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Future Land offloads eight projects to Jinke Property for US$400 million as it reels from arrest of ex-chair Wang Zhenhua for alleged child sex abuse

Future Land Development, the Chinese builder whose former chairman was arrested on suspicion of molesting a child, has sold eight real estate projects to various subsidiaries of Shenzhen-listed Jinke Property Group for a total of 2.74 billion yuan (US$400 million).The troubled company said in an exchange filing on Sunday evening that the disposal to Jinke, which is principally engaged in residential development, technology investment and cultural tourism, also involved shareholder loans tied to… Source link

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Ecommerce 

Why is JD.com spending US$400 million to buy this hotel in Beijing?

JD.com, China’s second largest e-commerce company, has closed a deal to buy the Jade Palace Hotel in Beijing for US$400 million, with the goal of transforming the five-star property into a new innovation and recruitment centre. The Nasdaq-listed company said on Monday that it acquired 100 per cent ownership of the hotel, which is located near the Chinese capital’s Zhongguancun technology hub. “The purchase of the hotel will serve JD.com’s long-term development,” a company spokesman said. “The hotel will be transformed into a space mainly for technology innovation and commercial…

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China 

Can China get its farmers back on track with US$400 million fund for state-run cooperatives?

Beijing is rebooting an old state-run cooperative system to help boost the rural economy, but after years of reform some analysts are sceptical about how effective it can be in helping the country’s millions of impoverished farmers. Since Chinese President Xi Jinping took office in 2013, the central government has rebuilt more than 10,000 primary supply and marketing cooperative s (SMC), taking the total across the country to nearly 32,000. About 95 per cent of towns and villages now have them, compared to just 50 per cent six years ago.…

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Debt-laden conglomerate HNA sells space in Shanghai tower to Singapore’s CapitaLand for US$400 million

The Chinese debt-laden aviation-to-finance conglomerate HNA Group has sold 70 per cent of space in a Shanghai office building to Singapore property giant CapitaLand for 2.75 billion yuan (US$400.5 million), CapitaLand said on Monday. After the transaction, the latest divestment move by HNA, CapitaLand and a joint venture partner will own levels 8 to 19 and 21 to 32 of the 34-storey Pufa Tower – a total gross floor area of 41,773 square meters – as well as 61 car parks with property title. The tower, which also has three…

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Global health care deals expected to top US$400 billion this year, says law firm Baker McKenzie

Mergers and acquisitions in the health care sector are expected to rebound this year, exceeding US$400 billion following Bristol-Myers Squibb’s deal for Celgene last week, according to the law firm Baker McKenzie. Political uncertainty and new regulations that came into force in 2018 weighed on deal flow last year, sending merger activity in the sector down 5 per cent last year to US$308 billion. Companies in the US and Asia are expected to be among the biggest buyers this year, with many deals based around health care technology, Baker McKenzie…

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Property 

Mainland developer CIFI Holdings bucks high coupon trend on US$400 million bond

Hong Kong-listed CIFI Holdings (Group) on Tuesday became the latest mainland developer to issue bonds as they face surging refinance demand as more than US$37 billion worth of debt matures next year. Bond defaults among Chinese developers is on the rise, with Xinhua reporting in November that at least four companies have defaulted on their payments this year, including Wuzhou International Holdings, a developer based in Wuxi, which in June failed to repay bonds in both the mainland and offshore markets. Chinese developers have been facing a severe cash crunch…

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