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Credit Suisse to take controlling stake in Chinese securities joint venture

Credit Suisse said on Monday that its plans to take a controlling stake in its securities joint venture in China, the latest overseas firm to take advantage of Beijing’s efforts to further open the country’s financial services industry.China announced in 2017 that it would allow foreign banks to own majority stakes in their securities joint ventures as part of an effort to open up its banking sector. UBS was the first foreign bank to receive approval from regulators in November to increase its… Source link

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Vietnam 

Việt Nam-Russia joint venture welcomes first oil flow from Cá Tầm field – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The CTC1-WHP oilrig in the Cá Tầm field. – Photo baobariavungtau Viet Nam News BÀ RỊA VŨNG TÀU — The Việt Nam-Russia oil and gas joint venture Vietsovpetro held a ceremony in the southern province of Bà Rịa-Vũng Tàu to welcome the first flow of oil pumped from the Cá Tầm oil field. Built in March 2018, the CTC1-WHP oilrig is the most important component of Cá Tầm’s development project under a shared production contract signed by the Việt Nam Oil and Gas Group (PetroVietnam), the PetroVietnam Exploration Production Corporation…

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Joint ventures the only way out for developers eyeing huge commercial site atop high-speed rail terminus worth US$14 billion

Even the wealthiest of Hong Kong developers do not have enough cash to bid individually for a prime commercial site atop the high speed rail terminus in Kowloon that is likely to fetch about HK$110 billion (US$14 billion), which will compel them to form consortiums to spread the risk of developing such a huge project, say market watchers.The government is determined to sell the 632,917 square foot plot, expected to yield a total gross floor area of 3.16 million sq ft, as a whole. It is also… Source link

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Singapore 

HDB BTO & resale eligibility – The Singles Singapore Citizen & Joint Singles Scheme (2019), Singapore News

You wake up, scroll through Facebook and “like” a bunch of your friends’ #anniversary and #babyturnsONE photos. It’s almost like any other day, except today is different. It’s your 35th birthday, which means you can now apply for your own flat. Congratulations! That’s right, the government is finally giving you the ultimate consolation prize for turning 35 without a happily ever after. Here’s what you need to know about getting a flat as a single person. OVERVIEW – SINGLES SINGAPORE CITIZEN & JOINT SINGLES SCHEME There are currently 2 schemes…

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Grab and ZhongAn team up for insurance joint venture in Southeast Asia

Chinese online insurer ZhongAn and online-to-offline platform Grab will set up a joint venture in Southeast Asia to sell insurance products to users through the latter’s mobile app. The digital insurance platform would be launched in Singapore in the first half of this year, before being rolled out in other markets, according to a joint release by the two companies. Users would be able to buy insurance through their mobile phones, allowing them to directly browse and pay for the coverage without going through an agent or broker, the companies…

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HSBC China securities joint venture to quadruple China research coverage

HSBC plans to quadruple the number of mainland Chinese companies covered by research from its China joint venture over the next two years as it seeks to take advantage of its head start as the first international bank to have majority control of its mainland securities firm. Shenzhen-based HSBC Qianhai Securities, run in conjunction with a local government investment vehicle holding 49 per cent, began operating a year ago offering equity and debt underwriting, research and broking as well as merger and acquisition advice and investment advisory work. In addition…

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China 

Trump-Xi G20 dinner unlikely to end in joint statement, regardless of outcome

The high-stakes dinner between US President Donald Trump and his Chinese counterpart Xi Jinping in Buenos Aires on Saturday is likely to end with no joint statement or joint press conference, regardless of whether they achieve a breakthrough in their talks. But this doesn’t mean Washington and Beijing lack goodwill or believe there will be no breakthrough, according to sources familiar with the arrangements. The lack of a formal joint readout of the meeting’s results is designed to offer both the US and China the leeway to handle the outcome…

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AXA to pay US$662 million for full control of China joint venture, as Beijing speeds up opening before Xi-Trump meeting

French insurer AXA said on Tuesday it will pay 4.6 billion yuan (US$662.34 million) to buy the remaining 50 per cent stake in its Chinese joint venture that it did not already own, becoming the second foreign insurer in three days to announce plans for a wholly-owned insurance company in mainland China. The AXA announcement follows the go-ahead German insurer Allianz received on Sunday from the China Banking and Insurance Regulatory Commission for a wholly-owned insurance holding company, to be set up in Shanghai next year. Allianz wins approval for…

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Hong Kong developer Wing Tai part of joint venture acquiring US$591 million building in Central London

Hong Kong developers are on a shopping spree, buying up London property as they seek higher yields and to diversify risks. Wing Tai Properties and Manhattan Garments have entered into a 50:50 joint venture to buy a commercial building in the heart of London for £460 million (US$591.1 million), according to a Wing Tai filing with the Hong Kong stock exchange on Friday. The pair will each contribute £230 million to the joint venture, and Wing Tai’s share of the investment will be funded by “internal resources and/or borrowing”, it…

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Brilliance Auto shares plunge by almost a third as BMW plans to buy control of Chinese joint venture

BMW’s key Chinese partner, Brilliance Automotive, plummeted by almost a third on Friday morning in Hong Kong, after it announced the German car giant will pay €3.6 billion (US$4.2 billion) to take control of their joint venture. The deal will see BMW increase its stake in the partnership to 75 per cent from 50 per cent and makes it the first company in China’s vehicle sector to take advantage of Beijing’s removal of foreign-ownership limits. News of the deal has alarmed investors, who fear Brilliance Auto will be left with…

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