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Chinese Estates’ Joseph Lau pockets US$2 million paper gain after buying shares of troubled developer Future Land

Joseph Lau Luen-hung, the Hong Kong billionaire owner of Chinese Estates Holdings, is estimated to have pocketed HK$15 million (US$1.9 million) of paper gains in a week through an astute punt in one of China’s biggest real estate developers.Fair Eagle Securities, a wholly-owned unit of Chinese Estates, bought nearly 40.9 million shares of Future Land Development Holdings on the Hong Kong stock exchange at HK$7.19 per share on July 4, according to the Hong Kong stock exchange’s CCASS… Source link

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Goldman to merge four units to create a larger entity to invest in private companies, real estates and other deals

Goldman Sachs is finally embracing its status as a private equity giant.The firm’s top executives in recent months have laid out plans to raise more client funds for private investing and rely less on its own balance sheet. As part of that effort, the bank is looking to consolidate the investing activities of multiple units across the firm to add more heft to its merchant banking division, according to people briefed on the matter. A related announcement was set for as soon as Monday.The Wall… Source link

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Chinese Estates, selling a single home last year, posts a 72 per cent plunge in profit as sales and equity investments shrink

Chinese Estates Holdings, the Hong Kong real estate developer controlled by the family of tycoon Joseph Lau Luen-hung, reported its biggest profit plunge since 2010, as it sold a single apartment unit amid a cooling property market last year.The company, chaired by Lau’s 38-year-old son Lau Ming-wai, had a tough year in 2018, selling a single home at its 55 Conduit Road luxury project. The 4,170-square foot (387 square metre) Mid-Levels luxury apartment, which transacted for HK$286.2 million … Source link

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Hong Kong property developer Chinese Estates Holdings says full-year profit to tumble by as much as 78 per cent

Hong Kong property developer Chinese Estates Holdings said on Wednesday it expected a drop as much as 78 per cent in its full-year net profit for 2018, which it said was down to poor sales performance and losses on investments.The net profit attributable to its shareholders will drop by between 68 per cent and 78 per cent from the HK$3.7 billion (US$471.41 million) in gains reported in 2017, according to a company filing with the Hong Kong stock exchange ahead of its annual results release… Source link

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