At the top of today’s news, after government authorities hung a few developer skins on the wall the country’s clampdown on outbound real estate deals seems to have had an impact. Meanwhile Wang Jianlin has high hopes for the penthouse of his Sydney trophy and GLP squeezes some more cash from its sheds. Read on for all these stories and more.
China’s Outbound Real Estate Investment Drops 51% in Q3
Chinese outbound property investment fell 51 percent to $2.5 billion in the third quarter from a year ago, a private sector survey of deals showed on Thursday, the lowest in 14 quarters as Beijing tightened its grip on overseas investment.
In the January to September period, total Chinese outbound real estate transactions amounted to $18.2 billion, consultancy Cushman & Wakefield said in a report on Thursday, only half the full year volume seen in 2016. Read more>>
Wanda Plans to Sell Sydney’s Priciest Penthouse
Chinese real estate colossus Dalian Wanda Group is launching its latest luxury residential project in Sydney where agents expect the penthouse could break records with a sale price of up to A$60 million (US$46 million).
The residential-hotel development, named Wanda One Sydney, is among the tallest on the harbourfront at Circular Quay and will encompass two adjacent towers – a 59-storey luxury residential building and a 28-storey five-star hotel. Read more>>
GLP Net Profit Jumps 33.6%
Higher revenue and foreign exchange gains boosted results for Global Logistic Properties (GLP) in its second quarter.
Net profit went up 33.6 per cent to S$231.3 million from the previous year, the group said in a Singapore Exchange filing on Friday morning (Nov 10). Read more>>
Yanlord Buys Out Chengdu Project for RMB 321M
REAL estate developer Yanlord Land Group has, via its wholly owned subsidiary Yanlord Land (Chengdu), acquired an 80 per cent stake in Chongzhou Yanlord Land Co for 321 million yuan (S$65.93 million).
Chongzhou Yanlord Land Co, formerly Chongzhou Xinlei Property Development Co, holds the development rights to a 106,044 sq m integrated development site in Chongzhou city, Chengdu. Read more>>
Shanghai Contractor Wins Bid to Build Wing Tai, Pontiac Indonesia JV Project
Brewin Mesa Sutera, an Indonesian-incorporated joint venture owned by Singaporean investors, awarded China State Construction Overseas Development Shanghai a contract to begin construction on “The Lana” apartment project located in Alam Sutera township in Tangerang, Banten.
Brewin Mesa Sutera is controlled by Singapore developer Brewin Mesa and its partner Shenning Emerging Asia Real Estate Fund. Read more>>
UOL Declares 609% Profit Jump After Absorbing UIC
UOL Group has posted a 609 per cent jump in net profit to S$618.1 million for the third quarter ended Sept 30.
This is on the back of a S$542.1 million gain on acquisition and consolidation arising from accounting for United Industrial Corporation (UIC) as a subsidiary. Read more>>
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