Shui On Land this week became the latest Hong Kong-listed developer to post a loss for the first half of 2020, as a dip in value of the Xintiandi landlord’s investment properties overshadowed a jump in revenue of nearly 33 percent.
Also reporting some disappointing results recently is the hospitality affiliate of Hong Kong’s Sino Land, which saw its hotels dip to just 34 percent occupancy in the first six months of the year, and China’s richest woman is ready to become Europe’s richest property executive as the largest shareholder in developer Country Garden is revealed as a Cyprus passport holder.
Property developer Shui On Land reported an HK$1.82 billion (230 million) net loss for the first half of the year as profits from its core business plunged 93 percent from a year ago to reach RMB 117 million.
Shui On Land is the Shanghai-headquartered real estate development arm of Hong Kong’s shui On Group. The company expects to fulfill a full-year residential sales target of RMB 14 billion and seven projects will be launched in the second half of 2020. Read more>>
China’s richest woman Yang Huiyan, who is also the majority shareholder of mainland property developer Country Garden, bought a Cypriot passport to obtain European Union citizenship, leaked documents revealed.
Yang is among more than 500 wealthy elite to buy such “golden passports” by investing at least $2.3 million in the tiny island country. Read more>>
Mainland investors are trickling back into the city’s real estate market to snap up millions of dollars worth of land and building blocks as China’s government looks to strength ties.
Since July 2019, Chinese developers have won six of the 13 land site government tenders posted over the period, and they also accounted for virtually all of Hong Kong’s cross-border property deals, a Colliers report noted. Read more>>>
Evergrande Health, the Hong Kong-listed electric car branch of Chinese real estate conglomerate Evergrande Group, has announced a name change to China Evergrande New Energy Vehicle Group Limited on 26 August.
The name change reflects the rising importance of the vehicle business to the group. The company’s stock, currently trading as “EVERG HEALTH” will be changed to “EVERG VEHICLE” effective from 1 September onwards, while the stock code change will remain “708”. Read more>>>
Japan’s Itochu Corp now owns roughly two-thirds of convenience store chain FamilyMart after a $5.5 billion tender offer that activist investors criticized for being too low. Prior to the deal, Itochu was already a majority owner in the company with a 51 percent stake.
The tender offer came as the trading house looks to increase efficiency in the store chain, which competes with 7-Eleven and Lawson Inc for cornerstore supremacy in the country. Read more>>>
Occupancy rates in hotels owned by local tycoon Robert Ng Chee Siong dropped to as low as 34 percent, the magnate announced in a stock exchange filing on Wednesday, also noting that the group’s revenue for the year ending in June had fallen by half.
The pandemic-induced tourist drought continues to ravage hotels in the city and average room rates in Sino Hotels Holdings’ properties, including the Conrad Hong Kong in Admiralty, have plunged by 43 percent. Read more >>>