Singapore REIT to Buy Lippo Plaza in Shanghai – and more of Today’s China Real Estate Links | October 18, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• Singapore REIT to Buy Lippo Plaza in Shanghai

  OUE Ltd. (LJ3.SG), a Singapore-based property developer, said Thursday its proposed commercial-focused real-estate investment trust plans to buy Lippo Plaza in Shanghai for its initial portfolio.

  OUE, which develops offices and hotels and is controlled by Indonesia’s wealthy Riady family, said last month it is considering setting up a commercial-focused REIT in Singapore but didn’t give the size or the timing of an initial public offering. The REIT could raise up to 700 million Singapore dollars (US$562 million) through an IPO in the first quarter of next year, people with knowledge of the deal said last month.

• RRJ places bet on China real estate with $50 mln CIFI investment

  The private equity firm RRJ Capital is placing a bet on China’s real estate market by investing $50 million in a new share issue by the Hong Kong-listed property developer CIFI Holdings Group Co Ltd , CIFI said on Wednesday.

  Shanghai-headquartered CIFI is among China’s top 50 real estate developers by revenue. It principally focuses on developing small to mid-sized properties in the residential sector, and developing commercial properties for sale.
  RRJ already holds $100 million of CIFI bonds.

• Shanghai Couple Kidnapped from Home to Facilitate Land Deal

  Early one Wednesday morning three weeks ago, a group of men broke into the Shanghai home of 72 year-old Xie Guozhen and her husband.

  “I had just woken up and was on the toilet when I heard them knock down the front door,” recalls Xie. “Five men pushed open the bathroom door, gagged my mouth so I couldn’t scream, and when I struggled, they pulled my arms so far behind my back it felt that they had broken.”

  Xie says she was dragged downstairs, where she saw her 69 year-old husband tied up on the floor. She says the men threw the couple into the back of a van and drove them to an outdoor courtyard nearby, where they were kept the rest of the day.

• Dongguan landlord finds $1mil under bed in empty apartment

  A LANDLORD in China has discovered 6 million yuan ($1 million) in cash under the bed in a vacant apartment.

  Owner Ma Guangdi was preparing to advertise for a new tenant and was in the process of cleaning up on October 14 when he discovered the cash, eChinacities.com reports.

  Mr Ma, whose apartment is part of a complex in Chang’an County, Dongguan, sought the assistance of two security guards and a cleaner when he noticed the floor and furnishings had not been cared for.

• Chinese Investor Buys Landmark Buildings in Detroit

  A Chinese firm has bought the former Detroit Free Press and David Stott buildings in downtown Detroit and plans to redevelop the former newspaper headquarters into a $50-million apartment and retail complex.

  Shanghai-based DDI Group, also known as Dongdu International Group, was the highest bidder for both buildings last month in back-to-back online auctions, said Ryan Snoek, a regional manager for Luke Investments, the buildings’ previous owner.

• Prologis Preleases 29k Sqm of Logistics Space in Shanghai to Retailer

  Prologis, Inc. (NYSE: PLD), the leading global provider and operator of logistics infrastructure, today announced it has preleased a 318,000 square foot (29,500 square meter) facility in China to the e-commerce division of RT-Mart, a leading traditional retailer.

  The new facility will be located at Prologis Qingpu Logistics Center in western Shanghai with immediate access to major expressways. The facility will serve as the customer’s regional e-commerce distribution center for East China.

This list is updated daily, so tune in again tomorrow for more up to date information.

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