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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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Chinese builder Future Land puts 40 projects up for sale after former chair Wang Zhenhua charged with child sex abuse

Chinese builder Future Land Development Holdings is selling 40 projects, just three weeks after it was engulfed in scandal when its former chairman was detained on suspicion of sexually assaulting a nine-year-old girl.In a statement filed to the Hong Kong stock exchange on Tuesday morning, the company said its Shanghai-listed subsidiary Seazen Holdings is in negotiations with partners to sell its stakes in about 40 projects in China.They will be sold at below market rate to various small and… Source link

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Future Land reports property sales gain in June; company chairman and property tycoon Wang Zhenhua under investigation

Future Land Development ­Holdings, the mainland developer which lost tens of billions in market capitalisation last week after its former chairman was arrested, reported a 19 per cent rise in ­contracted sales in June from the previous month, according to a stock market filing on Sunday.Contracted sales for the month totalled 29.5 billion yuan (US$4.28 billion), representing an area of 2.53 million square metres, up from 24.7 billion yuan and 2.03 million square metres in May, the Shanghai… Source link

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Wang Jun, who chaired one of the world’s biggest asset-owning state conglomerates at Citic Group, dies at the age of 78

Wang Jun, the son of one of communist China’s founding elders and a former chairman of the country’s largest state conglomerate, died on Monday, aged 78.Wang died at 10.56pm on June 10, according to a report by state-owned news outlet Thepaper.cn in Shanghai, citing unidentified sources and without elaborating. Xinhua News Agency, the government’s mouthpiece, has yet to report the news.Calls to Citic’s head office in Beijing were unanswered. The company has yet to release a statement.Wang, who… Source link

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Bank of China (HK) names Michael Wang Lan as chief executive of virtual bank Livi

Livi, the virtual bank backed by Bank of China (Hong Kong), has appointed Michael Wang Lan as chief executive, tapping the expertise of a financial manager who previous worked for Tencent-backed WeBank, the first online-only bank in China.Livi is expected to become operational in the fourth quarter of this year with HK$2.5 billion (US$318.54 million) in capital backing from its three investors.Wang was general manager of the interbank and corporate department at WeBank from 2015 to 2017, where… Source link

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Singapore 

Good deals must share May 27-June 2: $10 Mao Shan Wang durian, Singapore News

We scour the island for the best deals to help you stretch your dollar, and keep you in the loop on the hottest shopping trends. ‘Cos good things must share. MAO SHAN WANG DURIANS AT $10 EACH Durian season is here again and as we all know, surplus stock usually means plummeting prices, to the benefit of durian lovers everywhere. At a stall in Tiong Bahru, the price of a single Mao Shan Wang durian is now going for $10. That’s way below the already-discounted price of $18 per kg…

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Property mogul Wang Jianlin’s Wanda Group to invest US$11.7b in world-class tourism project in rust-belt city of Shenyang

Wanda Group, the profligate Chinese conglomerate that is halfway through a massive debt-shedding exercise, has unveiled one of the largest ever investments in the northeastern Chinese city of Shenyang totalling 80 billion yuan (US$11.7 billion).The property-to-entertainment conglomerate controlled by tycoon Wang Jianlin said on Wednesday that the new investment will go towards building a “world-class” cultural tourism project, an international hospital, an international school and five Wanda… Source link

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China 

Wang Shouwen, China’s former ‘foot solider’ now promoted to ‘general’ in US-China trade talks

Wang Shouwen, the top deputy in China’s trade negotiation team, remained silent over the specifics of the ongoing US-China trade talks earlier this month, instead choosing to reveal details of the lunch menu Vice-Premier Liu He shared with his US counterpart.Liu opted for the traditional American staple, the hamburger, while US trade representative Robert Lighthizer chose Asian-style stir-fried chicken with eggplant. The two skipped tea or coffee and drank boiled water, a Chinese custom.This… Source link

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China 

China bulls echo Wang Qishan’s view from Davos: China’s economy is fine

China has just reported its slowest growth in nearly three decades, but some analysts are still confident that the economy is not close to tanking. China bulls are not as common as they used to be, but those that remain echo the views of Vice-President Wang Qishan, who told the World Economic Forum on Wednesday that “growth will continue and be sustainable”. “We believe that we haven’t reached the end, we are actually pursuing more sustainable growth,” Wang told the annual gathering of elites in Davos. China’s 2018 growth weakened…

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China 

Chinese Vice-President Wang Qishan to lead Davos delegation

China’s Vice-President Wang Qishan will lead the Chinese delegation at the World Economic Forum’s annual meeting from January 22-25 in Davos, Switzerland, according to two separate sources familiar with the arrangements. It is not known if Wang will have an official meeting with US President Donald Trump, who will be making his second appearance at the annual gathering of global elites. Wang, who has a reputation as China’s “firefighter” for his track record of handling Beijing’s most difficult tasks, has been cautiously stepping up on the diplomatic front. He attended…

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