Country Garden’s Forest City project in Malaysia’s Iskandar area near Singapore
Savills Investment Management continues to ramp up its activities with a billion dollar Asia fund, while one Chinese mega-developer sees profit growth slow to just 1.18% in 2015 as another gets ready to sell apartments on its own Malaysian island. Read on for all this and more.
Savills Investment Management Plans New $1B Asia Fund
Four months after completing its takeover of SEB Asset Management, Savills Investment Management is poised to launch a billion-dollar Asia core-plus fund.
The new vehicle, to be known as Savills IM Asia Fund 3, is expected to be launched in the second half of the year. It will be the successor to Savills Asia Fund II, a €200m closed-ended fund formerly known as SEB Asia Fund II which was launched before Savills IM’s takeover of SEB. Read more>>
Poly Real Estate Profits Climbed Only 1.18% in 2015
Poly Real Estate Group Co., China’s second-largest property developer by market value, reported on Friday its lowest profit increase in ten years.
The company’s preliminary net profit amounted to 12.3 billion yuan (1.9 billion U.S. dollars) in 2015, up by only 1.18 percent year on year, said a statement to the Shanghai Stock Exchange. The annual increase compares poorly with double-digit rates during the past ten years. Read more>>
Country Garden to Start Selling Homes in 14 SQKM Iskandar Project
Chinese developer Country Garden will release homes at its Forest City project in Iskandar for sale to Singapore investors in this half of the year.
Forest City, a joint-venture development between Country Garden and Johor’s Esplanade Danga 88, is an eco-township to be built on four reclaimed islands in the Johor Strait. Read more>>
Kaisa Rejects Farallon Proposal as Not Commercially Viable
Debt-laden Kaisa Group, the first mainland Chinese developer to have defaulted on its offshore bonds, said an alternative restructuring proposal it received a week ago is not “commercially viable,” according to a statement.
The Shenzhen-based property developer said in a filing to Hong Kong’s stock exchange on Thursday, it had received a proposal from Farallon Capital Asia and BFAM Partners, who “unilaterally (without input from the company) publicly released the terms to various news sources the following day”. Read more>>
Canadian Authorities Clamp Down on Vancouver Crowd-Funders
Securities regulators in Canada are reviewing the activities of two Vancouver real estate “crowdfunding” firms, after the South China Morning Post reported on apparent efforts to create investor syndicates drawn from the city’s Chinese community to buy properties worth tens of millions of dollars.
British Columbia Securities Commission spokesman Richard Gilhooley on Friday confirmed that the commission was conducting the review of Suncrowdfunding and Canada Luxmore Crowdfunding and their associated entities. 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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