Wang Jianlin says investors are undervaluing his mall builder
Just 15 months after the company notched Hong Kong’s biggest IPO of 2014, China’s richest man has decided that investors aren’t giving his commercial property developer enough respect, and hopes to take the mall maker private. Plus, Greenland hopes to bounce back from its Melbourne frustrations with plans for a Sydney project, and a US private equity firm buys into a Ningbo project. Read on for all the details.
Wang Jianlin Wants to Take Wanda Commercial Private
Billionaire Wang Jianlin is considering privatizing Dalian Wanda Group Co.’s property unit in Hong Kong in a deal worth at least HK$31.3 billion ($4 billion) after shares halved in value in less than a year.
The closely held group is considering an offer of HK$48 or more for each H-share in Dalian Wanda Commercial Properties Co., the real estate company said in a statement on Wednesday, 24 percent above the stock’s closing price in Hong Kong on March 30. The shares surged 21 percent to HK$47.20 in Hong Kong on Thursday. Read more>>
Greenland Group Makes Plans for 900 Unit Project in Sydney Suburbs
Global property developer, Greenland Australia is bringing its world-leading expertise to Macquarie Park as it prepares to unveil plans for a state of the art mixed-use community at Lachlan’s Line – a benchmark for urban renewal and transit-oriented development.
Greenland Australia, a subsidiary of Greenland Group, purchased the 1.53 hectare site on which they will develop Stages 1 and 2 of the multi-million Lachlan’s Line master-planned project. Read more>>
HKEX Consolidation Leads Office Market Higher in HK’s Central
Take up of office space in Central, Wan Chai and Causeway Bay picked up last month, but the leasing market remained weak, a leading realtor said today. Jones Lang LaSalle said net take-up in Central as well as Wan Chai and Causeway Bay amounted to 11,500 square feet and 55,200 sq ft, respectively.
The most notable transaction was Hong Kong Stock Exchange’s relocation and consolidation to four floors at One Exchange Square in Central. Another was an international business services provider that upgraded and consolidated its offices from Central to several floors at Lee Garden One in Causeway, JLL reported. Read more>>
Century Bridge Capital Invests $11.5 Million in Ningbo Residential
Private equity investment firm Century Bridge has invested $11.5 million in a joint venture real estate development in China at a time when market dynamics are increasingly attractive.
The $122million development in Ningbo includes around 840 residential units for middle-income buyers.
Century Bridge makes investments in the growing Chinese real estate sector by forming joint ventures with Chinese real estate development companies to provide equity capital for the development of middle class, residential properties in China’s growing Tier II cities. Read more>>
China’s VAT Scheme Seen as a Benefit for Developers
China’s property companies will pay value-added tax instead of business tax starting May 1 under new taxation reform introduced by the central government, with analysts estimating potentially significant tax savings for developers and a boost to the commercial sector as more office buildings will be purchased.
The long awaited VAT pilot programme, seen as an important part of China’s fiscal and taxation reform, has been expanded to all industries including real estate and the construction sector. Read more>>
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