Also reporting some disappointing results recently is the hospitality affiliate of Hong Kong’s Sino Land, which saw its hotels dip
to just 34 percent occupancy in the first six months of the year, and
China’s richest woman is ready to become Europe’s richest property
executive as the largest shareholder in developer Country Garden is
revealed as a Cyprus passport holder.Property developer Shui On Land
reported an HK$1.82 billion (230 million) net loss for the first half of
the year as profits from its core business plunged 93 percent from a
year ago to reach RMB 117 million.
Shui On Land is the Shanghai-headquartered real estate development arm of Hong Kong’s shui On Group. The company expects to fulfill a
full-year residential sales target of RMB 14 billion and seven projects
will be launched in the second half of 2020. China’s richest woman Yang
Huiyan, who is also the majority shareholder of mainland property
developer Country Garden, bought a Cypriot passport to obtain European
Union citizenship, leaked documents revealed.
Yang is among more than 500 wealthy elite to buy such “golden passports” by investing at least $2.3 million in the tiny island
country. Mainland investors are trickling back into the city’s real
estate market to snap up millions of dollars worth of land and building
blocks as China’s government looks to strength ties.
Since July 2019, Chinese developers have won six of the 13 land site government tenders posted over the period, and they also accounted for
virtually all of Hong Kong’s cross-border property deals, a Colliers
report noted.Evergrande Health, the Hong Kong-listed electric car branch
of Chinese real estate conglomerate Evergrande Group, has announced a
name change to China Evergrande New Energy Vehicle Group Limited on 26
August.
The name change reflects the rising importance of the vehicle business to the group. The company’s stock, currently trading as “EVERG
HEALTH” will be changed to “EVERG VEHICLE” effective from 1 September
onwards, while the stock code change will remain “708”.
