Wanda boss Wang Jianlin inspects the troops in Hefei
Wang Jianlin just can’t keep out of the news as the mainland billionaire’s Wanda Group opens its latest theme park in Anhui province. Also in the news, CapitaLand picks up its ninth residential project in Vietnam, while Shanghai investors buy assets in Singapore. Read on for all these stories and more.
Wanda Bets on $5.1B Hefei Theme Park
Dalian Wanda Group, the Chinese entertainment giant owned by the country’s richest man, opened the first phase of a sprawling 34 billion yuan ($5.1 billion) tourism park in the eastern city of Hefei on Saturday.
Wanda is building similar projects around the country, betting that China’s rising incomes will drive more domestic tourism. In an interview with Reuters last month, chairman Wang Jianlin said that Wanda would look to build at least 20 such complexes in China. Read more>>
CapitaLand Spends $52M to Acquire 9th Residential Project in Vietnam
CapitaLand, through its wholly owned subsidiary, CapitaLand (Vietnam) Holdings, has acquired a prime site in District 1 of Ho Chi Minh City, for US$51.9 million (S$70.2 million).
CapitaLand will hold a 100 per cent stake in the 0.5-hectare site which will potentially offer 302 units across two towers – a 17-storey residential tower and a 22-storey serviced residence tower. Read more>>
Shanghai’s Greenland Group Counting on Infrastructure Projects
State-owned Greenland Holdings, one of China’s top three developers, is expanding its investment into government infrastructure projects such as subways and botanical gardens in a bid to obtain access to prime land resources amid fierce competition.
“Infrastructure is very related to our core business. For example we are seeking to tie our property developement with metro investments, just like Hong Kong’s rail-plus-property model,” said Jimmy Wang, Greenland Holding’s director of general office in Hong Kong. Read more>>
Economists Highlight China Housing Bubble Risks
Risks of a property bubble are growing in mainland China’s major cities, observers say.
New home prices have risen more than 30 per cent year on year among first-tier and a few second-tier cities. In August, Xiamen, a coastal city on the mainland side of the Taiwan Strait, saw prices rise 44 per cent. Similar increases were also seen in Hefei, Nanjing, Shenzhen, Shanghai, Beijing and Tianjin. Read more>>
Shanghai Investor Acquires Second Property on SG’s Cecil Street
The Zhou family from Shanghai who picked up an office block at 137 Cecil Street last year has bought a 60 per cent stake in the company that owns the next-door property at 139 Cecil Street.
The latest deal is said to value the 11-storey property at S$140 million. It is on a site with 99-year leasehold tenure starting Aug 20, 1981, which means the balance lease is around 64 years. Read more>>
RBS Says China’s Housing Boom Could Increase Yuan Pressure
Here’s the latest uncertainty facing China’s currency: sky high house prices.
A runaway boom in the largest cities will push investors to look for cheaper alternatives overseas, draining money out of China and putting downward pressure on the yuan in the process, according to analysis by Harrison Hu, Chief Greater China Economist at Royal Bank of Scotland Group Plc. in Singapore. 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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