Sunac China sells a commercial property in Shanghai Central Garden
On 28 September: Sunac China (01918.HK) is reported to sell a commercial property in Shanghai Central Garden in Putuo District to Blackstone for a consideration of approximately RMB700 million or a unit price of approximately RMB28,000 per sqm. It is the only en-bloc transaction in Central Garden since Gopher Assets acquired a commercial property in early 2018.
Shunfeng and Citic Capital set up a logistics real estate fund
On 26 September: Shunfeng Holding Co., Ltd (SZ.002352) announced that its subsidiary plans to set up a logistics property fund with a subsidiary of Citic Capital Holdings Co., Ltd. The fund with a target value of US$2.1 billion will invest in logistics properties or companies that hold logistics properties at strategic locations in the cities better than second-tier level where logistics property is scarce.
Guangzhou Pearl River Industrial Development intends to transfer Guangzhou Yide Mansion
On 23 September: Guangzhou Pearl River Industrial Development Holdings Co., Ltd (SH.600684) announced that it planned to transfer the ownership of Yide Mansion to the controlling shareholder Guangzhou Pearl River Enterprises Group Co., Ltd by non-public agreement for RMB1.622 billion. Yide Mansion, completed in 2017, is a Grade-A office building located in Yuexiu District, Guangzhou with a GFA of approximately 58,400 sqm.
The 10th Intime Department Store opens in Hangzhou
On 30 September: Zhijiang Intime Department Store in Zhijiang New City was grandly opened. It is the 10th Intime Department Store in Hangzhou, as well as the first newly-opened large scale mall in Hangzhou since the outbreak of COVID-19. Located in the intersection of Jianghan Road and Shanhusha Road of Xihu District, the five-storey Zhijiang Intime has a retail area of 80,000 sqm, with an occupancy rate of over 96% on the opening day.
New incentives for Beijing’s first-store economy are issued
On 24 September: The official website of the Beijing Municipal Commerce Bureau issued the "Notice on Measures to Encourage the Development of Retail Brands’ First Stores (Version 2.0)”, which mentioned that it would implement 12 measures regarding finance and site selections to support brands to open their first stores in Beijing. Companies that open showrooms or flagship stores in Beijing is entitled to receive rental and fit-out subsidies, of which the maximum financial support for international brands is RMB5 million, and that for local brands is RMB2 million.
Powerlong acquires two land plots in Wuhan for RMB776 million
On 30 September: Powerlong Real Estate (01238.HK) won two land plots for RMB776 million in Wuhan, which are designated for residential and commercial use respectively. Located in the core area of Yangluo, Xinzhou District, the two land plots have a total land area of 154,000 sqm and a total GFA of 289,000 sqm, of which a total of 110,000 sqm is designated for commercial use. This will be the first project of Powerlong in Wuhan.