Part of learning about the development industry in western markets appears to involve getting acquainted with the court system – at least for R&F Properties, as the Guangzhou-based developer settles a court case that nearly closed down its biggest project in Australia. Meanwhile, Dalian Wanda is facing its latest outbound acquisition headache, while development giants battle for a rare Central site in Hong Kong. Read on for all these stories and more.
Chinese developer R&F Properties said a legal dispute involving an investment in Australia, which almost sent its local subsidiary into liquidation, had been resolved after payment of a fine.
R&F Mega Property, an arm of the Hong Kong-listed and Guangzhou-based developer, which owns a high-profile residential project in Brisbane, was ordered to be wound up by the Supreme Court of the state of Victoria earlier this month. A Deloitte partner was appointed as liquidator, The Australian newspaper reported. Read more>>
The $1 billion purchase of Dick Clark Productions Inc. by China’s Dalian Wanda Group has stalled amid Beijing’s clampdown on capital leaving the country, according to people familiar with the matter.
The high-profile acquisition—Dick Clark produces the Golden Globes, the American Music Awards and other awards shows—was announced Nov. 4, with Dalian Wanda heralding it as “a big step forward in expanding Wanda’s map in the entertainment industry.” Read more>>
The Urban Renewal Authority attracted 22 tenders for a residential redevelopment project in Central, the highest number of bids it ever received for a single redevelopment site.
Local developers, including Cheung Kong Property (1113), Sun Hung Kai Properties (0016), Sino Land (0083), Wheelock (0020) and Far East Consortium (0035) – among others – have submitted bids, as well as mainland developers such as Vanke Property (Overseas) (1036), Logan Property (3380), and Shimao Property (0813). Read more>>
The Board of Rezidor recommends the shareholders not to accept HNA Tourism Group’s mandatory offer of SEK 34.86 per share
The Board of Rezidor unanimously recommends the shareholders of Rezidor not to accept the Offer but would like to emphasize the increased risks and uncertainties for shareholders in connection with HNA Tourism Group’s acquisition of the majority of the shares in Rezidor, which shareholders should consider before making a decision whether or not to accept the Offer. Read more>>
TWO land parcels sold at reserve prices in Shanghai today while a third one was acquired for an 18.6 percent premium, further evidence for a “cold” start in the local land market as government rein-in policies remained unchanged to curb speculation.
The three residential plots, all located in remote Jinshan District, formed the second batch of land pieces released in Shanghai after the Spring Festival holiday. Read more>>
IM Pei’s Son Plans to Revive HK’s Original Bank of China Building
It is not easy to design a new building from scratch, but it can be even more challenging to renovate a heritage building back to its glory, according to architect Sandi Pei Li-chung who is overseeing the renovation of the historic Bank of China building.
Pei, 67, is the youngest son of I.M. Pei, the architect behind the Bank of China Tower in Garden Road, which opened on May 17, 1990, after a four year construction process. Read more>>
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