Billionaire Edwin Leong Siu-hung is said to have purchased the most expensive apartment in Asia
Wednesday is here and so too is another round of Asia’s top real estate headlines. Today sees the buyer of Asia’s most expensive unmasked while China Overseas Land and Dalian Wanda are dealing with unforeseen setbacks. Also in the news, mainland investment firm Zhongrong has taken a stake in a California tower and a German retail giant hopes to stake its claim in China.
Buyer Who Paid HK$912 Million For Asia’s Priciest Apartment Is Unveiled
Billionaire Edwin Leong Siu-hung is the buyer of the latest most expensive apartment in Asia, according to market rumors. Two adjoining luxury flats at the Mount Nicholson development on the Peak area of Hong Kong, was sold for an average HK$104,803 per square foot on November 8, breaking the record for the cost of a home in Asia on a per square footage basis.
The buyer paid a total of HK$912 million for the two flats which have a combined 8,702 square feet of space. Leong, 64, is a veteran property investor and the chairman and founder of property developer Tai Hung Fai Enterprise. Read more>>
Chinese Firm Takes Stake In Controversial Bay Area Tower
One of China’s largest trust companies is teaming with a longtime Bay Area developer in a bid to take control of the controversial Oakland tower project on a public site near Lake Merritt.
Zhongrong International Trust Co. and Danville-based developer Behring Capital LLC have agreed to take a 95 percent stake in the market-rate portion of the approved project at East 12th St., according to a city staff report. Oakland’s City Council must approve the investment because the land is publicly owned. Read more>>
China Overseas Land Reassures Investors After CEO’s Sudden Resignation
China Overseas Land and Investment (COLI) sought to reassure investors following the surprise resignation last week of its chairman and chief executive Hao Jianmin, which sent the company’s share price tumbling.
Former senior vice president Xiao Xiao, who was elected chairman and appointed chief executive officer in Hao’s place, told reporters on Monday that the company’s operations are running normally. Read more>>
Dalian Wanda’s Backdoor Listing Deal With Beijing Soft Rock Called Off
Tycoon Wang Jianlin’s ambitions to relocate his real estate empire from Hong Kong to mainland China isn’t going as smooth as expected as a mainland-listed company on Monday announced the termination of a deal with his Dalian Wanda Group.
Beijing Soft Rock Investment Group said in a statement to the Shenzhen bourse that it had been in negotiations with Dalian Wanda Group to issue company shares in exchange for all the shares in Dalian Wanda Commercial Properties. Read more>>
Germany’s Aldi Eyes Chinese Retail Entry
German supermarket chain Aldi plans to enter China and other Asian markets with Australia as its springboard in the hemisphere. The company will launch online supermarket and alcohol supermarkets in China in the first half of 2017 and its physical stores will be opened later in 2017.
Aldi’s spokesperson told local Chinese media that its Chinese physical stores will sell supermarket goods and wine and most of those products will be purchased from Aldi’s suppliers in Australia. Aldi is one of the largest supermarket chains in Germany. Read more>>
UOL Aims For Two Residential Launches In Coming Years
UOL group is targeting to launch two new developments in Clementi and Potong Pasir in 2017/18 which are expected to boost earnings moving forward, notes OCBC Investment Research. The Clement Canopy is a 505-unit development in Clementi in which the group holds a 50% stake in and is likely to be launched in 1Q17.
Raintree Gardens in Potong Pasir, which UOL recently acquired through an enbloc tender with JV partner UIC Ltd, would also be redeveloped into a 750-unit condominium to be launched in 2018. Previously launched domestic projects, the 663-unit Principal Garden, 797-unit Botanique at Bartley and 555-unit Riverbank@Fernvale, are 43 percent, 96 percent and 78 percent sold respectively. Read more>>
Rosewood Brings Luxury Brand To Hong Kong Harbourfront
Rosewood Hotel Group has unveiled plans to launch a new landmark luxury property in its home market of Hong Kong. The new Rosewood Hong Kong is scheduled to open in 2018 in a prime waterfront location on the Victoria Harbour in Tsim Sha Tsui.
Rosewood Hong Kong will occupy 27 floors of a mixed-use tower owned by New World Development, and Rosewood said that the new hotel will become an “instantly recognisable landmark” on the Hong Kong skyline. 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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