Late last week and into the weekend there were a number of breaking news stories, including China’s bad asset bank Cinda picking up two plots of land in Shanghai, China Resources Holdings upping its stake in developer China Vanke, and financial reports from developer Longfor and China Resources Land releasing 2013 profit numbers.
Here’s a quick run-through on a Monday morning:
Cinda Real Estate Co Ltd said that, along with a partner, it has acquired at auction two sites in Shanghai for a combined RMB 845 million yuan ($136.37 million).
China Vanke, the country’s largest developer in terms of sales announced that China Resources (Holdings), which is already Vanke’s largest shareholder, bought an additional 26.4 million shares of the company on March 19 & 20, raising its stake to 15 percent.
China Resources’ very own real estate firm, China Resources Land announced on Friday that its 2013 core net profit jumped 30 percent to HK$9.4 billion ($1.21 billion), while its net profit rose 39 percent to HK$14.7 billion, beating analysts median forecasts.
Beijing-based Longfor Property stated that its net profit last year was RMB 8 billion ($1.28 billion), up 27 percent from a year earlier, and also surpassing analysts estimates.
Guangzhou R&F Properties reported a 39 percent increase in profit for 2013, reaching RMB7.63 billion and up from RMB5.50 billion in 2012.
E-House and Tencent announced that they will cooperate on a new E-House subsidiary, Leju which will develop real estate websites. Under the terms of the cooperation, Tencent will acquire from E-House 15% of Leju for US$180 million. The transaction is expected to close by the end of this month.
Developer Shanghai Zendai has blazed a trail into the South African market by acquiring $91.3 million in real estate assets in a small South African town that plans to rival New York and London as a financial centre.
I will keep you posted on more news as it comes in, and if you have news of your own, please send it my way.