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Iconic dragon’s head building in Beijing once owned by fugitive Guo Wengui sells at big discount

An iconic Beijing office tower in the shape of a dragon’s head has been sold for a discount during an online auction, as bankers and creditors succeeded on their third attempt to dispose of the asset to recover some of the 3 billion yuan (US$425 million) owed by the fugitive Guo Wengui.Pangu Plaza Tower 5, which houses IBM China’s office next to the Bird’s Nest Olympic Stadium in the Chinese capital, was sold for 5.187 billion yuan during a 24-hour auction on Taobao, the country’s largest e… Source link

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Chinese Estates sells no property but swings to profit in first half amid gains on investments

Chinese Estates, developer of No. 55 Conduit Road, has transitioned from a property group into an investment holding company, as indicated by its results announcement for the first half of 2019. The last property sold by the company was at the Conduit Road development in January 2018. Photo: SCMP/Sam Tsang Source link

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Property 

Hong Kong sells biggest plot of Kai Tak’s land at discount as city’s unrest drives investors to the sidelines and saps risk appetite

Hong Kong’s government sold the biggest plot of residential land at the former Kai Tak airport at lower than expected price, as seven consecutive weeks of increasingly violent street protests drove many developers to the sidelines and sapped their appetite for long-term investments.Dragon Star H.K. Investments, a consortium of three major developers, paid HK$12.74 billion (US$1.63 billion), or HK$11,841.70 per square foot, for Kai Tak Area 4A Site 1, according to an announcement by the Lands… Source link

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Hong Kong government-funded home sells for record HK$9 million in Shau Kei Wan

A 650 sq ft apartment in Hong Kong’s Shau Kei Wan neighbourhood has sold for HK$9 million (US$1.15 million), according to the city’s Housing Authority, making it the city’s most expensive second-hand government-funded residential unit.The three-bedroom apartment in Tung Yuk Court broke a record set by a similar sized unit in the same estate that sold for HK$8.93 million in May last year.“Nothing can dampen Hongkongers’ demand for a home, unless supplies are boosted by a large amount,” said… Source link

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Hong Kong protests fail to dampen demand for micro flats as T-Plus project in Tuen Mun sells 245 out of 344 units

The allure of a property “bargain” in Hong Kong may be stronger than concerns about the recent social unrest that has rocked the city if sales of tiny, heavily discounted, flats at a major project in Tuen Mun today were anything to go by.By 6pm on Sunday, 245 of the 344 units on offer at T-Plus had been bought, making it the largest weekend property sale since the huge rallies against the government’s proposed extradition bill began last month. Sales are set to continue until 11pm and resume on… Source…

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Hong Kong public housing flat sells for record HK$5.26 million

Hong Kong’s property market continues to make waves in these turbulent times.A 598 square feet flat at Fung Tak Estate in Wong Tai Sin, Kowloon, has been sold for HK$5.26 million (US$674,000), making it the most expensive public rental housing unit in Hong Kong, according to data from the Housing Authority.The new buyer has shelled out more than 14 times the HK$370,000 the original owner ­paid for the flat in 1998. In the process, it broke the record set by a 544 sq ft public housing flat in… Source link

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Carrefour sells 80 per cent of its Chinese retail operations to Suning for 4.8 billion yuan

Suning.com, a Chinese electronics retailer and e-commerce giant, has agreed to buy an 80 per cent stake in the Chinese operations of French supermarket retailer Carrefour SA for 4.8 billion yuan (US$699 million) in cash, reflecting how digital technologies continues to redraw the consumer landscape in the world’s second largest economy.Suning said in a filing to the Shenzhen Stock Exchange on Sunday evening that Carrefour will retain a 20 per cent share in the businesses and two out of seven… Source link

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CK Asset sells 44 per cent of flats during weekend sale at Shanghai residential project as location, price controls draw buyers

Beijing’s policy of imposing curbs on how much developers can charge for homes has helped ignite sales, especially on the upper end of the market, as buyers snapped up nearly 500 units of a prime project in Shanghai at prices 10 per cent lower than a similar project.The sale, which took place at CK Asset Holdings’ project Upper West Shanghai, bodes well for other prime projects with artificially low prices, analysts said.CK Asset, which has two projects underway in Shanghai, netted 4.3 billion… Source link

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White Rabbit milk tea sells at 2,000 per cent premium as Chinese consumers show support for local brands amid trade war

It is not all doom and gloom when it comes to the US-China trade war.At a time when more than US$300 billion dollars worth of Chinese exports to the United States face increased tariffs of 25 per cent, milk tea by storied Shanghai brand White Rabbit is selling at a premium of about 2,000 per cent – all in the name of national pride.Residents are willing to pay as much as 500 yuan (US$72) for a taste of the milk tea, which normally sells for 19-23 yuan, in a black…

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First seafront commercial plot of land on Kai Tak runway sells for record HK$11.1 billion

The first seafront commercial plot of land on the runway of Hong Kong’s former airport, Kai Tak, has sold for a record HK$11.1 billion (US$1.41 billion), the city’s Lands Department said on Wednesday.Hong Kong developer Goldin Financial Holdings shrugged off the turmoil of an escalating trade war to win the tender for Kai Tak 4C Site 4, the second commercial plot on the runway to be offered for sale. At HK$12,888 per square foot, the sale was broadly in line with a forecast of HK$13,000 per… Source link

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