Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Taiwanese life insurance giant Shin Kong Life is to make its maiden acquisition in London with the £140m acquisition of 40 Gracechurch Street in the City of London from Cornerstone. Shin Kong, advised by JLL, agreed terms on the deal last month at over the asking price of £135m.
The insurer’s parent company Shin Kong Financial Holdings announced on 30 October that Shin Kong Life was to buy the block subject to regulatory approval, which in Taiwan involves several stages and often results in protracted negotiations. Read more>>
Shanghai Yuyuan Tourist Mart, which is 26% owned by Guo Guangchang’s Fosun, plans to buy Japan ski resort Tomamu for $149 million, the Shanghai-listed company said in a statement today.
The Tomamu deal was to close today, with Yuyuan making a $15 million down payment, according to the statement. Fosun has targeted growth in China consumer spending with other investments such as Club Med and Cirque de Soleil. Read more>>
Chinese developers are plotting the next phase of their Australian expansion as development margins in China fall on the back of stagnating prices and rising costs.
Guangzhou-based developer Country Garden has seriously considered six sites throughout Sydney and Melbourne in the past year, as it ponders its next move in a refreshed assault of Australian, Malaysian, US and Canadian property markets. Read more>>
One of China’s largest property developers, Country Garden, has delayed its planned rollout of projects in Australia because of a hold-up in the planning stages of its first development in North Ryde.
The 830-unit project, Ryde Garden, is one of the smallest of Country Garden’s about 300 projects worldwide. The Sydney project went on sale near the peak of the property boom last year and 90 per cent of the apartments have sold. Read more>>
Lawyer and property adviser Bernard Chiu has helped Chinese investors and developers break into the Australian market for the past eight years, but now sees a pause as the government chokes off avenues for money to leave the country.
Chiu, who advised Ridong Group on its purchase of the $81 million Jewel site on the Gold Coast, says some acquisitions had failed to settle since China had more strictly enforced laws limiting outbound investments for individuals. Read more>>
Annual growth in real estate investment in China slowed further in October while sales cooled slightly, pointing to persistent weakness in the property market that could continue to drag on the broader economy.
Property investment, a crucial growth driver, grew 2.0 percent in the first 10 months from a year earlier, down from an annual rise of 2.6 percent in the January to September period, the National Bureau of Statistics(NBS) said on Wednesday. Read more>>
Hong Kong’s Central district, already studded with the world’s priciest office towers, is attracting more mainland Chinese companies to move in, sparking a rise in rents and prompting some Western firms to search for cheaper digs elsewhere.
Despite China’s stock-market tumult this year, mainland banks and asset managers are crowding into the district in hopes of drumming up new business with foreign clients. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.