China 

China’s Anbang dismantling continues with new state-owned firm taking over insurance assets

China’s dismantling of the Anbang Insurance Group has continued with the newly established state-owned Dajia Insurance Group taking over its property and casualty insurance assets, the Chinese Banking and Insurance Regulatory Commission said on Thursday.Dajia is a joint venture between the China Insurance Security Fund, Sinopec Group and SAIC Motor, with a total investment of 20.36 billion yuan (US$3 billion), the Chinese Banking and Insurance Regulatory Commission (CBIRC) confirmed. It also… Source link

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Volatile stock prices are driving Singapore’s Temasek to look at private assets, chief executive Pillay says

Temasek International Chief Executive Officer Dilhan Pillay says the S$313 billion (US$230 billion) investment firm will be more cautious when investing in the public markets this year as it increases bets on unlisted companies globally.In his first interview since taking over the role in April, Pillay told Bloomberg Television that the past year had shown it was almost impossible to accurately predict geopolitical events. About 42 per cent of the Singapore government-backed investor’s assets… Source link

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Soho China, struggling with flagging profits and stock price, put up US$1.13 billion office assets for sale

Soho China, one of the country’s largest commercial developers, is putting 7.8 billion yuan (US$1.13 billion) of office assets up for sale, making its biggest disposal in the company’s two-decade history to raises capital to buy land to expand its land bank.The developer on Friday put 20,000 square metres of office space in five Beijing and Shanghai projects on the market.The move conflicts with a pledge by its chairman Pan Shiyi a year ago not to sell core assets in either of the two mainland… Source link

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Money 

China’s government sets up Dajia Insurance to take over Anbang’s assets as the disposal of former asset buyer nears

China’s government has established a new insurer to take over the operations of Anbang Group, more than 16 months after one of the country’s biggest asset buyers was put under state ward and its chairman was jailed for fraud.Dajia Insurance Group was registered on June 25 in Beijing with 20.4 billion yuan (US$3 billion) of capital put up by identical shareholders as Anbang, according to documents published by the business registrar.The move is the clearest sign that the China Banking and… Source link

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China 

Is China’s concern over a possible US dollar shortage risk forcing companies to sell overseas assets?

This is the final article in a three-part series looking at China’s US dollar shortage risks in the trade war, as it aims to open up its markets.Anbang Insurance Group’s decision to sell its condos at the Waldorf Astoria hotel in New York is the latest in the string of high-profile Chinese divestments that underscores China’s concern that the nation is running short of US dollars.The Chinese holding company bought the Waldorf for a record US$1.95 billion in 2014, but under pressure from the… Source link

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Could seizure of Baoshang Bank lead to consolidation among China’s smaller banks with assets worth US$9.9 trillion?

China is set to see consolidation among its smaller banks after a rare government seizure of a troubled Inner Mongolia lender in May, as Beijing looks to avert any systemic risk amid a slowing economy and an escalating trade war with the United States.Mergers of weaker small banks with stronger peers is seen by analysts as the best option for a sector reeling from rising bad loans and funding costs, and which Beijing is wary of due to probable knock-on effects should some lenders start to fail… Source link

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Blackstone buys logistics assets from Singapore’s GLP for record US$18.7 billion

Private equity giant Blackstone has agreed to buy US$18.7 billion worth of assets from Singapore logistics firm GLP in a deal that is touted to be the largest private real-estate transaction ever, and a vote of confidence in the future of online retailing.The transaction will see Blackstone buy assets from three of GLP’s US funds, including 179 million square feet of urban, infill logistics assets, which would nearly double the size of Blackstone’s existing US industrial footprint.Blackstone… Source link

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China 

China’s SOE reform questioned after Beijing appoints inexperienced official to head assets watchdog

China’s appointment of an official with little track record in the corporate world as the head of its state-owned assets watchdog has raised questions over the direction of the restructuring of the state firms that have long since been a thorny issue between Beijing and its trading partners, according to analysts.Hao Peng, the current Communist Party chief of the state assets watchdog, will assume the role of chairman at State-owned Assets Supervision and Administration Commission (Sasac).Xiao… Source link

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Vietnam 

Seafood processor Hùng Vương continues to sell assets amid debt burden – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Hùng Vương has started to sell its assets since 2017 as it is asking for debt payment reschedule from banks. HÀ NỘI – Seafood processor Hùng Vương Joint Stock Corporation has agreed to sell its entire stake in Hùng Vương Sông Đốc JSC – its latest move to liquidate assets to pay debts. In a filing to the Hồ Chí Minh Stock Exchange, management board of the company approved the selling of more than 3.2 million shares, accounting for 51 per cent in Hùng Vương Sông Đốc, but did…

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Creditors seize HNA unit’s assets in Singapore, China and US after CWT missed payment deadline on US$179 million of loans

Lenders to HNA Group’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility.Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the assets unless CWT made payments by 9am on April 17 tied to a HK$1.4 billion (US$179 million) loan taken out in September… Source link

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