CapitaLand has announced it has acquired an additional 50 per cent interest in Innov Tower, Shanghai, for approximately S$56 million. CapitaLand said it exercised its right of first refusal to acquire from CITIC Trust Co Ltd, its 50 per cent interest in Caike Property (Shanghai) Co Ltd in which CapitaLand has an existing 50 per cent interest. Innov Tower is the sole asset of Caike, a company incorporated...
China Property
CapitaLand has acquired a residential site in Hangzhou for S$213.27 million (RMB1,113.98 million) in government land tender. This translates to about S$2,662.35 per square metre per plot ratio. The 32,040-square-metre residential site is located in Hangzhou's Gongshu District and has an approved gross floor area of 80,105 square metres. CapitaLand said it plans to build an estimated 700 units of mid- to...
SGX-listed Yanlord Land Group announced on Monday that it has sold 58.4 per cent, or 181 out of its 310 apartment units, at its inaugural launch of Yanlord Riverside Gardens in Tianjin, China. Yanlord Riverside Gardens is the group's second international community development in Tianjin and contracted a total of 572 million yuan in pre-sales. The real estate developer said that despite market...
City Developments Limited China, a wholly-owned subsidiary of City Developments Limited has successfully acquired a 4.5-hectare site in Suzhou, China with a permissible gross floor area (GFA) of approximately 3.2 million square feet. CDL China will construct 750 high-end residential apartments, an office tower, a retail mall and a luxury hotel on the site located in the heart of Suzhou Industrial Park...
Surbana Corporation, jointly owned by Temasek (60 per cent) and CapitaLand (40 per cent), said it has acquired a residential site in Chengdu China, for about US$105 million. The 804,000 square feet site was purchased through a public auction. Surbana said it will yield a potential gross floor area of over 300,000 square metres. This translates to about 3,200 apartments. Construction is expected to start...
The International Monetary Fund (IMF) remains concerned with the potential for a property price bubble in China even though the country's elevated inflation rate may peak within the next month or two. While efforts by China to cool the real estate sector have reduced transaction volumes and property price increases, home prices in some larger cities still look "bubbly", Mr Nigel Chalk, IMF mission chief...
New home prices rose in 67 Chinese cities last month, with growth in Beijing and Shanghai accelerating for the first time since the government stepped up efforts this year to curb growth. In Beijing, new home prices rose 2.2 per cent last month from a year earlier, compared with 2.1 per cent in May, while in Shanghai they climbed 2.2 per cent, compared with 1.4 per cent growth the previous month, the...
Mapletree Investments has broken ground for its VivoCity Nanhai in Guangdong, China. The four-storey shopping mall is slated to open in 2014 and will have a gross floor area of more than 100,000 square metres. It is part of the proposed 42-hectare Nanhai Business City developed by Mapletree that will feature retail, residential, hotel and office components. Nanhai is where the cities of Foshan and...
Standard & Poor's (S&P) ratings agency lowered its outlook on China's red-hot property market to negative from stable, citing increasingly challenging credit conditions due to regulatory tightening and leverage concerns. China's property prices are expected to fall by 10 per cent over the next 12 months, with a 20-30 per cent dip less likely, S&P said. It also noted that neighbouring Hong...
The property arm of Keppel Group in China has secured a 7.2-hectare site in Shanghai's Jiading District for S$241 million to develop around 1,000 high-rise apartments. The acquisition of the site at Nanxiang Town marks Keppel Land China's fifth residential development in Shanghai, a news release said. The deal was completed through two subsidiaries of the Keppel Land Group, namely Merryfield Investment...