Singapore-listed Hong Kong-based property developer Pan Hong said on Thursday that it has acquired a land parcel in China's Huzhou city for S$46.7 million. The site will be used for the development of residential and commercial properties. Located in Zhejiang province, the 103,000sqm site is estimated to yield a total gross floor area of around 216,000sqm. Construction for the project is expected to...
China Property
CapitaLand unit, Ascott, has opened two new serviced residence apartments in China. Somerset JieFangBei is in Chongqing, while Somerset Garden City is located in Shenzhen. The properties are Ascott's first in each city. Ascott now has 26 properties in 12 cities across China, making it the largest international serviced residence owner and operator in the country. Ascott CEO Lim Ming Yan said the...
Singapore-listed property developer CapitaLand has secured a S$5 billion credit line with two Chinese banks – Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC). It said the money will fund its future growth plans in China, including those in the residential, retail and financial services sectors. Liew Mun Leong, president and CEO of CapitaLand Group, said: "China is a core market...
Singapore-listed Pan Hong Property Group has posted a S$7.8 million loss for the financial year ended March. This reverses a S$39.2 million profit in the previous financial year. The China-based developer said the net loss was mainly due to a sharp drop in revenue as it sold fewer residential units during the financial year. Revenue for the period fell 93 per cent to S$8.4 million. Giving an update on...
CapitaLand's wholly-owned service residence business unit, Ascott, has opened its newest property in northern China. The property - called Somerset YouYi, Tianjin - is located in the heart of the downtown Hexi commercial district. The serviced apartment in Tianjin is the fifth property that Ascott has opened this year. Another eight will follow for the rest of this year, including three in...
Property developer CapitaLand believes the China market presents the best prospects in the current challenging economic climate. Speaking to shareholders at the company's annual general meeting on Thursday, CEO Liew Mun Leong said real estate is all about economic growth. And CapitaLand is hopeful that Beijing's US$585 billion stimulus package will help spur consumption there. CapitaLand is also on track...
Keppel Corp plans to build an international school in Tianjin, China. It is teaming up with education groups EtonHouse International and Chiway Holding to develop the first international school in the Sino-Singapore Tianjin Eco-City. The three partners will also jointly develop residential apartments on an adjoining site 10-hectare site. Together they plan to invest as much as 1 billion yuan (S$220...
Singapore's property giant CapitaLand is busy looking at investment opportunities in key markets like China, as part of a strategy to weather the current economic downturn. The developer has been successful in developing projects in Shanghai and Beijing, and is now looking into second-tier cities on the Chinese mainland. Last year alone, CapitaLand China more than doubled its earnings to a record US$646...
Singapore Foreign Affairs Minister George Yeo has said the offer by Hong Kong celebrity Jackie Chan to donate some old Chinese houses to Singapore's new university would be a wonderful symbol of the proposed partnership between the upcoming university and a leading Chinese university. The collaboration initiative was agreed to between Chinese Premier Wen Jiabao and Singapore Prime Minister Lee Hsien Loong...
Property giant CapitaLand is looking to pad its portfolio with good buys amid the current global recession. The company aims to raise S$1.84b in a rights issue, and is eyeing distressed assets in China. China is one of its key markets, accounting for some 45 per cent of CapitaLand's earnings. Liew Mun Leong, CapitaLand Group president and CEO, said: "In China, we are quite well known for taking over...