbour Engineering Company (CHEC) has won a US$ 770 million contract to upgrade the port in Conakry, the capital of Guinea. The deal calls for CHEC – a subsidiary of China Communications Construction Company – to construct three docks, as well as developing roads and other infrastructure within the eastern zone of the port.
The project is seen as a vital part of Guinea’s recovery, following the economic fallout that came with the recent Ebola epidemic. The Conakry port handles the vast majority of all goods shipped into the country, as well as supplying neighbors such as Mali. Read more>>
Chinese Firm Vying For Major Royal Docks Job In London
Chinese property investor ASF is one of three firms vying to take on a multibillion-pound project to redevelop Albert Island in east London’s Royal Docks. ASF has been shortlisted to become the mayor of London’s development partner for the site, with London & Regional Properties believed to be one of the other two bidders. A winner is expected to be appointed by the end of the year.
Albert Island is located to the east of London City Airport and Royal Albert Docks business park, which is under construction and being developed by another Chinese firm, ABP. Read more>>
Taubman Asia to Open Zhengzhou Mall in March
Taubman Asia, a subsidiary of Taubman Centers, and Wangfujing Group announced that its second project, CityOn.Zhengzhou, in Henan province, Central China, is scheduled to open next March.
CityOn.Zhengzhou will be 100 percent leased and 90 percent occupied with nearly 200 stores and restaurants. Located in the heart of Zhengdong New District, the six-level, 94,000 square meter shopping and dining destination will offer a mix of domestic, international and lifestyle brands anchored by a four-level Wangfujing department store. Read more>>
Greenland Group Builds Infrastructure In Malaysia
Shanghai-listed Greenland Holdings Corporation Limited announced on Tuesday that the company has signed memorandum of understanding for two investment projects in Kuala Lumpur, Malaysia, as a part of its efforts to expand business in the country, following the Belt and Road Initiative.
According to the MOU, Greenland plans to participate in a highway construction program that uses its infrastructure arms and resources. This is the first time that one of China’s top 10 developers, by market value, plans to participate in an overseas infrastructure project. Read more>>
Vanke Shopping Mall Sets Up Nursery Room for Husbands
The newly opened Vanke Mall in Qibao Town of Shanghai’s Minhang District has established a nursery room especially for husbands to kill time while waiting for their shopping wives.
The room is located on the third floor of the shopping mall, a property of China’s largest real estate developers Vanke Group. Husbands can while away their time reading newspapers, magazines or watching videos. 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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