The Center on Queen’s Road has been valued at $4.5 bil
One Hong Kong newspaper is reporting that Li Ka-shing has sold off a 75 percent stake in one of his trophy assets, while Donald Trump may be in trouble with some US voters, but according to stories in the press today, the developer turned presidential candidate is still popular with real estate agents hoping to sell homes to Chinese buyers. Also making news, Anbang offers an $11 billion helping hand to Chinese businesses in Europe, Singapore’s property market remains gloomy as ever and Country Garden intends to build deeper into Southeast Asia. Keep reading for all of today’s headlines.
Li Ka-shing’s Cheung Kong Reportedly Selling Stake in The Center
Shares in Cheung Kong Property Holdings surged on Monday after it was reported that the Hong Kong-based real estate group plans to sell a commercial complex on Hong Kong Island at a record price.
The share price of the real estate giant, led by local billionaire Li Ka-shing, briefly rose 2 Hong Kong dollars, or 3.6%, from Friday to HK$57.70. The Hong Kong Economic Journal reported on Monday that Cheung Kong Property will sell 75% of its interest in the Center to a mainland Chinese company for HK$35.7 billion ($4.6 billion). Read more>>
Trump Best For Chinese Property Buyers, Say US Real Estate Agents
Donald Trump may be a controversial figure, but the real estate mogul is more likely to improve things for Chinese investors buying up property in the United States than his rival Hillary Clinton, according to American real estate agents.
A survey released on Monday by China’s top international real estate website Juwai shows US real estate agents and China-based investors can’t agree on which presidential candidate is more likely to put in place policies that help Chinese buying US property. Read more>>
Singapore’s Property Market In The Grip Of Economic Gloom
No matter where you look in Singapore – from office and mall vacancies to private home prices and rents – the property market took a hit in the third quarter as the economic gloom tightened its grip.
There were generally no large price drops or surges in vacancies, but the negative bent to the numbers underscored trends that have been evident for many months. Read more>>
Property Developer China Evergrande Lifts Stake In Peer Langfang
Chinese property developer China Evergrande Group raised its stake in smaller peer Langfang Development Co Ltd to 20 percent from 15 percent in a RMB 557.8 million ($82 million) deal.
Langfang said Evergrande bought a 5 percent stake on Friday at an average price of RMB29.35 per share, 0.6 percent higher than with Friday’s closing price. Evergrande first began amassing shares in Langfang last April. Read more>>
Anbang Offers $11b Funding For Chinese Business In Europe
Chinese insurer Anbang Insurance Group Co Ltd on Monday unveiled a three-year loan program that will offer a total of $10.97 billion to help Chinese startups and smaller companies to do business in Europe.
The plan was announced by Anbang chairman Wu Xiaohui at the China-Belgium Economic Forum in Beijing. The loan will be extended through Anbang’s banking subsidiary Bank Nagelmackers in Belgium. The loan program is part of Anbang’s response to a Chinese government call for greater support for local small business. Read more>>
Chinese Firms To Begin ‘New Egypt Capital’ In 2017
Following months of speculation that the whole project had been scrapped, construction on Egypt’s new capital city by two of China’s biggest developers could begin as early as next year. The Egyptian government is targeting up to $45 billion in investments, and the agreements set to be finalized before the year’s end will bring the country closer to that target.
Earlier this month, heads from China Fortune Land Development Company (CFLD) met with Egyptian President Abdelfattah Al-Sisi and agreed to provide $20 billion over the coming 10 years for the currently unnamed city mega project which is expected to break ground some 47 kilometers east of the current capital Cairo. Read more>>
Guocoland Expands To London And Sydney Property Markets
Singapore-listed property firm GuocoLand announced that it is expanding into new markets of London and Sydney by taking up a strategic stake in Eco World International (EWI). EWI is the overseas unit of Malaysian-listed developer Eco World Development Group Bhd.
GuocoLand said it will subscribe for a 27 percent strategic stake in EWI when the firm launches its initial public offering on Bursa Malaysia Securities by the first quarter of 2017. Read more>>
Developer Country Garden To Expand Its Reach In Malaysia, Indonesia
Country Garden, China’s third-largest home builder by sales, is speeding up its expansion in Malaysia and Indonesia within its core strategy of building mega projects across Southeast Asia, to reduce domestic risk.
The developer has signed another new project in Malaysia and its first on the Indonesian island of Bali, according to company statements. In October, it formed a joint venture with Damansara Realty to build a 21-hectare integrated township known as Central Park in Tampoi, a suburb near downtown Johor Bahru on the southern tip of Malaysia. 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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