Henan real estate tycoon gets perp-walked for 1999 bank heist
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
China Real Estate Tycoon Nabbed for 1999 Bank Robbery
An influential billionaire was among five people who were nabbed in connection to an armed bank robbery 16 years ago in Zhengzhou, capital of central China’s Henan Province, police said in a press conference today.
The robbery occurred on December 5, 1999, when five men broke into an outlet of the Bank of Zhengzhou, robbing 2.08 million yuan and severely wounding two bank employees with guns, police said. Read more>>
China Vanke Says Q3 Profits Up 22% on Improved Sales
China Vanke Co Ltd said on Tuesday its third-quarter net profit jumped 21.8 percent as sales picked up, bolstered by government policies to rev-up the key housing sector.
China’s largest residential developer by sales on Tuesday reported a net profit for the July to-September quarter of 2 billion yuan ($314.9 million), up from 1.65 billion yuan a year earlier. For the first three quarters of the year, net profit rose 6.1 percent to 6.9 billion yuan. Read more>>
Mapletree Greater China Commercial Trust’s Q2 DPU jumped 12.6%
Mapletree Greater China Commercial Trust Healthy rental reversions and contributions from its newly acquired business park property boosted earnings at Mapletree Greater China Commercial Trust (MGCCT).
The Reit posted a 12.6 per cent increase in distribution per unit (DPU) to 1.808 cents for the second quarter. Gross revenue rose 25.4 per cent to S$84.6 million for the three months to Sept 30, compared with a year earlier. Net property income jumped 26 per cent to S$69.5 million. Read more>>
Wang Jianlin Tops Forbes China Rich List
Wang Jianlin, founder of real estate and entertainment conglomerate Wanda Group, reclaimed top spot on the 2015 Forbes China Rich List released on Monday.
Wang saw his net worth rise from $13.2 billion to $30 billion in the last year, while Alibaba chief Jack Ma dropped to second position after a nervy year for investors since his company’s record breaking IPO in 2014. Read more>>
Chinese Developers Turn to Property Management as Sales Slide
With new home sales expected to slow in the next decade, mainland developers are looking to find another gold mine in serving the families who own the homes they have built.
They know them well and can easily provide them with everything from food, education and health care to consumer loans. Read more>>
Govt Developers Seen Pushing Out Smaller Players on the Mainland
State juggernauts have been the winners during the tough times for mainland China’s property markets since last year, with state-owned developers gaining more market share and achieving stronger growth than their private-sector peers, experts say.
They predict the trend will continue in the fourth quarter, with quality state-owned players set to benefit more from government policy support, and recommend selling listed private developers with high leverage or slowing growth. Read more>>
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