One of China’s most watched corporate soap operas seems to have finally reached the series finale as a unit of one-time corporate raider Baoneng is said to be selling its 10.3 percent stake in China Vanke. The report appears to bring a close to a corporate drama that saw the developer’s founder Wang Shi leave the top three mainland home builder after the Shenzhen-listed company eventually came under government control. Also in the news, Hong Kong-listed Far East Consortium has bought a luxury project in Singapore and Temasek plans to develop data centres in Thailand. Read on for all the details on these stories and more.
Baoneng Group subsidiary Shenzhen Jushenghua Ltd., the largest shareholder in real estate giant China Vanke Co, plans to dispose of a 10.3-percent stake in the property developer. Jushenghua will liquidate nine asset management products that hold 1.1 billion shares in the property developer, Shenzhen-based Vanke said in a statement.
Vanke won out against Baoneng last year after a protracted battle for control of the developer, but was not expecting the property and financial services group to divest so soon. Read more>>
The Estoril, a freehold development in Holland Road, has been sold en bloc for S$223.9 million ($170.5 million) to Hong Kong-listed Far East Consortium’s unit FEC Properties.
This works out to a land rate of $1,654 per square foot per plot ratio (psf ppr). Inclusive of the 10 per cent bonus balcony gross floor area (GFA), the land rate works out to a lower $1,504 psf ppr. No development charge is payable even after factoring this bonus area, due to the high baseline for the property. Read more>>
Hong Kong property firm Chinese Estates Holdings and its executive director Chan Hoi-wan have raised their stake in mainland Chinese property developer China Evergrande to 8 per cent in the past 12 months, spending a total of HK$18 billion (US$2.3 billion).
Chan, the wife of former Chinese Estates chairman Joseph Lau Luen-hung, personally held 196.5 million shares in China Evergrande as of Wednesday noon, the mainland Chinese firm said in a stock exchange filing on Wednesday. Read more>>
Perennial Real Estate Holdings has entered into a joint venture (JV) with Qingjian Group to jointly develop the former Goodluck Garden residential site in Singapore.
Perennial said on Wednesday that it has through its subsidiary, PRE 9, entered into a 40-60 JV with China-based Qingjian Group of companies – comprising subsidiaries of Hong Kong-listed CNQC International Holdings and its minority partners – to jointly develop the site. Read more>>
ST Telemedia Global Data Centres (STT GDC) has entered into a strategic partnership with Ticon Industrial Connection Pcl, a Thai developer and total solutions provider of industrial properties, to develop and operate data centres in Thailand, the Singapore-based operator of data centres said on Wednesday (April 4).
Ticon’s wholly owned subsidiary Ticon Technology will partner STT GDC in the 51:49 joint venture, to build and complete the Bangkok facility by 2020. Ticon is majority-owned by Frasers Property and TCC Group. Read more>>
Igloohome, a Singapore-based smart lock technologies startup, has raised US$4 million in Series A funding led by Insignia Ventures Partners. The new capital will be used to develop smart access solutions for commercial projects, particularly in the hospitality industry, covering both communal and private spaces.
Founded in 2016, the startup has created smart access solutions that help users conveniently manage their homes and properties remotely, including the Smart Mortise Lock, Smart Deadbolt, and Smart Keybox. Read more>>