PH’s biggest fish in China

THOUGH a relative newcomer in the Philippine property scene, tycoon Lucio Tan is quietly building a real-estate empire that is creating new urban landmarks across mainland China.

His privately held Eton Property Group now has a landbank of more than two million square meters in key urban hubs in Hong Kong, Shanghai, Xiamen, Dalian, Shengyang, Beijing and Shenzhen, which are simultaneously being developed into large-scale, mixed-use complexes. This makes Eton the biggest Philippine-based property developer in what is expected to soon be the world’s largest economy.

The group recently acquired a former zoo in Dalian, one of the most heavily industrialized areas in China, which was bid out by the local government. It is where the group is now building its first seven-star hotel, which will also be the tallest skyscraper (80 stories) in northeastern China, as part of a 6-billion yuan ($1 billion) five-building mixed-use complex to be completed by 2013.

The tallest building will house both the hotel (150 rooms in 20 floors), which will be managed under an international hotel brand, and another five-star hotel under its existing Eton hotel brand (500 rooms in 30 floors).

What is even more exciting than the Dalian project, Eton Properties Group general manager Patrick Wong told visiting Filipino journalists in Shanghai, is an 8-billion yuan ($1.2 billion) 10-building project in Shenyang, the transportation and commercial hub of northeastern China and the capital of Liaoning province. It is anticipated to be the city’s largest complex which, like in Dalian, will include an upscale hotel, luxury apartments and a shopping mall.

If the net worth of all the privately held overseas assets could be determined, not just in China but in Guam and other countries, there is a big probability that the Kapitan would not rank just second among the Philippines’ list of richest men.

Eton Properties Group, established in Hong Kong in the 1980s, is after all now one of the biggest unlisted private real-estate businesses there with a value of 20 billion Hong Kong dollars ($2.6 billion).

For details on Eton properties, you may contact Reby Ramirez @ +63 916.4044.555 / +63 919.699.3572 / +63 922.941.4139 or e-mail: reby_ramirez@yahoo.com

For details on RA 9646 or RESA Law, please visit www.ra9646.com. RA9646.com is the central depository of all updates on the new law for the practice of real estate service in the Philippines. The Law has been passed and signed last June 29, 2009. Its implementing rules and regulations (IRR) has been published in July 2010 making the law fully operational as of August 08 2010.

source: Iinquirer, Jan 24 2011

Eton to spend P140 billion on 8 upscale projects in China

SHANGHAI, China — Eton Properties Group, the China-based real estate firm of Taipan Lucio C. Tan, is aggressively expanding its footprint in mainland China by investing RMB 20.35 billion (roughly P140 billion) in eight upscale mixed-use development projects as part of a major push into the fast-growing Chinese economy.

Eton general manager Patrick Wong told reporters that the company is looking to further boost its growth in China with its huge line-up of high-class projects, a move that is seen to further solidify its strong presence in the world’s most populous nation and reinforces its position as the biggest Filipino-owned property firm overseas.

Wong said the bulk of the programmed capital budget or about RMB 8 billion will go to the construction of its most promising and exciting project to date, Eton Place Shenyang, which will rise on an 84,000- square meter lot. The project entails the construction of a high-end residential, commercial and entertainment complex integrating a super 5-star hotel, 5A grade A office, and retail space.

Another RMB 6 billion has been earmarked for the development of Eton Place Dalian, a world-class urban complex featuring three 43-floor luxury apartment buildings, two superior towers of 81 floors and 62 floors, integrating a super 5-star hotel, office and service apartment functions, a podium and large scale underground parks.

Slated for completion in 2013, Eton Place Dalian will make available 135,000 sqm of retail space with one floor underground and five floors aboveground.

The luxury apartments which shall have a total gross floor area of 230,000 suare meters, will house 2,177 units while the 7-star hotel shall have a total of 150 rooms . The 5-star hotel, on the other hand, shall offer 586 units.

The company is also spending RMB 1 billion to build Eton Garden Zibo, situated at Zichuan Economic & Development Zone. The project will feature high end detached vaillas, and townhouses to construct a large scale and high end community of ecological lifestyle.

In the pipeline are Eton Place Xiamen, Eton International City Xiamen, Eton Courts Shanghai, Eton Finance & Trade Center.

Wong said Eton Place Xiamen will require a capital outlay of RMB 2.8 billion and is envisioned to become the largest commercial complex in Xiamen’s central business district.

About RMB 600 million will be chanelled to Eton International City Xiamen while RMB 450 million will go to Eton Courts Xiamen, located in Nanhui Xinchang Town, Pudong New District, Shanghai.

The Eton Finance and Trade Center, on the other hand, would need RMB 500

The company also provides resources to unit Dynamic Holdings Ltd. which is undertaking a RMB 1 billion mixed-use project to be tentatively called Dongjiaotou , which will be a new landmark in Shekou area integrating villa, residential pier, hotel, yacht club, retail and amenities functions.

In Hong Kong, Eton boasts of its HKD 20 billion completed projects which include Queen’s Garden, Dragon Centre, King’s Court and Eton Tower.

In China, Eton holds seven property development companies with total investments of RMB 40 billion. It has more room for growth given its landbank of around 2 million square meters,

The 76-year old Tan was listed as the second richest man by Forbes magazine last year with his wealth rising to $2.1 billion from only $1.7 billion in 2009. He owns a bevy of businesses which include flag carrier Philippine Airlines, Fortune Tobacco, Air Philippines, Allied Bank, Philippine National Bank, A sia Brewery, MacroAsia Corp., Tanduay Distillers Inc. Century Park Hotel, Lucky Travel Corp. and University of the East.

For details on RA 9646 or RESA Law, please visit www.ra9646.com. RA9646.com is the central depository of all updates on the new law for the practice of real estate service in the Philippines. The Law has been passed and signed last June 29, 2009. Its implementing rules and regulations (IRR) has been published in July 2010 making the law fully operational as of August 08 2010.

source: Inquirer, jan 24 2011