Wednesday, November 11, 2015

Robinsons spent $200-M on China property


Gokongwei-led Robinsons Land Corp. (RLC) bought 8.5 hectares of land in Chengdu, China for $200 million. 

"The property is intended to be used for the development of residential projects with a minor commercial component," stated the company in a disclosure.

"This acquisition is in line with the normal course of RLC's real estate business and its plan to explore opportunities internationally," the disclosure went on.

At the 17th Asia-Pacific Retailers Conference and Exhibitions held at the Mall of Asia in Pasay City, RLC president Frederick Go told reporters that the Chengdu project will cater to the upper-middle market, a "very deep market" in China, according to the executive.

"It's a good regional expansion strategy to help grow the base of Robinsons Land [...] We are very confident in our ability to execute this project very well," said Go.

In spite of the recent slowdown in China's economy, the Chinese government had enacted regulations that will likely benefit the real estate sector, said Go. 

The masterplan for the Chengdu development is underway, according to Go, and RLC is ready to spend "a few hundred million dollars" to realize the project.

Retail giant SM Prime, led by Henry Sy, has five malls in China to date. One of the malls is located in Chengdu, as is an ongoing residential development, a four-tower condominium. SM Prime has invested P1.5 billion in the construction of the first two towers, which are pegged for completion in 2017.

Ayala Land Inc. (ALI) is also in China's real estate sector with residential and commercial properties in Tianjin. 


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