Wanda’s earlier plans to tear down the historic building and “rebuild” it were not warmly received by the locals
Wang Jianlin may be frustrated about his company’s challenges in renovating a historic Madrid skyscraper, but the Chinese billionaire denies complaining about being treated like a dog by Spanish authorities. Plus Hang Lung’s ever-confident Ronnie Chan now sounds non-plussed by the China retail market and Hong Kong sees its first signs of negative equity in the housing market as home prices slide. Read on for all this and more.
Wanda Denies Bitchiness as Madrid Project Stumbles
Chinese property giant Wanda, owned by one of the country’s richest men, Wang Jianlin, is reassessing plans for a historic Madrid skyscraper, it said on Thursday, amid a dispute over its redevelopment.
In a statement, the real estate and entertainment company also denied reports that Wang complained he had been treated “like a dog” by the city’s government in negotiations. Read more>>
Hang Lung Profits Fall 56% as Mainland Rents Suffer
China’s slowing economy has claimed another victim, as Hang Lung Properties reported on Thursday a 56% fall in 2015 net profit from a year ago.
The property developer said its net income declined to 5.09 billion Hong Kong dollars ($653 million) for the financial year ended on Dec. 31. Total revenue shrank by 47% to HK$8.94 billion from a year ago. Property sales in Hong Kong fell 88% to HK$1.2 billion. Read more>>
HK Sees Homeowners Underwater for First Time Since 2003
The number of Hong Kong homeowners who owe more than the value of their property has shot up for the first time in nearly a year and a half as property prices fall faster than expected amid a market turmoil while new flat supply is set to climb to a 12-year high.
The Hong Kong Monetary Authority (HKMA) on Friday announced that the estimated number of residential mortgage loans that are in so-called negative equity was 95 as of December, according to its latest survey. The total value of these home loans amounted to HK$418 million. Read more>>
China Clamps Down on Capital Outflow as Yuan Slides
China is ramping up efforts to halt a flood of money leaving the country in response to an economic slowdown, moves that risk undermining Beijing’s ambition to elevate the yuan’s profile on the world stage.
Its latest steps involve curbing the ability of foreign companies in China to repatriate earnings, shrinking the pool of Chinese yuan available for banks in Hong Kong to make loans, and banning yuan-based funds for overseas investments, people with direct knowledge of the matter said. Read more>>
Wanda Ridong Chooses Builder for A$1B Gold Coast Project
Dalian Wanda Group, owned by China’s richest man Wang Jianlin, and its joint venture partner Ridong, have chosen Canada’s Brookfield Multiplex to build their first Australian project, the $1 billion Jewel resort on the Gold Coast.
Brookfield Multiplex beat two alternative development consortiums comprising Grocon with China State Construction No.8, and CIMIC with China State Construction No. 1. 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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