Extell Development is hoping for $160M in EB-5 funds for its next Central Park project
China’s biggest developer is running into more challenges to its $6.9 billion share sale plan, as the Shenzhen stock exchange is now questioning Vanke’s deal. Over in the US, two New York developers are targetting a combined $250 million in EB-5 funding for Manhattan projects, while Hong Kong developers try out 120 percent financing plans to help move homes. Read on for all these stories and more.
Shenzhen Exchange Questions Vanke’s $6.9B Share Sale
The stock regulator in Shenzhen has stepped in to study China Vanke’s proposed 45.6 billion yuan acquisition of a unit of Shenzhen Metro Group, adding a new twist to the battle between Vanke’s top management and state-backed China Resources (Holdings) for control over the country’s largest homebuilder.
The Shenzhen Stock Exchange said on Wednesday that it was seeking clarification from Vanke for the mega deal, which could make the state-owned subway operator the largest shareholder of Vanke with a 20.65 per cent stake. Read more>>
One57 Developer Targets $190M in EB-5 Cash for Central Park Tower
Gary Barnett is looking to raise $190 million in financing for Extell Development’s Central Park Tower development through the EB-5 program, according to marketing materials on a Chinese EB-5 website.
Extell had filed an offering plan for the 182-unit development back in July but withdrew it just a month later, according to records filed with the New York Attorney General’s office. Barnett was rumored to be in discussions with a new capital partner at the project. Read more>>
NYC Developer Seeks $60M in EB-5 Funding for Manhattan Condo Project
HAP Investments – which has cycled through multiple designs for a planned rental-condominium development in Chelsea – is now seeking $60 million from EB-5 investors for the project.
Eran Polack’s development firm is tapping the popular visa program, which awards a green card to foreigners who invest $500,000, for HAP’s $387 million development, according to EB-5 marketing materials. Read more>>
HK Developers Offering Mortgages Over 120% to Spark Home Sales
Electrical appliance shop owner John Ip hadn’t held out much hope of being able to trade in his small flat in Tuen Mun for a bigger place after the birth of his second child.
But then he heard about offers of mortgages of up to 123 per cent targeting people like him who wanted to upsize, and his interest was piqued. Read more>>
Shanghai’s Line 14 Could Bring Change to Former French Thoroughfare
Jinling Road, marked by verandas that shield its sidewalks and display windows of violins and pianos, is a distinctly historical street in modern Shanghai. Now there are questions about its future.
“Reforming the old district is like a spring wind that can warm the hearts of thousands of households,” reads one of the ominous red banners hung recently along the eastern end of Jinling Road. Dozens of similar slogans tied to pillars that date to the early 20th century call on residents and businesses to cooperate with what appears to be coming expropriation. 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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