Guangzhou R&F boss Li Sze-lim is may be joining Sunac in buying $9.3B in Wanda assets
So where’s Evergrande? At the top of today’s headlines, Guangzhou R&F, Wanda and Sunac appear to have formed an alliance of three of China’s most indebted developers to pull off a $9.3 billion deal announced last week. Looks like China’s biggest borrower missed out on this one. Also in the news, Singapore’s private housing market has sprung back to life, and two of Hong Kong’s biggest developers hit their 2017 full-year targets in just six months. Read on for all these stories and more.
R&F Joining Sunac, Wanda in $9.3B Chinese Mega-Deal
Wanda Group and Sunac China have roped in Guangzhou R&F Properties as a partner in the country’s largest real estate transaction.
Wanda had agreed last week to sell 76 hotels and theme parks to Sunac for 63 billion yuan (US$9.3 billion). At a signing ceremony in Beijing, R&F’s name is clearly visible alongside Wanda and Sunac as a strategic partner. Read more>>
Dalian Wanda Says “No Problem” With Aussie Projects
Chinese powerhouse Dalian Wanda says a $1 billion Gold Coast apartment project it is backing remains on track despite reports China’s regulators have ordered major banks to put the brakes on loans to the high-profile group.
Dalian Wanda is also undertaking a $1bn apartment and hotel project on Sydney Harbour, billed as the city’s most prestigious offering, but it declined to comment on that project. Read more>>
Singapore Private Home Sales Jumped 53% in June
The number of new private homes sold in June jumped by 53 per cent from a year ago, according to Urban Redevelopment Authority data released on Monday. Developers sold 820 units last month, 284 or 53 per cent more than the 536 new private homes moved in June last year.
June sales were 21 per cent lower than the 1,039 homes sold in May, which was the third straight month when transactions exceeded 1,000. June, the school holiday month, is a traditionally lull period for the property market, as well as having fewer number of homes hitting the market. Read more>>
Shares in Future Land Jump 14% on Buyout Plan
Shares of Future Land Development jumped almost 14 per cent to an 11-day intraday high in Hong Kong on Wednesday, after the developer unveiled plans to take its business private.
Future Land’s shares soared to HK$3.20 in Hong Kong when trading resumed after a seven-day halt, near to its all time high, and closed at HK$3.18. Trading volume expanded to 640 million, the most heavily traded among Chinese property companies listed on the city’s bourse. Read more>>
Cheung Kong, SHK Beat 2017 Sales Forecasts in 6 Months
Hong Kong’s residential property prices, which are the highest among the world’s major urban centres, have turned the city’s two biggest developers into winners, helping them beat their 12-month sales targets half way through the year.
Cheung Kong Property Holdings, the flagship developer of Hong Kong’s wealthiest man Li Ka-shing, more than doubled its first-half revenue to HK$27.75 billion (US$3.55 billion) from selling 1,565 units in eight wholly owned or joint venture projects, according to Centaline Property Agency’s data. Read more>>
Beijing Sleep Capsule Start Up Shut Down After One Month
In China, shared bikes, umbrellas, basketballs, all available in a few clicks of an app. But these startup businesses are quickly running into major trouble – like the bike-sharing app that got 90 percent of its bikes stolen, and the umbrella-sharing service that saw nearly all its 300,000 umbrellas vanish into thin air.
Beijing-based Xiangshui Space, just one month after installing its sleep pods in office buildings in 18 cities, has shut down as a temporary measure, after police scrutiny in Beijing and Shanghai revealed the firm didn’t have the necessary licenses from local fire departments. The startup then voluntarily shuttered its pods in other cities. 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.
Leave a Reply