You leave the time zone for a few weeks and the next thing you know, someone wants to double the number of McDonald’s in China. If that news of fast food fortune isn’t enough for you, also among today’s headlines a Chinese construction company is kicking off a $13 billion high speed rail project in Malaysia, and the head of Greenland’s Australia subsidiary may need to get more neighborly if he wants his A$22 million home improvement project to get the green light. Read on for all these stories and more.
McDonald’s China Counts on Property Developer Deals to Catch KFC
The new owners of McDonald’s China are sealing deals with the country’s biggest property developers to secure the best store locations in a bid to catch up with the rival KFC franchise.
McDonald’s China Co., whose investors include state-backed Citic Ltd. and Citic Capital Partners, has signed a strategic alliance with China Evergrande Group to get the first look at locations in 250 cities, Zhang Yichen, chairman of the Chinese franchisee, said in an interview with Bloomberg News. Read more>>
China’s Belt and Road Continues Despite Outbound Crackdown
Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China’s acquisitive conglomerates to restrict capital outflows.
Chinese acquisitions in the 68 countries officially linked to President Xi Jinping’s signature foreign policy totaled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016, according to Thomson Reuters data. Read more>>
China’s CCCC Starts Work on $13B Malaysian High Speed Rail Project
A Chinese company has begun building Malaysia’s $13bn East Coast Rail Link (ECRL), with Prime Minister Najib Razak (pictured) urging it to finish before 2024.
Razak said the ECRL, which will connect the east coast of peninsular Malaysia to its west coast, was a game and mindset changer at the groundbreaking ceremony on 9 August, Channel News Asia reported. Read more>>
Greenland Aus Boss’ A$22M Home Renovation Plan Stymied by Neighbors
A Chinese property tycoon’s grand vision to restore and expand his family’s waterfront trophy home in Vaucluse has hit a snag after Woollahra Council unanimously rejected the plan on Monday night.
Aqualand managing director Shangjin “Jin” Lin plans to alter and merge the heritage-listed 1920s mansion at 6 Queens Ave, known as Villa Igiea, with their block next door to create a sprawling 3000 sqm family compound. Read more>>
Chinese Buyers Getting Scarcer Down Under
Chinese property buyers are turning away from Australian housing as efforts by regulators in both countries to slow investment begin to bite.
Chinese buyers, who make up about 80 per cent of all foreign property purchases in Australia, have grown wary after being hit by Beijing’s tightened capital controls, local banks restricting lending and growing fears of an over-supply in the capital city apartment market. Read more>>
Wanda Bond Yields Jump to 9% as Developer Struggles
Yields on onshore securities without put or call options of Dalian Wanda Commercial Properties, which has an AAA rating onshore, are above 9%, according to valuations compiled by Chinabond.
That compares with the average 4.55% yield on top-rated notes due in three years from all corporate borrowers in the country. It’s also higher than the 5.8% average yield on three-year notes with AA- ratings, considered junk in China. Read more>>
SG Housing Development Gets S$960M Redevelopment Bid
It is likely to be third time is the charm for home owners at Tampines Court, after an offer lodged above its reserve price of $960 million set it up for a collective sale.
The bid could finally clinch the sale of the former Housing and Urban Development Company (HUDC) estate, which has failed in two earlier attempts to conclude a deal to sell en bloc. Read more>>
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