https://www.scmp.com/rss/321232/feed Summer Zhen is a business reporter covering the property markets in mainland China and Hong Kong as well as cross-border investments and the financial markets. Born in Shanghai, she holds a master's degree in Journalism from the University of Hong Kong and is a graduate of Waseda University in Japan. She has also studied in the US. A winner in the "Best Young Reporter" category at the 2014 Hong Kong News Awards, Summer previously worked for Phoenix TV and Ming Pao. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Age is fast catching up with China. With 230 million people above the age of 60 – the highest in the world – it presents a huge opportunity for specialised nursing care. Sensing an opportunity, Nichii Gakkan, the largest nursing care provider in Japan, plans to open its first senior care centre in Beijing this year. The company decided to take the plunge after closely observing a gap in high-quality nursing care for the past four years while offering home-based nursing care and training nurses.... https://www.scmp.com/business/companies/article/2118750/china-yet-exploit-potential-market-care-facilities-its-rapidly?utm_source=rss_feed https://www.scmp.com/business/companies/article/2118750/china-yet-exploit-potential-market-care-facilities-its-rapidly?utm_source=rss_feed Sun, 12 Nov 2017 11:04:14 +0000 The sale of The Center in Central for a record HK$40.2 billion (US$5.15 billion) has given Hong Kong’s office leasing and sales market a shot in the arm, but the flip side of the momentum will spur prices to surge further in the world’s most expensive city to rent an office. Market observers also believe the deal would lead to the closure of more big-ticket transactions in the coming months. “Taking the positive atmosphere, landlords in Central will certainly revise rents upwards once the leases... https://www.scmp.com/property/hong-kong-china/article/2118747/will-hong-kong-rents-soar-higher-after-centres-record-sale?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2118747/will-hong-kong-rents-soar-higher-after-centres-record-sale?utm_source=rss_feed Tue, 07 Nov 2017 10:02:25 +0000 China Evergrande Group, the country’s largest property developer by sales, has raised a further 60 billion yuan (US$9 billion) from strategic investors as it looks to continue to reduce debt ahead of the listing of its property arm, Hengda Real Estate, on the Shenzhen Stock Exchange. The latest funding, the third round this year, has brought the total amount the company has raised to 129.5 billion yuan through the sale of a total stake of 36.54 per cent of Hengda, according to a company... https://www.scmp.com/business/article/2118663/china-evergrande-raises-another-us9bn-cut-debt-ahead-shenzhen-listing?utm_source=rss_feed https://www.scmp.com/business/article/2118663/china-evergrande-raises-another-us9bn-cut-debt-ahead-shenzhen-listing?utm_source=rss_feed Mon, 06 Nov 2017 12:36:08 +0000 Pacific Century Premium Developments (PCPD), controlled by Richard Li Tzar-kai, the younger son of Hong Kong’s wealthiest tycoon, is in talks to take over as the master developer of the £6 billion (US$7.9 billion) Meridian Water mixed development project in north London after the previous developer of the project withdrew, sources said. The project, the flagship urban renewal and regeneration programme by the Enfield city council in the northern borough of the British capital, covers 210 acres... https://www.scmp.com/business/article/2118187/richard-li-poised-take-over-ps6-billion-north-london-project-his-first?utm_source=rss_feed https://www.scmp.com/business/article/2118187/richard-li-poised-take-over-ps6-billion-north-london-project-his-first?utm_source=rss_feed Thu, 02 Nov 2017 12:30:45 +0000 A company called C.H.M.T Peaceful Development Asia Property yesterday agreed to pay Hong Kong’s tycoon Li Ka-shing a record HK$40.2 billion (US$5.15 billion) for the city’s fifth-tallest tower, in what agents say is the world’s most expensive transaction for a single building. Just who exactly is the buyer? According to several people familiar with the deal, a consortium that’s 55 per cent owned by a unit of China’s state oil behemoth is behind the purchase, and 45 per cent of it is shared by a... https://www.scmp.com/property/hong-kong-china/article/2118175/chinas-state-oil-behemoth-gets-marquee-hong-kong-address?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2118175/chinas-state-oil-behemoth-gets-marquee-hong-kong-address?utm_source=rss_feed Thu, 02 Nov 2017 11:00:10 +0000 Shanghai-based Future Land Development has set its sights on Hong Kong’s co-living spaces. The Chinese developer, which builds homes in 40 cities across the mainland, said on Wednesday it has invested around HK$500-HK$600 million this year in two residential and commercial projects each. The residential projects will be turned into co-living spaces aimed at the city’s college students and young professionals who are looking for affordable rents, modern environment and more shared spaces. “We are... https://www.scmp.com/business/companies/article/2118061/shanghai-property-developer-future-land-eyes-co-living?utm_source=rss_feed https://www.scmp.com/business/companies/article/2118061/shanghai-property-developer-future-land-eyes-co-living?utm_source=rss_feed Thu, 02 Nov 2017 02:50:36 +0000 At least two former members of the mainland securities regulator’s initial public offering (IPO) review committee are believed to have been detained by police for investigation into possible wrongdoings related to the embattled Leshi Internet Information & Technology’s 730 million yuan (US$110 million) fundraising in 2010. The probe is likely to exacerbate the difficulties already facing the video content company, founded by billionaire Jia Yueting. Xie Zhongping and Sun Xiaobo, two lawyers... https://www.scmp.com/business/companies/article/2118018/former-leshi-ipo-committee-members-detained-over-troubled-video?utm_source=rss_feed https://www.scmp.com/business/companies/article/2118018/former-leshi-ipo-committee-members-detained-over-troubled-video?utm_source=rss_feed Wed, 01 Nov 2017 23:18:34 +0000 As Chinese e-commerce giants Alibaba and JD.com expand their activities into real estate by building online platfoms for property marketing, sales and rental, traditional property agents are starting to feel the pressure. Although property agents still have a strong place in the market, they must now find new ways to innovate, according to industry players and analysts. “They [Alibaba and JD.com] are certainly a threat,” said Andy Lee Yiu-chi, chief executive of Centaline Property Agency for... https://www.scmp.com/business/article/2117783/property-agents-under-pressure-tech-giants-alibaba-and-jdcom-muscle-home?utm_source=rss_feed https://www.scmp.com/business/article/2117783/property-agents-under-pressure-tech-giants-alibaba-and-jdcom-muscle-home?utm_source=rss_feed Wed, 01 Nov 2017 00:00:52 +0000 At least 2,100 nano flats are expected to be completed between now and 2020 in Hong Kong, to lure more young homebuyers into getting their first foot on the property ladder in the world’s most expensive housing market. The new supply of the flats (classed as saleable areas below 200 square feet in size, or 18 square meters) will amount to an average of 510 units per year between 2017 and 2020, up from 151 units per year between 2014 and 2016, according to a latest report by global property... https://www.scmp.com/business/article/2116992/nano-flats-expected-flood-hong-kong-market-first-time-buyers-continue?utm_source=rss_feed https://www.scmp.com/business/article/2116992/nano-flats-expected-flood-hong-kong-market-first-time-buyers-continue?utm_source=rss_feed Wed, 25 Oct 2017 23:30:25 +0000 Summer Zhen Summer Zhen Chinese state-owned property developer China Jinmao Holdings said its Hong Kong office had been searched as part of an investigation into bribery. And the company’s chief financial officer, Jiang Nan, was asked to visit the city’s Independent Commission Against Corruption (ICAC) after the anti-graft agency had carried out its search, Jinmao said in a statement late on Tuesday. The probe was related to an alleged contravention of Section 9 of the Prevention of Bribery Ordinance, Jinmao said,... https://www.scmp.com/business/article/2116899/chinese-developer-jinmao-searched-hong-kongs-anti-graft-agency?utm_source=rss_feed https://www.scmp.com/business/article/2116899/chinese-developer-jinmao-searched-hong-kongs-anti-graft-agency?utm_source=rss_feed Wed, 25 Oct 2017 04:59:13 +0000 Soho China, one of the country’s largest office landlords owned billionaire Pan Shiyi and his wife, has agreed to sell a flagship Shanghai complex for 5 billion yuan (US$750 million) to Hong Kong’s Gaw Capital Partners – its second major disposal in the city in four months. Considered one of Shanghai Greater Hongqiao area’s most iconic office addresses, Sky SOHO (Lingkong SOHO) was designed by the late British-Iraqi architect, Zaha Hadid. The price tag takes into account outstanding bank loans... https://www.scmp.com/business/article/2116748/soho-china-offloads-iconic-shanghai-complex-us750m-including-debt?utm_source=rss_feed https://www.scmp.com/business/article/2116748/soho-china-offloads-iconic-shanghai-complex-us750m-including-debt?utm_source=rss_feed Tue, 24 Oct 2017 07:57:05 +0000 Strict tightening measures currently being imposed on China’s housing market will not be eased any time soon, and could become even tougher, according to analysts digesting President Xi Jinping’s reiteration of his “housing is for living” concept, at the once-every-five-year, 19th Communist Party congress in Beijing. As a result, national home sales will continue to weaken despite fairly strong demand, they added. The President underlined his policy on housing when he outlined his vision for the... https://www.scmp.com/business/article/2116621/what-president-xis-congress-message-means-chinas-housing-market?utm_source=rss_feed https://www.scmp.com/business/article/2116621/what-president-xis-congress-message-means-chinas-housing-market?utm_source=rss_feed Tue, 24 Oct 2017 06:32:01 +0000 Summer Zhen Summer Zhen Workplaces are quickly evolving in Causeway Bay, one of Hong Kong’s busiest shopping and business districts, and the area’s biggest commercial landlord wants to lead on creating a more enjoyable and healthier work environment for millennials. Hysan Development’s 32-storey, grade A office tower, Lee Garden Three, which is to open by year end, will feature an indoor running track, spaces for yoga and spas and a terrace. “Society has changed and is focusing more on lifestyle. As an office operator,... https://www.scmp.com/property/hong-kong-china/article/2116580/running-track-yoga-and-spa-hysan-targets-millennials-new?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2116580/running-track-yoga-and-spa-hysan-targets-millennials-new?utm_source=rss_feed Tue, 24 Oct 2017 04:00:46 +0000 Hong Kong property giant New World Development’s China arm has acquired a sizeable commercial and residential land parcel in Guangzhou for 2.09 billion yuan (US$310 million), emphasising its expansion plans in the mainland. New World China Land, which delisted from Hong Kong in 2016, said on Monday it had won the 35,245 square metre land parcel on Yongning Street in Zengcheng District, on the eastern outskirts of the Guangdong provincial capital. The parcel will be developed into a complex... https://www.scmp.com/business/article/2116614/new-world-china-buys-us310m-mixed-use-land-parcel-guangzhou-reinforcing-its?utm_source=rss_feed https://www.scmp.com/business/article/2116614/new-world-china-buys-us310m-mixed-use-land-parcel-guangzhou-reinforcing-its?utm_source=rss_feed Mon, 23 Oct 2017 10:45:01 +0000 Shenzhen-based Logan Property has Singapore firmly in its sights. The company has bought a large scale residential site for S$629 million (US$462 million) – its second in the city within five months. The Hong Kong-listed firm won the bid for a project called Florence Regency located in Hougang district, in northeast Singapore, the company said on Friday. “We think it’s a reasonable price,” said Derek Lee, investor relations director at Logan Property. “It’s in the core area of Singapore... https://www.scmp.com/business/article/2116244/chinese-developer-acquires-another-residential-plot-singapore-us462m?utm_source=rss_feed https://www.scmp.com/business/article/2116244/chinese-developer-acquires-another-residential-plot-singapore-us462m?utm_source=rss_feed Fri, 20 Oct 2017 07:24:54 +0000 Hotel giant InterContinental Hotels Group (IHG) has launched a new hotel brand in China that aims to help travellers “keep healthy” while they are on the road. The debut of the EVEN hotel brand comes at a time when young, middle-class Chinese consumers are increasingly placing an importance on health and willing to spend more on healthy low-calorie food and staying fit. The brand had its start in the US. “More Chinese desire for a healthier lifestyle, and the Chinese government now focuses on... https://www.scmp.com/business/companies/article/2115960/hotel-giant-ihg-launches-wellness-brand-woo-chinas-middle-class?utm_source=rss_feed https://www.scmp.com/business/companies/article/2115960/hotel-giant-ihg-launches-wellness-brand-woo-chinas-middle-class?utm_source=rss_feed Wed, 18 Oct 2017 23:45:15 +0000 Chinese billionaire developer Wang Zhenhua’s HK$5.1 billion (US$650 million) bid to take his Hong Kong-listed real estate company Future Land Development private failed after shareholders rejected the buy-back offer because they believed the company is worth more. The property company scrapped its privatisation proposal after more than 10 per cent of individual shareholders voted against it, the company said during an extraordinary general meeting Tuesday morning. “We respect the decision by the... https://www.scmp.com/business/article/2115754/chinese-developer-future-lands-us650-million-privatisation-bid-rejected?utm_source=rss_feed https://www.scmp.com/business/article/2115754/chinese-developer-future-lands-us650-million-privatisation-bid-rejected?utm_source=rss_feed Tue, 17 Oct 2017 09:52:17 +0000 Alibaba chairman Jack Ma-backed Yunfeng Financial Group, which is leading the US$1.7 billion acquisition of the Asian unit of Massachusetts Mutual Life Insurance, said it won’t complete the deal until the third quarter of 2018 due to the complex approval process involved. “We hope to complete the transaction by this time next year, depending on shareholder and regulatory approval,” Li Ting, Yunfeng Financial’s chief executive told the South China Morning Post. “This is quite a long... https://www.scmp.com/business/article/2115670/jack-ma-backed-yunfeng-financial-expects-take-least-year-complete-us17b?utm_source=rss_feed https://www.scmp.com/business/article/2115670/jack-ma-backed-yunfeng-financial-expects-take-least-year-complete-us17b?utm_source=rss_feed Tue, 17 Oct 2017 04:15:00 +0000 HNA Group, the Chinese conglomerate that spent a record HK$27.2 billion (US$3.5 billion) on four residential sites in Hong Kong, said it will seek “different kinds” of funding to pay for the development. “We want to have different kinds of funding, including investment funds formed by listed arms as well as borrowing from financial institutions,” said Huang Qijun, a member of the HNA Group board of directors and chairman of the Hong Kong International Construction Investment Management Group... https://www.scmp.com/business/companies/article/2115548/hna-tap-different-kinds-funding-help-pay-us35bn-kai-tak-project?utm_source=rss_feed https://www.scmp.com/business/companies/article/2115548/hna-tap-different-kinds-funding-help-pay-us35bn-kai-tak-project?utm_source=rss_feed Mon, 16 Oct 2017 08:00:45 +0000 A subsidiary of HNA Group, Hong Kong International Construction Investment Management Group (HKCIM), has injected HK$728 million (US$93.24 million) into a land parcel owned by its parent at Kai Tak, the site of Hong Kong’s former airport. HNA splashed out a total HK$27.2 billion (US$3.48 billion) on four residential land parcels at Kai Tak through different subsidiaries nearly a year ago, to grab a major stake in what is one of Hong Kong’s highest-profile new development projects, the most... https://www.scmp.com/business/article/2115318/hnas-kai-tak-project-receives-us93m-capital-injection-subsidiary?utm_source=rss_feed https://www.scmp.com/business/article/2115318/hnas-kai-tak-project-receives-us93m-capital-injection-subsidiary?utm_source=rss_feed Fri, 13 Oct 2017 15:00:15 +0000 Hong Kong billionaire Michael Ying Lee-yuen, the former chairman of Esprit Holdings, has transferred all of the 211.8 million shares he owned in the fashion retailer worth HK$900 million (US$115 million), to his two daughters, both in their 20s. Ying, the husband of former screen goddess Brigitte Lin Ching-hsia, transferred all the shares to a company called Total Market Limited on October 9, according to filings to the Hong Kong stock exchange. His elder daughter Claudine Lauren Ying, 29, and... https://www.scmp.com/business/companies/article/2115144/former-esprit-chairman-transfers-us115m-shares-his-two-daughters?utm_source=rss_feed https://www.scmp.com/business/companies/article/2115144/former-esprit-chairman-transfers-us115m-shares-his-two-daughters?utm_source=rss_feed Thu, 12 Oct 2017 13:24:15 +0000 Co-working spaces are no longer just places for entrepreneurs to start businesses, as financial services companies embrace the concept to seek innovative ideas and new ways to expand in the era of fast-changing technology. US-based WeWork, the world’s largest provider of shared work spaces, has recently secured Deloitte’s Asia Pacific Blockchain Lab, a regional fintech centre with a team of 30, as a tenant in its Hong Kong co-working space. “We’re seeing an increasing number of financial... https://www.scmp.com/business/article/2114950/financial-firms-latest-embrace-co-working-spaces-search-new-ideas?utm_source=rss_feed https://www.scmp.com/business/article/2114950/financial-firms-latest-embrace-co-working-spaces-search-new-ideas?utm_source=rss_feed Thu, 12 Oct 2017 01:34:08 +0000 Rented flats targeted at tech-savvy, upwardly mobile, and certainly more sociable millennials are sprouting like mushrooms in the country’s major cities. And Shanghai’s Harbour Apartments typifies the breakneck speed of change now taking place in the sector. The firm – which bills itself a “co-living” flat operator – started operating in 2015 and recently received 400 million yuan ($60.14 million) investment from two firms including Hong Kong-based Gaw Capital Partners. Its target, says... https://www.scmp.com/property/hong-kong-china/article/2114575/shanghais-co-living-operator-harbour-apartments-eyes?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2114575/shanghais-co-living-operator-harbour-apartments-eyes?utm_source=rss_feed Wed, 11 Oct 2017 01:03:57 +0000 Flats to rent for under HK$10,000 (US$1,281) a month have almost vanished from the urban area of Hong Kong – the most expensive housing market in the world, according to the latest research by Centaline Property Agency. Urban areas refer to Hong Kong Island and Kowloon, although subdivided flats are not included. The supply of small units with monthly rents below HK$15,000 is also quickly disappearing in the two areas, Centaline said. On Hong Kong Island, there is not a single flat in a large... https://www.scmp.com/property/hong-kong-china/article/2114588/looking-flat-under-hk10000/m-hong-kong-island-or-kowloon-no?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2114588/looking-flat-under-hk10000/m-hong-kong-island-or-kowloon-no?utm_source=rss_feed Tue, 10 Oct 2017 04:02:06 +0000 Quiet shopping streets, empty restaurants and deserted duty-free stores are the new normal in the South Korea tourist island of Jeju after a dramatic collapse in the number of Chinese visitors. China has banned travel agencies from selling package tours to South Korea in protest at Seoul’s decision earlier this year to deploy a controversial, US-made missile defence system that Beijing sees as a threat to its security. The ban is still in place for China’s eight-day “Golden Week” national... https://www.scmp.com/business/money/spending/article/2114015/not-single-customer-south-koreas-jeju-island-struggles?utm_source=rss_feed https://www.scmp.com/business/money/spending/article/2114015/not-single-customer-south-koreas-jeju-island-struggles?utm_source=rss_feed Thu, 05 Oct 2017 04:00:00 +0000 A multibillion dollar investment in a casino resort in South Korea by Hong Kong-listed Landing International faces uncertainty amid a continuing political row between Seoul and Beijing. The company opened the Shinhwa theme park on Saturday, a major part of its Jeju Shinhwa World resort, located on Jeju island off the coast of the Korean Peninsula. Landing, the developer and operator of the US$2. 6 billion project, tested the market by debuting 342 serviced flats in April. However the 2.5 million... https://www.scmp.com/property/international/article/2113769/landing-internationals-korean-casino-resort-faces-uncertainty?utm_source=rss_feed https://www.scmp.com/property/international/article/2113769/landing-internationals-korean-casino-resort-faces-uncertainty?utm_source=rss_feed Tue, 03 Oct 2017 04:45:30 +0000 Mandarin Oriental International withdrew the sale of its Excelsior hotel in Hong Kong’s Causeway Bay, an iconic property on a prime waterfront site approved for conversion into offices, after receiving bids that failed to meet its expectations. The property on Plot 1, the very first parcel of land sold when Hong Kong became a British colony in 1841, was expected by valuers to fetch more than HK$30 billion (US$3.8 billion), testing a record in the world’s most expensive property market. No single... https://www.scmp.com/business/companies/article/2112961/mandarin-oriental-pulls-sale-hong-kongs-excelsior-hotel-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/2112961/mandarin-oriental-pulls-sale-hong-kongs-excelsior-hotel-after?utm_source=rss_feed Wed, 27 Sep 2017 00:00:15 +0000 China’s latest round of property tightening measures are not only targeted at pricking the property bubble of smaller cities, but also sending a clear message to these markets – do not expect housing prices to rebound, according to analysts and economists. Eight second and lower tier cities in China – Chongqing, Nanning, Nanchang, Changsha, Xian, Wuhan, Shijiazhuang and Guiyang – have rolled out stricter housing policies since Friday, where most require homebuyers to hold on for at least two to... https://www.scmp.com/business/article/2112767/why-chinas-recent-property-tightening-targets-smaller-cities?utm_source=rss_feed https://www.scmp.com/business/article/2112767/why-chinas-recent-property-tightening-targets-smaller-cities?utm_source=rss_feed Tue, 26 Sep 2017 04:03:17 +0000 China is set to experience a wave of maturing debt in 2018 as Chinese property developers set about a major refinancing cycle expected to last two years, according to credit rating agencies. Real estate companies will need to roll over US$10 billion of offshore bonds and US$35 billion in onshore bonds in 2018, with a large portion of the maturities coming due in the second half of the year, S&P Global Ratings said. Moody’s said 75 per cent of its rated Chinese developers have bonds maturing in... https://www.scmp.com/business/article/2112277/chinas-developers-face-major-debt-refinancing-scramble-2018-rating-agencies?utm_source=rss_feed https://www.scmp.com/business/article/2112277/chinas-developers-face-major-debt-refinancing-scramble-2018-rating-agencies?utm_source=rss_feed Fri, 22 Sep 2017 01:00:45 +0000 Shares of Chinese property developer Kaisa Group soared 26 per cent on Thursday morning after it was revealed that tycoon Joseph Lau’s family has invested nearly US$1.2 billion in the company’s offshore debts. Lau’s family, led by his wife Kimbie Chan Hoi-wan, along with their company, Chinese Estates, and several investment partners, have bought US$1.2 billion of Kaisa’s bonds, with the family itself accounting for over 90 per cent of the total, a Chinese Estates spokesman said in a statement... https://www.scmp.com/business/article/2112205/chinese-developer-kaisa-soars-26pc-hong-kong-tycoon-laus-family-investment?utm_source=rss_feed https://www.scmp.com/business/article/2112205/chinese-developer-kaisa-soars-26pc-hong-kong-tycoon-laus-family-investment?utm_source=rss_feed Thu, 21 Sep 2017 06:40:18 +0000 Chinese borrowers are turning to a new funding channel to snap up ­properties – short-term consumer loans usually reserved for cars or an education – as the mortgage landscape continues to shrink, a research firm says. According to E-House China R&D Institute, the amount of ­“irregular” consumer loans taken out since March reached 370 ­billion yuan (US$56.18 billion), with at least 80 per cent going ­towards property payments. The biggest number of ­borrowers were recorded in Shanghai, and... https://www.scmp.com/business/article/2112056/nearly-us46bn-taken-out-short-term-consumer-loans-march-help-fund-chinese?utm_source=rss_feed https://www.scmp.com/business/article/2112056/nearly-us46bn-taken-out-short-term-consumer-loans-march-help-fund-chinese?utm_source=rss_feed Wed, 20 Sep 2017 10:30:30 +0000 Although Asian investors have emerged as the prominent source of foreign capital flowing into London offices since Brexit, industry experts say the financial hub is also drawing a wide base of buyers from all over the world, underscoring confidence that rental values will remain elevated. “The market is not just attracting Hong Kong or Chinese investors,” said Stephen Down, head of Central London&international investment at Savills. “Recently we’ve also seen a very strong level of Middle East... https://www.scmp.com/property/international/article/2111886/london-office-market-heats-amid-surge-interest-global-buyers?utm_source=rss_feed https://www.scmp.com/property/international/article/2111886/london-office-market-heats-amid-surge-interest-global-buyers?utm_source=rss_feed Wed, 20 Sep 2017 00:02:05 +0000 Hui Ka-yan, 58, chairman of property developer China Evergrande, became China’s richest man – unseating Tencent’s Ma Huateng and Alibaba’s Jack Ma Yun – for a day. The Henan-born Hui’s wealth advance has been driven by an extraordinary rally in Hong Kong-listed Evergrande’s share price. The country’s largest home builder by sales has seen its shares soar over 480 per cent so far this year, the biggest winner among all the mainland China property stocks listed in Hong Kong. Evergrande surged... https://www.scmp.com/business/article/2111707/evergrandes-hui-ka-yan-topples-chinas-top-two-tech-tycoons-become-countrys?utm_source=rss_feed https://www.scmp.com/business/article/2111707/evergrandes-hui-ka-yan-topples-chinas-top-two-tech-tycoons-become-countrys?utm_source=rss_feed Mon, 18 Sep 2017 09:25:53 +0000 Home price growth lost steam in all major Chinese cities in August, an indication that Beijing’s efforts to stabilise housing costs are continuing to pay off. Prices of new private homes rose in 46 out of 70 major cities tracked by the National Bureau of Statistics, down from 56 in July. Prices fell in 18 cities, compared to only 9 that reported declines a month ago. Prices were unchanged in six cities last month. For the first time, all the 15 first- and second- tier cities closely monitored by... https://www.scmp.com/business/article/2111619/chinas-august-housing-price-growth-cools-top-cities-property-curbs-bite?utm_source=rss_feed https://www.scmp.com/business/article/2111619/chinas-august-housing-price-growth-cools-top-cities-property-curbs-bite?utm_source=rss_feed Mon, 18 Sep 2017 04:02:27 +0000 Aggressive expansion and heavy debt are nothing to worry about – at least for investors in Sunac China. The Chinese property developer, which specialises in luxury flats, saw its Hong Kong-listed shares reach an all time high for a fifth day on Friday, jumping 12.4 per cent to HK$33.5, giving it a record market value of HK$138.5 billion. In fact, it is one of the best performers on the Heng Seng Index this year, gaining 400 per cent year-to-date. As a result, the personal wealth of its chairman,... https://www.scmp.com/business/article/2111568/sunac-china-shares-are-400pc-year-date-bullish-investors-see-even-more?utm_source=rss_feed https://www.scmp.com/business/article/2111568/sunac-china-shares-are-400pc-year-date-bullish-investors-see-even-more?utm_source=rss_feed Sun, 17 Sep 2017 11:07:09 +0000 Safe, cosy and above all, affordable: a rare thing in Hong Kong, one of the world’s most expensive places to find a home. But those are precisely the attributes that are driving young professionals in the city to opt for co-living spaces – small rooms built around communal living and cooking areas. “It gives you a lot of flexibility, I can have my own private space while making friends,” said Andy Dong, 27, a corporate finance banker who has lived in the M3 International Youth Community for a... https://www.scmp.com/business/article/2111121/co-living-new-norm-young-professionals-priced-out-hong-kongs-property?utm_source=rss_feed https://www.scmp.com/business/article/2111121/co-living-new-norm-young-professionals-priced-out-hong-kongs-property?utm_source=rss_feed Thu, 14 Sep 2017 04:00:45 +0000 Country Garden, the Guangdong-based property developer, has splashed out HK$2.44 billion (US$312.3 million) on a 60 per cent share of a waterfront residential site at Ma On Shan in Hong Kong, marking the company’s second investment in the city within four months, despite stricter capital outflow controls by Chinese government. The share has been bought from Hong Kong’s Wang On Properties by Country Garden subsidiary Angel View, and the site – at Yiu Sha Road, Whitehead, along the eastern coast... https://www.scmp.com/business/article/2110777/guangdongs-country-garden-continues-investment-hong-kong-despite-beijings?utm_source=rss_feed https://www.scmp.com/business/article/2110777/guangdongs-country-garden-continues-investment-hong-kong-despite-beijings?utm_source=rss_feed Tue, 12 Sep 2017 04:15:00 +0000 China Communications Construction Company (CCCC), a major player in China’s “Belt and Road” initiative, said they are looking at rail projects in Asean countries such as Vietnam, Laos and Cambodia, in an effort to expand in trans-Asian rail routes. In August, the state-run construction firm began construction on the US$11 billion East Coast Rail Link (ECRL) project in Malaysia -- China’s biggest single infrastructure project overseas. It is now setting its sights on a number of neighbouring... https://www.scmp.com/business/investor-relations/stock-quote-profile/article/2110724/china-communication-construction?utm_source=rss_feed https://www.scmp.com/business/investor-relations/stock-quote-profile/article/2110724/china-communication-construction?utm_source=rss_feed Mon, 11 Sep 2017 15:17:05 +0000 State-run China Railway Group said they plan to “work closely” with Hong Kong’s MTR to jointly develop rail projects in countries included in Beijing’s ambitious plan to improve connectivity and enhance physical infrastructure, known as the “Belt and Road” initiative. “While we own advanced technology, Hong Kong’s rail company is more international than us. It also has advantages in management and financing, and a better understanding of overseas rules and regulations,” China Railway’s chairman... https://www.scmp.com/business/article/2110704/china-railway-plans-team-mtr-jointly-develop-rail-projects-along-new-silk?utm_source=rss_feed https://www.scmp.com/business/article/2110704/china-railway-plans-team-mtr-jointly-develop-rail-projects-along-new-silk?utm_source=rss_feed Mon, 11 Sep 2017 12:00:15 +0000 The developer of a new housing project offering micro flats in Tuen Mun sold nearly 90 per cent of its units on Saturday as it attracted young buyers through relatively low prices. Of 204 flats at COO Residence, 175 were sold by Saturday night. There were 2,200 prospective buyers registered in advance, for the flats which range in size from 217 sq ft to 372 sq ft. Prices started at HK$2.88 million, attracting many first-time buyers. Developer Couture Homes, a wholly owned subsidiary of Hong... https://www.scmp.com/business/article/2110493/hong-kong-nano-flats-sell-well-low-cost-offering-young-buyers?utm_source=rss_feed https://www.scmp.com/business/article/2110493/hong-kong-nano-flats-sell-well-low-cost-offering-young-buyers?utm_source=rss_feed Sat, 09 Sep 2017 13:57:00 +0000 The insurance sector will see the most significant change from the adoption of blockchain technology, according to professional services giant Deloitte. While best known as the public ledger for bitcoin transactions, blockchain is already being used in many other applications such as digital banking, trade finance, cross-border payments, health care and food security to enhance transparency and efficiency, and cut costs. However, Deloitte predicts the technology will drastically change the... https://www.scmp.com/business/banking-finance/article/2110277/insurance-business-will-see-biggest-impact-blockchain-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2110277/insurance-business-will-see-biggest-impact-blockchain-says?utm_source=rss_feed Fri, 08 Sep 2017 02:28:49 +0000 Chinese property developer Landing International Development has sets its sights on the Philippines for its next theme park project even as it plans a share placement to fund completion of its US$3 billion Jeju Shinhwa World resort in South Korea. The company also agreed to sell its London casino, Les Ambassadeurs Club, to Paul Suen Cho Hung, Hong Kong’s “king of penny stocks”, for HK$2.5 billion to “focus resources on developing Southeast Asian emerging markets”, it said in a statement on... https://www.scmp.com/business/article/2110013/chinese-developer-eyes-theme-park-development-philippines?utm_source=rss_feed https://www.scmp.com/business/article/2110013/chinese-developer-eyes-theme-park-development-philippines?utm_source=rss_feed Wed, 06 Sep 2017 08:09:30 +0000 Dalian Wanda Group said it has taken legal action in China and is considering legal action through US courts in relation to what it says are false reports and “malicious rumors” related to company founder and chairman Wang Jianlin. The company said in a statement on its website on Wednesday that it had filed suit on Tuesday, without specifying details of the offensive comments. “Regarding the malicious rumors that have recently been fabricated and spread with respect to the Chairman of the... https://www.scmp.com/business/article/2109955/wanda-group-files-defamation-suits-against-social-media-accounts-wechat-and?utm_source=rss_feed https://www.scmp.com/business/article/2109955/wanda-group-files-defamation-suits-against-social-media-accounts-wechat-and?utm_source=rss_feed Wed, 06 Sep 2017 04:00:30 +0000 Shanghai police have arrested three real estate salesmen who confessed to accepted bribes totalling 5 million yuan (US$765,000), by holding back supplies of new flats for favoured bidders, in the latest example of a nationwide clampdown by the government on property malpractices to curb the overheated market. The three, including a sales director representing a residential project in Fengxian District, Shanghai confessed to telling buyers all the units at the site they were promoting were sold,... https://www.scmp.com/business/article/2109823/three-shanghai-agents-confess-taking-us765000-property-bidding-bribes?utm_source=rss_feed https://www.scmp.com/business/article/2109823/three-shanghai-agents-confess-taking-us765000-property-bidding-bribes?utm_source=rss_feed Tue, 05 Sep 2017 06:28:59 +0000 Mainland Chinese capital is shifting to lower-grade commercial buildings in Hong Kong as the prices of grade A offices become too expensive, seeking higher returns by redeveloping and updating older properties. Investors see potential in so-called Ginza-style buildings, which house multiple outlets and restaurants on all floors, not just the ground, as well as in creating destinations built around a theme and in co-working spaces for entrepreneurs. “Many mainland investors are still bullish on... https://www.scmp.com/business/article/2109737/chinese-money-targeting-lower-grade-hong-kong-commercial-buildings-search?utm_source=rss_feed https://www.scmp.com/business/article/2109737/chinese-money-targeting-lower-grade-hong-kong-commercial-buildings-search?utm_source=rss_feed Tue, 05 Sep 2017 06:00:50 +0000 Sun Hongbin is nothing if not indefatigable. The real estate magnate, exonerated from a four-year jail sentence for embezzlement, sprang back to build Sunac China over a decade into one of the country’s most aggressive asset buyers and biggest property developers. Sunac bought more than a dozen theme parks from tycoon Wang Jianlin’s Dalian Wanda Group in July for 43.8 billion yuan, part of the largest real estate transaction in the country’s corporate history. But if there’s anything that causes... https://www.scmp.com/business/article/2109380/chinese-magnate-sun-hongbin-says-his-15-billion-yuan-leeco-bailout-brought?utm_source=rss_feed https://www.scmp.com/business/article/2109380/chinese-magnate-sun-hongbin-says-his-15-billion-yuan-leeco-bailout-brought?utm_source=rss_feed Fri, 01 Sep 2017 11:30:41 +0000 Sunac China, one of the country’s biggest property developers, saw its first-half net profit surge by 1,683.4 per cent to 1.3 billion yuan, boosted by its aggressive acquisition of property projects and higher gross margin. Revenue rose 25.9 per cent to 13.3 billion yuan and Sunac’s gross profit margin improved to 19.6 per cent compared to 13.7 per cent at the end of 2016. “The company maintains a cautious attitude for the real estate market in the second half of the year,” said chairman Sun... https://www.scmp.com/business/article/2109225/sunac-chinas-first-half-profit-shoots-1683-cent-acquisitions?utm_source=rss_feed https://www.scmp.com/business/article/2109225/sunac-chinas-first-half-profit-shoots-1683-cent-acquisitions?utm_source=rss_feed Thu, 31 Aug 2017 14:00:09 +0000 Bank of China (Hong Kong)’s asset management arm said it has completed the acquisition of three commercial buildings in Hong Kong for a total of HK$3.1 billion (US$396 million), the latest deal involving mainland entities in the city’s property market. BOCHK Asset Management bought 100 per cent of The Wave in Kwun Tong and East Point Centre in Quarry Bay and the non-residential part of Thai Kong Building in Causeway Bay, through its first Hong Kong commercial property focused fund. The deals... https://www.scmp.com/business/article/2109171/bank-china-unit-buys-three-commercial-buildings-hong-kong-hk3-billion?utm_source=rss_feed https://www.scmp.com/business/article/2109171/bank-china-unit-buys-three-commercial-buildings-hong-kong-hk3-billion?utm_source=rss_feed Thu, 31 Aug 2017 08:41:39 +0000 Shares of China Evergrande Group rose to a fresh all-time high on Wednesday as Chinese Estates Holdings, controlled by Hong Kong tycoon Joseph Lau Luen-hung’s wife Kimbie Chan Hoi-wan, continued to build a stake in the property giant. An announcement by Chinese Estates on Monday night showed it had bought another 111 million shares in Evergrande between July 19 and August 29, making its total interest 5.83 per cent. It also said Chan personally held 35 million shares or 0.27 per cent of... https://www.scmp.com/business/article/2108947/evergrande-shares-rise-record-hong-kongs-china-estates-keeps-its-buying?utm_source=rss_feed https://www.scmp.com/business/article/2108947/evergrande-shares-rise-record-hong-kongs-china-estates-keeps-its-buying?utm_source=rss_feed Wed, 30 Aug 2017 06:37:46 +0000 Plans by the parent firm of New World Department Store China to take it private for HK$934.5 million have failed, after not managing to garner enough support from independent shareholders for a full buyout of the operation. By the end of its final closing date on Monday, New World Department Store had received valid acceptances representing 83.90 per cent of shares owned by independent shareholders, just shy of the 90 per cent required to proceed under company law. Thus “the offer has not become... https://www.scmp.com/business/article/2108791/new-world-department-stores-privatisation-plan-fails-garner-required?utm_source=rss_feed https://www.scmp.com/business/article/2108791/new-world-department-stores-privatisation-plan-fails-garner-required?utm_source=rss_feed Tue, 29 Aug 2017 08:31:21 +0000