The world's leading luxury hotels are rushing to expand in Shanghai ahead of next year's World Expo, with hopes high for the upscale travel sector in the Chinese financial hub despite the global downturn. The opulent Peninsula, the only new building on the main part of Shanghai's historic Bund in 60 years, just opened, embracing the city's Jazz Age heyday with a chauffeur-driven 1934 Rolls Royce Phantom...
China Property
Singapore-listed Guangzhou Investment (GZI) said it is proposing to streamline its operations in order to focus on the property business. The streamlining will involve the separation of its non-property related business and a change of its company name to Yuexiu Property Company. Following the completion of the reorganisation, Yuexiu will focus solely on the property business. The other assets currently...
More Singapore companies, including small and medium enterprises (SMEs), may soon have opportunities to be involved in projects in the Sino-Singapore Tianjin Eco-city in China. Senior Minister of State for National Development, Grace Fu, was replying to a question by Dr Ong Seh Hong in Parliament on Monday. Ms Fu said the ministry has been working with IE Singapore and the Building and Construction...
The first public housing development in the Sino-Singapore Tianjin Eco-city has reached a significant milestone. A groundbreaking ceremony was held on Wednesday. Singapore's Senior Minister of State for National Development Grace Fu officiated at the event. The Eco-city is designed to promote social harmony, create economic vibrancy and environmental sustainability. One of its key performance...
CapitaLand said on Tuesday that its related entities have embarked on an asset swap arrangement to take full ownership of 22 retail malls in China. The firm said its sponsored funds, CapitaRetail China Development Funds, agreed to an asset swap arrangement with SZITIC Commercial Property (SCP). Under the deal, the development funds will swap their 65 per cent equity stakes in 4 projects and 50 per cent...
Singapore developer Ho Bee said on Friday its unit has formed a joint venture company with China-based developer Yanlord Land. The newly formed subsidiary called HB Investments (China) is 80 per cent owned by Ho Bee and 20 per cent owned by Engro Corporation, a mainboard-listed producer of slag-cement. In turn, HB Investments and Yanlord Land will hold 50 per cent stake each in the JV investment holding...
Singapore-listed Ying Li International Real Estate has acquired a prime integrated development site in Chongqing's Yuzhong District for S$177 million. The site was bought in a government land auction. Ying Li said on Friday it will develop the site into an integrated development project, with high-end residential, hospitality and high-grade retail components. The project is expected to be fully completed...
Mainboard-listed Asia Food & Properties (AFP) on Thursday said it is planning a demerger of its China property business. The firm's China property business will now be held under a new unit called Bund Center Investment, which will be listed on the Singapore exchange. The demerger will take place through a capital reduction in AFP, and a distribution of shares in the capital of Bund Center Investment...
Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought. The firm said it will receive 4 million yuan (about S$846,000) from authorities in China's Fuzhou city due to the delay. Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan. But an unspecified delay on the...
Property developer CapitaLand has channelled an additional capital of S$1 billion to its wholly owned China, Vietnam and Ascott businesses. The developer said it intends to sharpen its focus for the next phase of growth. The funds came from its recent S$1.8 billion rights issue. Out of the S$1 billion, half will be allocated to CapitaLand China Holdings, while S$299 million will be deployed to its...