The separation between rules and enforcement looks set for a test today as Wang Jianlin’s Dalian Wanda Group pledges to develop a tourism project in one of China’s most hardscrabble provinces, and a major state-run developer announces plans to ramp up Hong Kong projects just days after China’s top authorities set down limits on outbound real estate projects. Plus, Beijing hopes you will rent your next home, and there’s much more if you just read on.
Wanda Plans Theme Park in Hardscrabble Gansu Province
Dalian Wanda Group will increase investment in Northwest China’s Gansu province — one of the country’s poorest regions — by building a massive cultural tourism project with substantial local government support.
Wanda has invested heavily in theme parks and tourist attractions over the past five years. In 2015, it announced a string of similar investments in cultural tourism projects in a number of Chinese provinces. Those projects, all under strong government support, include 150 billion yuan ($22.5 billion) investment in central Chongqing municipality and 130 billion yuan in eastern Shandong province, according to its official website. Read more>>
Beijing Takes Rental Housing Policy for a Test Drive
Beijing authorities have began soliciting public opinion on a draft house rental policy aimed at protecting the rights of tenants.
According to the draft, governments at the district level should increase supply of houses available for rent around industrial parks and on collectively-use land. Newly built houses should be rented to those working in the industrial parks or in the vicinity, and the area should be equipped with education and medical facilities. Read more>>
HNA to Hold Takeover Vote on SG Logistics Operator Next Month
Chinese conglomerate HNA Group has set a long-awaited date for shareholders to vote on its S$1.4 billion takeover offer for the Singapore logistics operator.
Its Hong Kong-listed unit, HNA Holding Group Co, announced on Sunday (Aug 20) that it has scheduled a general meeting for Sept 7 in Hong Kong to vote on the offer it launched in April this year. Read more>>
China Overseas Land Plans More HK Deals Despite Outbound Curbs
State-owned developer China Overseas Land & Investment said it will accelerate investment in Hong Kong to take advantage of opportunities in the Greater Bay Area initiative after it reported first-half profit rose 25 per cent.
The blue-chip developer saw net profit for the first six months expand to HK$21.7 billion driven by higher selling prices and valuation gains during the period. Read more>>
Kerry Properties Posts 98% Jump in Interim Profit
Major developer Kerry Properties gave an optimistic outlook on the prospect of the year’s second half, after posting a 98 per cent rise in underlying interim profit as the back of a surge in flats delivery from a Hong Kong project.
The company recorded a net profit from underlying operations of HK$2.83 billion (US$362 million) in the year’s first six months, up from HK$1.43 billion in the same period last year, it said in a filing to Hong Kong’s bourse on Monday. Read more>>
China Encourages Senior Care Investments
China has said it will encourage public-private partnership (PPP) in the senior care industry. Wider use of PPP should introduce more private investment into the elder care industry, according to a document released by the Ministry of Finance, the Ministry of Civil Affairs and the Ministry of Human Resources and Social Security.
With this move, elder care services should expand and become more efficient and jobs will be created, the document said. Read more>>
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