In today’s roundup of regional news headlines, Evergrande boss Xu Jiayin is tipped to be a no-show at China’s annual policy meeting as the embattled developer loses control of a Qingdao theme park, while Beijing plans to set up a financial stability fund to keep housing prices stable.
The billionaire chairman of beleaguered property giant China Evergrande will miss an annual policy meeting of China’s top political advisory group, according to people familiar with the matter.
Xu Jiayin requested personal leave from the annual convention of the Chinese People’s Political Consultative Conference, said the people, who asked not to be identified discussing private matters. Xu will sit out the week-long meeting as Evergrande tries to defuse operational risks, according to the people. Read more>>
A RMB 50 billion ($7.9 billion) Evergrande project in the northern Chinese city of Qingdao has been taken over by a local developer, according to a mainland media report.
Qingdao Jiaozhou Bay Development has taken 100 percent ownership of Qingdao Evergrande Cultural Tourism City, Guandian.com said. The 233 hectare (576 acre) theme park had opened in October 2020, only to close during the second half of last year due to Evergrande’s financial condition. Read more>>
At a large Future Retail supermarket in Mumbai last week, workers were unloading hundreds of bright blue grocery crates belonging to India’s biggest retailer, Reliance.
Prospective customers were turned back by security, disappointed at the closed state of the store that still carries the signage of Future’s biggest brand, Big Bazaar, but which will likely soon be rebranded as a Reliance outlet. Read more>>
China plans to set up a financial stability fund and adopt measures to keep housing prices stable, as policymakers ramp up efforts to prevent systemic risks.
While reiterating President Xi Jinping’s mantra that houses are for living in, not for speculation, Premier Li Keqiang said China will explore new models for housing development, including encouraging rentals along with purchases, and adopt city-specific measures to “facilitate positive circulation and sound development in the real estate sector”. Read more>>
Lifestyle International Holdings, which owns and operates Hong Kong’s Sogo department stores, reported a record loss of HK$1.3 billion ($166 million) for 2021 and said it was likely to face an even tougher year ahead as the city struggles to contain an Omicron-fuelled fifth wave of the COVID-19 pandemic.
The loss was the company’s first ever since it started reporting its financial performance in 2004. Total sales rose 9.9 percent to HK$6.2 billion, while revenue jumped 14.9 percent to HK$2.3 billion. Income from other investments, however, dragged down the retailer’s profit. Read more>>
Shanghai residents eager to own flats in the city must move quickly as banks loosen credit, because of expected price rises.
Zhang Hua, a 40-year-old engineer with a research institute at Shanghai Jiao Tong University, for instance, said he must land a deal soon because the pre-owned home market in mainland China’s commercial and financial capital is showing signs of a strong recovery. Read more>>
Far East Orchard has entered into a joint venture agreement with Real Hospitality Group Asia in relation to a hospitality management business in China.
The deal was entered into by the group’s subsidiary, Far East Hospitality Management Asia. Read more>>
Three strata commercial units in Singapore’s GB Building have been launched for sale through an expression of interest exercise, exclusive marketing agent PropNex said Monday.
The portfolio of three commercial units has an overall guide price of S$69 million ($50.6 million) and a combined strata floor area of 31,086 square feet (2,888 square metres). Read more>>