Vanke chairman Wang Shi’s long nightmare might be over
One of the biggest takeover battles in Chinese corporate history appears to be coming to a close as China Resources sells its Vanke stake to Shenzhen Metro. Also in the headlines to start the week, China’s best known think tank predicts a reversal in the mainland’s outbound investment spree, and HNA’s Hong Kong office now costs $356,000 per month.
Shenzhen Metro Takes Over at Vanke as China Resources Exits
State-owned Shenzhen Metro Group’s purchase of the second-biggest holding in China Vanke is likely to pave the way for it to take control of the property giant and put an end to a year-long corporate power struggle.
Vanke, the nation’s biggest property developer by market value, has been in crisis since Baoneng Group, a financial conglomerate, built up a stake of 25 percent and sought to oust management. Read more>>
CASS Says China’s Outbound Investment Will Decline in 2017
China’s direct investment overseas is likely to decline this year, according to a government think tank, reversing nearly a decade and a half of rapid increases that fueled global booms in infrastructure and real estate from Africa to Australia.
Greater scrutiny of outbound deals by the government and the prospect of tougher trade measures in the U.S. and other countries are likely to deliver a hit to Chinese investments in foreign plants, resources, real estate and other physical assets, said economists at the Chinese Academy of Social Sciences. Read more>>
Let Me Be Your Broker! Rent for HNA’s HK Office Rises to $356K Per Month
HNA Group, a Chinese conglomerate that owns hotels, golf courses and Hainan Airlines, expanded its Hong Kong headquarters before embarking on its land acquisition spree in the city.
The group in October leased another 15,776 square feet of office space on the 37th floor of Two International Finance Centre in Central for a monthly rent of HK$2.76 million, or HK$175 per square foot, according to Lands Registry records. Read more>>
New World, Vanke Hong Kong Project Launches Set Price Records
New World Development and Vanke Property (Overseas) have launched the sale of their joint residential project in Tsuen Wan, with some units costing more than HK$20,000 per square foot, setting a record in the district.
The developers on Friday released the price list for the first batch of 197 units at Pavilia Bay at an average of HK$15,183 per square foot after factoring in a discount of as much as 22 per cent. Read more>>
MAD Architects Chosen to Design Star Wars Museum in LA
Recently, Beijing-based design studio MAD Architects and its founder Ma Yansong were chosen to design a new museum in Los Angeles for “Star Wars” filmmaker George Lucas.
Lucas has been trying to build the museum, called The Lucas Museum of Narrative Art, for nearly a decade, and is financing the project by himself with plans to spend over $1 billion. The museum will become a new landmark in LA and will bring more than ten thousand job opportunities for the city. Read more>>
Will South Korea and China Clash Over OBOR Vision?
If the 21st century ultimately fulfills its predicted destiny as the “Pacific Century,” future historians will mark 2013 as the watershed year in which the gravity of world power began to tilt toward the Asia-Pacific, and perhaps 2017 as the decisive year of the shift. In 2013, two major economic strategies to strengthen regional cohesion and global connectivity were announced: China’s massive “One Belt, One Road” (OBOR) and South Korea’s “Eurasia Initiative” (EAI).
While the former has clearly overshadowed the latter, the relatively tiny South Korea’s aspirations may ultimately hold the key to the success or failure of China’s grand vision because of the pivotal role North Korea plays in the destiny of both countries. 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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