Archive | Goodman Group

Greenland & Golden Horse start 1400-apartment job on old Goodman industrial site

Chinese state-owned developer Greenland Group & Golden Horse Group of Hong Kong turned the first sod on Thursday for a 6.9ha 1400-apartment joint-venture project at Erskineville in Sydney’s inner-west, on a former industrial site which Goodman Group sold to Golden Horse in 2014.

Construction partner for stage 1 of the Park Sydney development is local family-owned builder Richard Crookes Constructions Pty Ltd, which has worked on several Greenland projects.

Image above: Park Sydney masterplan, highlighting amenities.

The masterplanned residential community will be developed in 5 stages and will ultimately feature 9 development blocks ranging in height from 2-8 storeys.

Park Sydney, 4km from Sydney’s cbd, will have a 7446m² public park, a supermarket & specialty shops, a fresh food precinct, eat street, medical centre & childcare centre.

Greenland Australia managing director Sherwood Luo said: “Together with Golden Horse Australia, we’ve been planning Park Sydney since 2016, so it’s particularly exciting to see major projects of this scale starting to take shape and watching how they transform the local area.

“We are converting this large former industrial precinct into an engaging & inclusive residential community that will ultimately become home to some 3000 residents.”

The value to Goodman of its exit

Golden Horse Group expanded into Australia in 2013 and bought the former industrial site in Erskineville from Goodman Group the next year. For Goodman (owner of NZX-listed Goodman Property Trust’s management company & cornerstone investor in the trust), that deal was among many as the group sold $A1.9 billion of mostly industrial assets in a year, and reinvested the lot to generate higher development returns.

Builder with long list of staff support programmes

On a different tack, the builder on this project has a lot to say about how it treats its staff – an eye-opener at a time the New Zealand construction sector has been grumbling about contract arrangements, and this government (like the last one) is talking about increasing training for & numbers in the construction industry.

Richard Crookes Constructions says on its careers page: “RCC believes the success of every project depends on the ability of their personnel and the synergy of the project teams… RCC’s business is based on maintaining long-term relationships with clients, partners & subcontractors.”

It also lists a number of staff-supporting views that I’m sure would be novelties if espoused in New Zealand:

  • We build a talent pipeline
  • We expect our staff to engage in the business and be part of its success, growth & evolution. In return we invest in their growth & development. We give people autonomy, support & the resources they need to perform at their best
  • We maintain a flat management structure with an open door policy and an honest & collaborative culture
  • Fitness passport gives individuals & families access to multiple facilities (gyms, swimming pools) which allows you to go as often as you like
  • Exercise incentives, health assessments, mindfit programme, access to trainers, $A100 annual rebate & annual flu vaccinations
  • RCC offers corporate rates with BUPA to all employees in an effort to encourage healthy lifestyles
  • Every employee receives one day off every 6 months – employees are encouraged to use the leave for engaging in health & wellbeing activities, spending time with family & friends or to relax
  • Each employee has the ability to purchase an additional 2 weeks of annual leave/year
  • Maternity & paternity leave is offered when members of the RCC family start or expand their own families
  • We would like your salary to work as hard as possible; for this reason, we offer salary packaging options such as novated leases (a lease arrangement, usually for a vehicle, where the employer takes on the obligations of the lessee to the financier, which ceases if the employee leaves the job)
  • Our staff can access a range of discounts from partnering retailers
  • RCC has a financial advisor in-house who is available to meet with staff one on one
  • We believe in & support females at RCC; one of the programme offerings is our women’s leadership lunch & learns
  • We offer an array of learning & development for our employees through coaching sessions, formal mentoring programmes, external training, role-specific technical training & leadership development programmes across all levels.

Links:
Park Sydney
Greenland Australia
Golden Horse Australia
Richard Crookes Constructions

Earlier story:
17 August 2015: Urban renewal lifts Goodman Group

Attribution: Joint venture release, Greenland, Golden Horse & Richard Crookes websites.

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Goodman Group sets up Brazilian logistics investment partnership

ASX-listed Goodman Group, which manages the Goodman Property Trust in New Zealand, has established a $US700 million ($NZ1 billion) Brazilian logistics partnership to invest in Sao Paulo & Rio de Janeiro.

One of those projects is Goodman’s proposed 27,000m² flagship development 20km from São Paulo, provisionally named ABCD1 (pictured), near 2 highways & the Mario Covas ring road, providing easy access to Santos Port, the largest port in Latin America.

Goodman Brazil chief executive Cesar Nasser said on Wednesday the Goodman Brazil Logistics Partnership would invest in prime logistics & industrial assets in the 2 gateway cities, starting with a $US250 million investment in existing assets & work in progress.

He said the partnership would allow Goodman to invest alongside its global capital partners, the Dutch pension funds manager APG Group NV, the Canada Pension Plan Investment Board, First State Super of Australia and the Singaporean sovereign wealth fund GIC Pte Ltd, who shared the same investment horizon & confidence in the Brazilian market.

“The partnership has been established with about $US270 million (1 billion real, $NZ390 million) of existing assets & work in progress that can be developed to deliver over 1 million m² of high quality logistics space. With the Brazilian market experiencing under-supply of modern, high quality space, we have an opportunity to expand our global platform in Brazil for the benefit of our customers.”

Goodman Group entered the Brazilian property market in 2012, owning, developing & managing modern high quality logistics & industrial properties.

The group has built up a $US28.3 billion global operating platform of 375 properties in 16 countries. It has 17.3 million m² under management.

Links:
APG Group
Canada Pension Plan Investment Board (CPPIB)
First State Super
GIC

Attribution: Company release.

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Goodman-GIC joint venture settles Bayleys House purchase

The joint venture between the NZX-listed Goodman Property Trust & Singapore sovereign wealth fund GIC Pte Ltd has settled its $62.3 million purchase of Bayleys House in the Wynyard Quarter.

The deal was announced on 12 May.

The acquisition of Bayleys House and the $86.2 million purchase of the neighbouring Datacom Building, which settled in May, take joint venture company Wynyard Precinct Holdings Ltd’s portfolio to 7 buildings worth over $470 million.

The 6-storey 8106m² Bayleys House backs on to the Fonterra Centre, also in the portfolio. Fonterra at 109 Fanshawe St, and Bayleys at 30 Gaunt St, also front Halsey St in the VXV Precinct which has been developed by ASX-listed Goodman Group on leasehold land owned by Viaduct Harbour Holdings Ltd.

The 7-storey 16,735m² Datacom building is across VXV Plaza from Bayleys, on the corner of Gaunt & Daldy Sts.

Predominantly leased to real estate specialist Bayleys, technology provider IBM & law firm Mayne Wetherell, Bayleys House’s leases incorporate fixed review structures and have a weighted average term of 9 years. The ground-lease obligations are structured for a period of 15 years.

Goodman Group undertook the development on a build-to-lease basis. The purchase price reflects an initial yield of 7.6% on contract rentals, and additional fitout rent increases the passing yield to 8.8%.

Earlier story:
14 May 2017: Goodman-GIC joint venture adds Bayleys House to portfolio

Attribution: Company release.

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Goodman-GIC joint venture adds Bayleys House to portfolio

The joint venture between the NZX-listed Goodman Property Trust & Singapore sovereign wealth fund GIC Pte Ltd has added Bayleys House in the Wynyard Quarter to its portfolio.

That acquisition for $62.3 million, and the $86.2 million purchase of the neighbouring Datacom Building, which settled on Friday, take joint venture company Wynyard Precinct Holdings Ltd’s portfolio to 7 buildings worth over $470 million.

The recently completed 6-storey 8106m² Bayleys House backs on to the Fonterra Centre, also in the portfolio. Fonterra at 109 Fanshawe St, and Bayleys at 30 Gaunt St, also front Halsey St in the VXV Precinct which has been developed by ASX-listed Goodman Group on leasehold land owned by Viaduct Harbour Holdings Ltd.

The 7-storey 16,735m² Datacom building is across VXV Plaza from Bayleys, on the corner of Gaunt & Daldy Sts.

John Dakin, chief executive of the Goodman trust’s manager, Goodman (NZ) Ltd, said the partnership strategy provided scale for the trust and gave it greater exposure to Auckland’s fastest-growing commercial precinct.

“Featuring large flexible floorplates and incorporating sustainable architectural elements & energy-efficient building systems, the lowrise office property is designed to a 5 green star rating. It is also expected to achieve a 5-star NabersNZ base building rating when assessed in 12 months’ time.”

Predominantly leased to real estate specialist Bayleys, technology provider IBM & law firm Mayne Wetherell, Bayleys House’s leases incorporate fixed review structures and have a weighted average term of 9 years. The ground-lease obligations are structured for a period of 15 years.

Goodman Group undertook the development on a build-to-lease basis. The purchase price reflects an initial yield of 7.6% on contract rentals, and additional fitout rent increases the passing yield to 8.8%.

The acquisition, which remains conditional on the approval of the landowner, is expected to settle in June.

On settlement, the joint venture’s portfolio will contain 88,000m² of office space for about 20 tenants. When future lease commitments are incorporated, the portfolio will have an occupancy rate of 96% and a weighted average lease term of over 9 years.

Earlier stories:
27 March 2015: Fletcher & Goodman sign up for new Wynyard Quarter building
7 November 2014: Goodman Group buys another Wynyard development block

Attribution: Company release.

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World property W20Apr16 – Goodman continues Chinese growth

Goodman opens 11ha Shanghai facility 97% leased

Sydney-based Goodman Group opened its 11ha Goodman Qingpu Centre industrial & business facility in a state-level development zone in Shanghai, the Zhangjiang Qingpu Hi-Tech Park, last Wednesday amid plentiful indications of further business.

It’s the group’s first 3-storey distribution facility in China and, by completion, it had achieved 97% occupancy with leases to 3 companies:

  • 63,130m² to e-commerce company JD.com, an existing Goodman customer in Tianjin, Kunshan & Chengdu
  • 22,602m² to Shanghai Kuichun Industry, a nationwide distributor of imported food & beverage products, and
  • 21,155m² to Japanese distributor & supply chain company Kintetsu World Express.

Goodman Group, cornerstone unitholder & manager of the NZX-listed Goodman Property Trust, manages 432 properties internationally, worth $A33.4 billion, and 41 properties worth $A7.5 billion in greater China (including Hong Kong & Taiwan).

Chief executive Greg Goodman said the group had a Chinese development work book of 17 projects totalling 800,000m²: “An increasing number of our developments are preleased, indicating the maturity of the market as more companies incorporate their future property space needs into their overall business planning. Goodman has received encouraging demand with over 60% of these projects precommitted, with a high level of inquiry on the balance of the space, from both local & international customers.”

Goodman & the Canada Pension Plan Investment Board increased their equity allocation to the Goodman China Logistics Partnership by $US1.25 billion in December to take advantage of the current operating conditions and undersupply of prime industrial space in China.

Attribution: Goodman

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property Sun28Feb16 – Multiple Goodman projects in UK, London City Airport sells, Melbourne port lease

Goodman teams up to develop Anglesea UK portfolio
Canadian & Kuwaiti consortium buys London City Airport
Deal agreed to sell Melbourne port lease

Goodman teams up to develop Anglesea UK portfolio

Goodman Group & Anglesea Logistics Partnerships have leased a spec warehouse in the Derby commercial park in the English Midlands to the group that owns the global lifestyle brand Ted Baker, No Ordinary Designer Label Ltd, as Goodman lifts its production of logistics space around the UK.

Asset manager & trader Anglesea Capital 0 LLP entered a joint venture with Goodman in November 2014, and has entered into a partnership funding joint venture with Lone Star Real Estate Fund III for this partnership, while Goodman has agreed to sell 4 more logistics assets containing 220,000m² to the joint venture.

The £25 million Ted Baker building, Angle 325, is a 30,000m² high-spec warehouse including 1400m² of office. It’s being fitted out and is due for completion at the beginning of May. It will be the retailer’s pan-European distribution centre, handling all operations for its retail, wholesale & e-commerce businesses in Europe and operating 24/7.

Goodman has spent £175 million developing the 66ha Derby commercial park at Raynesway, 3km from the centre of Derby, and has just opened a 59,000m² design/build national distribution facility there for Kuehne & Nagel and Heineken. It has 2 more spec warehouses lined up for construction at Andover in Hampshire & London Medway for the Anglesea partnership.

Sydney-based Goodman is also at full stretch in Europe. It signed up in January to develop a 130,000m² facility for online fashion, shoe & accessory retailer Zalando SE.

Link: Goodman UK

Canadian & Kuwaiti consortium buys London City Airport

3 Canadian pension fund managers and a Kuwaiti infrastructure investor agreed on Friday to buy London City Airport from Global Infrastructure Partners (75%) & Highstar Capital LP (25%). They haven’t disclosed financial details. The transaction is not subject to any regulatory approvals and is expected to close on 10 March.

The airport was opened near Canary Wharf in the Royal Docks in 1987 and Global Infrastructure Partners took control of it in 2006.

The new owners are Alberta Investment Management Corp (Aimco), on behalf of its clients OMERS (originally the Ontario Municipal Employees Retirement System), the Ontario Teachers’ Pension Plan & Wren House Infrastructure Management Ltd. Wren House is the infrastructure investing arm of the Kuwait Investment Authority.

Link: OTPP release

Deal agreed to sell Melbourne port lease

The Victorian State Government & opposition coalition agreed terms on Thursday enabling the sale of the lease on the port of Melbourne.

State Treasurer Tim Pallas said the 50-year lease should be sold early next year. While he’s been kept clear of the transaction, he’d been told 4 consortiums were lined up to buy the lease.

The Labor government agreed on Thursday to an opposition demand to amend the law enabling the lease, restricting compensation for the buyer. Compensation will be payable if the Government opens a second port within 15 years and the original port hasn’t reach its agreed capacity.

The port lease law is scheduled to be passed on Tuesday 8 March.

Attribution: Goodman, Anglesea, OTPP, GIP, Victorian Government

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property Sun3Jan16 – Goodman boosts China fund, Evergrande & New World trade, A-Reit buys in Sydney again

Goodman’s Chinese fund gets equity boost
Evergrande buys from New World again
A-Reit adds to Australian portfolio

Goodman’s Chinese fund gets equity boost

ASX-listed Goodman Group & the Canada Pension Plan Investment Board said on 22 December they’d lift their equity allocation to the Goodman China Logistics Partnership by $US1.25 billion on an 80:20 basis, the Canadian fund committing $US1 billion and Goodman $US250 million, consistent with the partnership’s equity structure.

They established the partnership in 2009 to own & develop logistics assets in mainland China, focusing on locations where land constraints & demand were strongest. Their initial equity was $US300 million.

Separately, the partnership will acquire 9 projects (including land) from Goodman Group, with an end buildout value over $US650 million.

Evergrande buys from New World again

Heavily indebted Chinese developer Evergrande Real Estate said on Tuesday it was acquiring 7 mainland projects from Hong Kong’s New World Group for RMB20.4 billion ($US3.15 billion). In a separate transaction, Evergrande sold $US1.5 billion in perpetual securities to New World & affiliates.

A month ago, Evergrande acquired 4 mainland residential projects from New World, taking total acquisitions from the Hong Kong company to $US5.3 billion.

In a story this week linking 3 of China & Hong Kong’s biggest property names, Michael Cole of Mingtiandi wrote that New World chair Cheng Yu-tung took a $US506 million stake in Evergrande in 2008, a year before it listed in Hong Kong.

Link: Evergrande buys $US3.2 billion in projects from Hong Kong’s New World Group

A-Reit adds to Australian portfolio

A-Reit – the Singapore-listed Ascendas Real Estate Investment Trust – said on 24 December it would acquire a Sydney logistics facility from Deka Australia One GmbH for $A76.6 million. The facility at 6-20 Clunies Ross St, Pemulwuy, is in the Greystanes industrial precinct 30km west of the Sydney cbd and leased to Australia Post and the NSW Police on triple net leases, with a weighted average expiry of 6.1 years. Australia Post has subleased its space to retailer Target Australia Pty Ltd.

Ascendas management company chief executive Tan Ser Ping said the facility would generate a net property income yield of 7.1% before transaction costs in the first year, 6.6% post. It comprises a 36,220m² high clearance warehouse and a 2359m² 2-storey office & laboratory.

A-Reit entered the Australian market in September when it bought an $A1 billion portfolio of 26 logistics properties from Singapore sovereign fund GIC & Frasers Property Australia Pty Ltd.

Earlier story: World property Sun20Sep15 – A-reit enters Australia, Greenwich regeneration

Attribution: Goodman, Mingtiandi, A-Reit

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property Wed14Oct15 – LJ Hooker IPO, Goodman UK fund, Silk Road forum

LJ Hooker starts work on an IPO
Goodman forms £600 million UK partnership with Canadian & Dutch pension funds
Forum to promote new Silk Road

LJ Hooker starts work on an IPO

Australian real estate agency LJ Hooker, which also operates in New Zealand, has begun the funding round for an initial public offering which could lead to the business being floated, Australian media reported this week.

However, the Australian Financial Review’s Street Talk column said on Monday an ASX listing wasn’t likely until early next year. According to Street Talk, Hooker was looking to raise about $A20 million to make acquisitions and invest in LJ Hooker franchisees.

The Australian said yesterday the IPO could be worth $A300 million. It comes as rival agency McGrath Real Estate works towards an $A200 million float towards the end of the year.

The group which Les Hooker (eventually, Sir Les) launched in 1928 returned to family ownership in 2009 when his grandson, Leslie Janusz Hooker, bought the real estate network & mortgage broking business from Suncorp Metway Ltd for $A82 million. It has over 700 franchise offices, sold $A19 billion of property last year and increased its pool of properties under management to 130,000. The group expanded in New Zealand a year later, buying Harveys (NZ) Ltd from Ross Barraclough & Ross Hunter.

Links: Australian Financial Review, LJ Hooker in pre-IPO cash call 
11 October 2015, Property Observer: LJ Hooker readies for 2016 IPO
13 October 2015, The Australian: LJ Hooker IPO to test investor mettle

Earlier stories:
4 November 2010: LJ Hooker buys Harveys
19 October 2009: Suncorp sells Hooker to founder’s grandson

Goodman forms £600 million UK partnership with Canadian & Dutch pension funds

Goodman Group has formed a £600 million partnership with the Canada Pension Plan Investment Board & APG Asset Management NV to invest in UK logistics & industrial development opportunities.

The combined equity (£200 million each) in the Goodman UK Logistics Partnership will give it a £1 investment capacity. Goodman said last week the initial portfolio comprised 2 developments in proven logistics locations near London & Birmingham, for a combined 54,812m².

Goodman chief executive Greg Goodman said: “With a flexible strategy in place, the partnership will be able to undertake a wide range of investment styles, including development, value-add & core investment.

“We welcome APG & CPPIB into this new partnership, which continues to demonstrate our successful capital partnering approach and the strong support we have from leading global investor groups.”

Sydney-based Goodman Group has operations throughout Australia, New Zealand (through the Goodman Property Trust & separately), Asia, Europe, the UK, North America & Brazil. The Canada Pension Plan Investment Board is governed & managed independently of the Canada Pension Plan and at arm’s length from governments. It had $C268.6 billion invested at 30 June on behalf of 18 million contributors & beneficiaries.

APG Asset Management NV is a Dutch pension fund asset manager which manages €400 billion of assets for 4.5 million active & retired participants from the public & private sectors, representing over 30% of all collective pension schemes in the Netherlands.

Forum to promote new Silk Road

China’s ambition to revive the old Silk Road as a new economic route across central Asia gets a new lift this week with a 2-day forum organised in Georgia’s capital Tbilisi.

Georgian Prime Minister Irakli Garibashvili, supported by the Chinese Government, called for the forum to promote the sharing of ideas, experiences & expertise along the revived Silk Road & beyond. Georgia enjoys free trade with its neighbours & the European Union.

Topics for debate will include opportunities for enhancing trade & economic co-operation, transport & infrastructure, trade facilitation, pipelines & electricity trading across borders and investment opportunities.

Speakers will come from Georgia, the Czech Republic, Afghanistan, Kazakhstan, China’s Xinjiang Uygur autonomous region, the US, the Asian Development Bank, European Investment Bank, World Trade Organisation & United Nations Economic Commission for Europe.

Earlier story: World property T2Jun15 – Stepping stones across Central Asia

Attribution: AFR, The Australian, Property Observer, Goodman Group, Georgian Government

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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Urban renewal lifts Goodman Group

Goodman Group sold $A1.9 billion of assets in the June year, and reinvested the lot to generate higher development returns.

It’s followed the same principle of recycling in NZX-listed Goodman Property Trust, but the potential for turning industrial sites over to urban renewal has proved far greater in Australia, where $A1.1 billion of sites had been conditionally contracted in the year to June and $A110 million settled in July.

The Sydney-based company increased operating profit 9% to $A653 million and made a $1.208 billion statutory profit million  (including property valuations, derivative & foreign currency mark-to-market and other non-cash or non-recurring items), delivering a 7.1% increase in operating earnings/security.

Group chief executive Greg Goodman said the company had taken advantage of market conditions to sell $A1.9 billion of assets and reinvest this capital into its growing $A3.1 billion development workbook, enhancing asset & income quality and generating higher investment returns at this point in the cycle.

With the current market conditions expected to continue, Goodman is forecasting earnings growth of 6% in the 2016 financial year, while further reducing gearing.

Other highlights:

  • Operating earnings/security A37.2c, up 7.1%
  • Total distribution A22.2c/stapled security, up 7%
  • Balance sheet gearing 17.3%, interest coverage ratio 6.0 times
  • Net tangible assets/security up 20% to $A3.46, with a significant contribution from urban renewal projects
  • Group liquidity at $A1.8 billion, weighted average debt maturity 4.7 years
  • Total assets under management $A30.3 billion, up 13%, reflecting increased valuations
  • Development work in progress $A3.1 billion across 76 projects in 11 countries, 65% precommitted & 71% presold to third parties or managed partnerships, generating a forecast yield on cost of 8.8%

Attribution: Company release.

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World property Sun14Jun15 – Big US lease for Goodman, Wanda targets India

Goodman’s US subsidiary leases near-complete first logistics centre
Chinese developer plans $US10 billion project near New Delhi

Goodman’s US subsidiary leases near-complete first logistics centre

ASX-listed Goodman Group’s North American subsidiary, Goodman Birtcher, has leased its new $US150 million 148,000m² logistics centre at Rancho Cucamonga, about 70km from Los Angeles into the hills of Southern California’s Inland Empire, to Georgia-Pacific LLC one month before completion.

Georgia-Pacific, based in Atlanta, Georgia, manufactures & markets paper products including bath tissue, paper towels & napkins, tableware, paper-based packaging, office papers, cellulose & specialty fibres, nonwoven fabrics, building products & related chemicals.

A third-party management company will operate a distribution facility at the logistics centre from August to support Georgia-Pacific’s consumer products business.

Goodman Birtcher has a programme to roll out a 1.4 million m², $US1.5 billion development pipeline in 8 logistics markets over 3 years. Its next 2 developments in the Inland Empire, at Fontana & Eastvale, will have a total 400,000m² of floorspace.

Chinese developer plans $US10 billion project near New Delhi

Wang Jinlian talking asset light in Shenzhen.

Wang Jinlian talking asset light in Shenzhen.

The innovative chairman of China’s Dalian Wanda Group Corp Ltd, Wang Jianlin, took his Indian hosts by surprise last week when he told them he was seeking 3600ha, maybe more, for a new town at Gurgaon, 30km south of New Delhi.

Mr Wang envisages Dalian Wanda could spend $US10 billion in India over the next decade. He met Indian prime minister Narenda Modi on Tuesday, then told Haryana state government officials he wanted the large land area to set up an integrated industrial township.

According to the Times of India, Mr Wang told state officials he didn’t want to go through the land acquisition process and was looking for a readily available parcel – something the officials said wasn’t available in one block.

The development ideas include an international airport, although New Delhi’s Indira Gandhi international airport sits between the 2 urban areas, and a power plant.

Mr Wang took the Wanda group in a new direction 2 years ago when he launched the 50 billion yuan ($NZ9.9 billion) 540ha Qingdao Oriental Movie Metropolis film & television industry project. In April, he explained in a speech to the Shenzhen Stock Exchange how the group would transform its performance by switching from asset heavy to asset light. It had 109 malls at the end of last year and 26 planned for this year, but under the asset light model he is targeting 1000 malls in China by the year 2025.

Asset light is where other investors pay for development, and it’s envisaged those investors will onsell in 5-7 years, possibly to real estate investment trusts, which are only now being considered in China. Dalian Wanda is also looking at how to run a finance business online, which could supplant the reit model. Wanda would still manage development & the business.

Links: Mingtiandi, 11 June 2015: Wang Jianlin meets Modi, Wanda plans to invest $US10 billion in India
Times of India, 11 June 2015: Chinese giant seeks 9000 acres for township

Attribution: Goodman Group, Mingtiandi, Times of India

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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