Wang Jianlin hits the international headlines again today, with the billionaire chief of Dalian Wanda Group now being accused of cross-border influence buying as his Beverly Hills development project tries to win government approvals in Los Angeles. Also in the news, Canada’s CPPIB will be advising China’s top planning body on senior care, and land fever spreads to Dongguan in Guangdong province. Read on for all these stories and more.
The Dalian Wanda Group is accused in a new complaint of using foreign money to influence the outcome of a ballot measure in Beverly Hills.
UNITE HERE Local 11, which represents hotel workers, filed the complaint on Thursday with the California Fair Political Practices Commission and the Federal Election Commission. It accuses the Wanda Group of funneling overseas money into a committee to oppose a ballot measure sponsored by the Beverly Hilton. Read more>>
Canada Pension Plan Investment Board (CPPIB) announced today that it has signed a Memorandum of Understanding (MOU) with the National Development and Reform Commission (NDRC) of the People’s Republic of China to offer CPPIB’s expertise in assisting Chinese policy-makers as they address the challenges of China’s aging population, including pension reform and the promotion of investment in the domestic senior care industry from global investors.
“As we continue to deploy capital in important growth markets like China for the benefit of CPP contributors and beneficiaries, there is significant value for a long-term investor like CPPIB in sharing information, experience and successful practices with policy-makers as they work towards improving policy frameworks,” said Mark Machin, President & Chief Executive Officer, CPPIB. Read more>>
A parcel of land in China’s southern manufacturing hub Dongguan sold for a record price after developers went into a bidding frenzy, the Shanghai Securities News reported on Wednesday, adding to worries the country’s property market is at risk of overheating.
Six property developers vied fiercely for the plot of land with a total area of 42,500 square meters (10.5 acres). The winner, Times Property Holdings (1233.HK), became the new “land king” in the area by paying an all-time high of 12,517 yuan ($1,876.27) per square meter, five times higher than the starting price, the newspaper said. Read more>>
The percentage of Metro Vancouver home sales that involved foreign buyers plunged in August, following the provincial government levying a 15 per cent property transfer tax on transactions that involve foreign buyers in the region, according to data that the provincial government released.
Home sales in the region that involved foreign buyers plunged to 0.9 per cent between August 2 and August 31, from 13.2 per cent between June 10 and August 1, according to provincial government data. Read more>>
Henderson Land Development is set to offer another tiny flat development for sale on October 1 following the launch of its One Prestige development in North Point.
The development to be sold is Seven Victory Avenue in Ho Man Tin, with flats as small as 161 sq ft – two feet less than the tiniest unit at One Prestige. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.