Leading today’s headlines, China’s richest man looks set to once again test the limits of the country’s capital controls and help us define the boundaries of “rational deals” as Dalian Wanda is said to be in talks to take over a stalled $1.7 billion Malaysian township project. Also in the news, Anbang Insurance is getting punished for dodgy practices and developer Greentown China could bring in more than half a billion dollars from selling two Beijing projects. Read on for all these stories and more.
A company controlled by China’s richest man has emerged as the front runner to lead the development of the Bandar Malaysia township, following the surprise move by Malaysia last week to boot out a consortium that was to buy a majority stake in the project.
Government officials and financial executives close to the situation told The Straits Times that negotiations with the Dalian Wanda Group to take a central role as master developer have reached an advanced stage and the agreement is awaiting approval from China’s financial regulators. Read more>>
China’s insurance regulator clipped the wings of highflying Anbang Insurance Group Co., barring the firm’s life insurance subsidiary from selling two investment products and seeking approval to sell new ones for three months.
The China Insurance Regulatory Commission said Friday that Anbang Life Insurance Group Co. marketed rule-bending investment products. The regulator also said the firm disguised a two-year investment product as long-term insurance and didn’t get a necessary signoff from an actuary for another product. Read more>>
Hangzhou-based developer Greentown China Holdings, the country’s ninth largest developer in terms of sales, has agreed to sell two wholly owned subsidiaries to China Investment for a combined 3.47 billion yuan (US$503 million), according to a Hong Kong stock exchange filing on Sunday.
Greentown will sell its entire stake in Greentown Yinshi and Hangzhou Litao for 1.78 billion yuan and 1.69 billion yuan respectively. Both companies hold plots of land located in Chaoyang District in Beijing with a combined area of 16,205 sq metres. The land is zoned to be used for commercial properties and serviced apartment purposes. Read more>>
Perennial Real Estate Holdings on Monday posted a more than four-fold jump in quarterly net profit to S$38.7 million from S$8.5 million, led largely by divestment gains from the sale of a 20.2 per cent stake in TripleOne Somerset and the re-measurement gain from the retained 30 per cent stake in the same property.
Revenue for the first quarter to March fell 31.4 per cent to S$20.2 million from S$29.5 million and comprised mainly rental income from Chijmes and TripleOne Somerset, Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu. Read more>>
HKRI Taikoo Hui, the last major development in Shanghai’s Puxi central business district, began welcoming guests today to its shopping complex, who explored some of the newest international brands to debut in the city and Mainland China, while also enjoying the extensive “May the Force be with You” HKRI Taikoo Hui * Star Wars Theme Exhibition. Located on Nanjing Road (West), this mixed-use project comprising a shopping mall, two premium Grade-A office towers, two hotels and one serviced-apartment building, is set to be an iconic lifestyle destination and a premium business address in Shanghai.
A joint venture between Swire Properties and HKR International, 90% of the retail space at HKRI Taikoo Hui has already been leased, with the shopping complex offering around 250 fashion, lifestyle, beauty and accessories brands, and 45 eateries. The shopping mall has also dedicated over 10 event spaces to host exceptional activities and events. Read more>>
Buyers of new flats seeking to minimise their down payments are increasingly choosing home loans from finance companies, which are beyond the reach of the banking regulator, according to a survey.
Centaline Property Agency found that nearly 18 per cent, or HK$2.6 billion, of the estimated HK$14.7 billion in approved mortgage loans for new flats due to be delivered in 2018 came from finance firms rather than banks. That compared with 16.4 per cent for new developments scheduled for completion in 2017, and 11.6 per cent for projects delivered last year. Read more>>