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Canadian asset manager Brookfield looks past short-term row as it picks up US$1.5 billion Shanghai project, China’s second largest commercial property deal

Brookfield Asset Management, which traces its roots to a tram operator in Brazil at the turn of the 20th century, has its sights on the very long-term, a strategy that helped it seal the second-biggest commercial property acquisition in China by a foreign firm.The Toronto-based asset manager agreed in April to pay 10.57 billion yuan US$1.54 billion for the Huangpu Centre on the South Bund of Shanghai, with the plan to rename it One East when constructions are completed this year.“We are… Source link

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Asia, impact investing to gain as US$15 trillion change hands among world’s wealthiest families over next decade

Asia and impact investing look to gain as wealth is transferred between generations among the world’s wealthiest families over the next decade.As much as US$15.4 trillion will be passed down from one generation to the next until 2030, according to Global wealth researcher Wealth-X. The company looked at people holding US$5 million in assets or more, which amounted to 2.6 million people collectively holding US$57 trillion in assets.The biggest transfers are expected to take place in Europe and… Source link

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China crackdown on fraudulent P2P platforms results in 62 overseas arrests, US$1.5 billion of assets frozen

Chinese police have investigated more than 380 peer-to-peer (P2P) platforms on suspicion of illegal fundraising and frozen assets worth 10 billion yuan (US$1.5 billion), following the dramatic implosion of the once-booming shadow banking sector.China’s Ministry of Public Security said it had arrested 62 suspects who were operators of fraudulent P2P platforms from 16 foreign countries including Thailand and Cambodia, the state-run news agency Xinhua reported on Sunday.This was a rare public… Source link

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PetroChina flags a US$1.5 billion writedown from selling assets, even as its 2018 net income doubles

PetroChina warned of a US$1.5 billion write-down from the disposal of some assets as it estimated full-year net income more than doubled last year. Shares fell. China’s biggest oil and gas producer lost as much as 2.3 per cent in Hong Kong Tuesday. Huatai Financial Holdings (Hong Kong) cut its rating on the stock to hold and slashed its price target by 40 per cent, cautioning that PetroChina faced a weak fourth quarter due to write-offs and large inventory losses. The company said in a filing Monday that net income…

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Turn down a seat at the Greater Bay’s US$1.5 trillion feast? That timidity is very unlike Hong Kong’s entrepreneurial spirit

I remember large Hong Kong maps that used to hang on the walls of the offices of British colonial officials, that reached the Shenzhen River boundary and then went blank white. It was as if there was nothing of value beyond the creaky Lo Wu bridge, or that Shenzhen was an empty space waiting for Hong Kong people and businesses to populate it. Today, as Beijing has asked us to play a role in forging the Greater Bay Area, there are doubtless some who still nurture such naive and ignorant…

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iPhone glass supplier Biel Crystal postpones US$1.5 billion Hong Kong listing amid market rout

Biel Crystal Manufactory, a key iPhone component supplier with factories in Shenzhen and Huizhou, has decided to push back its US$1.5 billion Hong Kong initial public offering because of the recent sell-off in the equities market. “We have decided to postpone the listing plan amid concerns that the sell-off could affect its pricing, the valuation and the flotation size,” said Yeung Kin-man, chairman of Biel Crystal, the world’s largest smartphone glass cover maker. “The Hang Seng Index fell from the peak level of 33,000 to 26,000 now. What’s the point…

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FLC plans to pour US$1.5 billion into agriculture – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The plan will grow FAM – an FLC subsidiary specialising in the production and import-export of farm produce – and support farmers in improving their productivity, product quality and distribution. — VNA/VNS Photo Viet Nam News HÀ NỘI — Property developer FLC Group said it will inject US$1.5 billion into agricultural development across 15,000 hectares of land in Việt Nam during 2018 and 2019. The plan will grow FAM – an FLC subsidiary specialising in the production and import-export of farm produce – and support farmers in improving their…

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