Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Beijing’s Vantone Scales Back Plans for US Centre by 85%
A Chinese company is looking to shrink its footprint at One World Trade Center by 85 percent, dealing a body blow to its developers, the Durst Organization and the Port Authority.
Beijing-based Vantone Industrial asked to cut its commitment from 202,000 square feet to 31,344 square feet, according to Crain’s – a mere year after first asking to cut it by half. Vantone was the first tenant to sign at the skyscraper back in 2009, when it was still under construction. Read more>>
Gaming Giant Genting Backs Out of Korean Casino Venture
Mainland China real estate developer Landing International Development Ltd on Wednesday said the acquisition of the remaining equity interest relating to a casino business on Jeju Island, in South Korea, will help the company “establish its own branding and presence in the gaming industry worldwide”.
Landing International already owns 50 percent of the holding company that operates the casino at the Hyatt Regency Jeju Hotel (pictured). The other partner in the venture – Genting Hong Kong Ltd – announced in July it was selling its own indirectly held equity interest in the casino business for a consideration of KRW130 billion (US$111.1 million). Read more>>
Shanghai’s Zendai Property Starts Work on S African Project
China’s Shanghai Zendai Property on Tuesday launched the first phase of an R87bn ($6.4bn) new city project in South Africa, saying the slowdown in the world’s second-largest economy would not affect construction.
The local unit of the Hong Kong-listed firm said it had completed some luxury accommodation units at a cost of R400m, bringing investment on the project near the commercial capital of Johannesburg to R1.4bn. Read more>>
Xinming Aims to Be China’s First Real Estate Developer for Kids
Hangzhou-based developer Xinming China just went public in Hong Kong in July, and now it is aiming to build itself into the first children-oriented company listed in the city.
China’s commercial property market has reached the ceiling where oversupply has shrunk profit margins significantly and forced developers to find a new niche in segmented markets, such as kids. A new baby boom propped up by the loosened one-child policy is estimated to generate market demand of 4 trillion yuan. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
Leave a Reply