The five storey slide in Pudong is apparently not subject to certification
We are back chasing the real estate happenings here at Mingtiandi, and today’s round up gives you a chance to catch up on headlines you may have missed over the holiday. A Shanghai mall welcomes shoppers with a five-storey tall metal slide that’s terrifying the social media sphere, fast fashion might bail out a major HK mall developer this year, and one of China’s biggest state-owned developers makes another acquisition in California. Read on for details.
Shanghai Mall Builds Five-Storey “Death Slide” to Pull in Shoppers
A five-floor-high slide at a shopping mall in Pudong New Area has triggered heated discussion and great attention among locals.
The giant winding slide made of stainless steel is shaped like a dragon, but is not subject to inspection or regulation by government authorities. It is expected to open after the Lantern Festival, which falls on February 22 this year. Read more>>
H&M to Account for 10% of Hang Lung Rental Income
Fast fashion chain H&M is estimated to contribute 10 per cent of Hang Lung Properties’ rental income in Hong Kong this year but the developer faces a decline in retail rents in the mainland, Morgan Stanley says.
The US investment bank estimated the developer’s rental income in Hong Kong would edge up 4 per cent to HK$3.7 billion this year. Read more>>
Gemdale Teams with Lincoln Property to Buy Land in San Jose
Lincoln Property Co. has teamed up with one of the largest developers in China to bring a north San Jose office proposal to life.
Lincoln and capital partner Gemdale Corp. acquired about 21.5 acres of land that’s fully approved for four new office buildings totaling up to 415,000 square feet. It’s the latest big office play in the city’s north end, which has seen a flurry of development and leasing activity in the last couple of years. Read more>>
Chongqing Developer Bids for Chicago Stock Exchange
When Cromwell Coulson heard that an obscure Chinese real estate firm had agreed to buy the Chicago Stock Exchange, he was shocked.
“My first reaction was, ‘Wow, that’s who they’re selling to?”’ said Coulson, the chief executive officer of OTC Markets Group Inc. in New York. “These new buyers have no connection to Chicago’s existing business. They’re completely disconnected from the current business of supporting the Chicago trading community. So wow, that’s out of left field.” Read more>>
Kuafu to Sell NYC Condos for Up to $6M
Kuafu Properties and Shanghai Construction Group America, the U.S. arm of one of China’s leading construction companies, are gearing up to launch sales at 1 MiMA Tower this spring.
Prices for the 151 units at 460 West 42nd Street will range from $1 million to over $6 million, according to a new teaser site going live Friday. The condos, which span the 51st through 63rd floors of the building, will also be rebranded as Manhattan View at MiMA, the website shows. Read more>>
Wanda Bonds Downgraded as Revenues Drop
China’s richest man, Wang Jianlin, has just signed a deal to buy U.S. Legendary Entertainment and boasts a raft of property projects abroad. But headwinds at home could put a dent in his ambitions.
Two ratings firms in the past two days downgraded bonds issued by Dalian Wanda Commercial Properties Co. Ltd., the real estate arm that Mr. Wang controls, on expectations that falling sales revenue in 2016 and 2017 will not be sufficient to support the firm’s spending plans. 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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