Poly chair Song Guangju is betting big on Pudong property
China’s real estate rival is driving developers to compete for land in Shanghai and other first-tier cities. Meanwhile, down in Hong Kong, home prices are falling, but sales volumes hit their highest level in over a decade. Read on for all these stories and more, from China and the region.
Poly Pushes Aside 30 Rivals to Buy Pudong Plot
Poly Real Estate held off the challenge of dozens of other developers yesterday to secure a residential plot in the Pudong New Area of Shanghai.
The company made a successful bid of 5.45 billion yuan (US$834 million) for the 69,433-square-meter site in the outlying town of Zhoupu. Read more>>
Downturn? HK Home Sales Hit 13-Year High
Hong Kong developers had HK$44.6 billion in sales of new homes between January 1 and May 17, accounting for 44 per cent of the total transaction value in the residential market, according to Midland Realty. The last time that level was reached was in 2003.
The rise in the total sales value was mainly due to an increase in purchases of pricey luxury properties. The overall number of individual home sales declined. Read more>>
Manager of China’s Tallest Building Worried Over Skyscraper Glut
The man behind China’s tallest tower has a message for developers scrambling to erect skyscrapers across the country: Less is more.
At an awards ceremony last Friday for tall buildings in China, the general manager at Shanghai Tower Construction & Development Co. sounded a downbeat note, appealing to his peers to think twice about planning another skyscraper. Read more>>
GLP Net Profit Up by 45 Percent in Over 2015
WAREHOUSE provider Global Logistic Properties (GLP) posted a surge in earnings for its fourth quarter on the back of higher revenue and fair value gains from investment properties.
Net profit for the three months ended March 31 jumped 45.7 per cent to US$152.75 million from the preceding year, GLP said in a Singapore Exchange filing on Thursday morning. Read more>>
GLP Hong Kong Unit Plans Panda Bonds
Global Logistic Properties subsidiary Iowa China Offshore Holdings (Hong Kong) plans to sell Panda bonds of 10 billion renminbi ($1.5 billion), as the company strengthens its market position on the mainland.
The size of the first offering under the 10 billion renminbi fundraising plan is expected to be 1.5 billion renminbi, according to a preliminary prospectus. Both the bond and the issuer have scored AAA ratings from Shanghai Brilliance Credit Rating & Investors Service Co. Read more>>
Moody’s Upgrades Rating for Li Ka-shing’s Cheung Kong Property
Moody’s Investors Service has changed to positive from stable the rating outlook on Cheung Kong Property Holdings Limited (CKP). Moody’s has also affirmed its A3 issuer rating.
“The positive outlook reflects increasing rating upgrade pressure from CKP’s 2015 low debt leverage and strong liquidity position that exceed the levels that support its A3 rating,” says Franco Leung, a Moody’s Vice President and Senior Credit Officer. 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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