Yantai Xinchao Industry says it’s betting $1.3B on US oil resources
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Chinese Developer in $1.3B Deal for Texas Oilfields
A little-known Chinese real-estate developer says it is scooping up oil assets in West Texas as part of a billion-dollar deal that underscores China’s keen interest in the U.S. energy patch.
Shanghai-listed Yantai Xinchao Industry Co. said in a securities filing Saturday that it was acquiring oil properties in West Texas as part of a deal to buy an investment company called Ningbo Dingliang Huitong Equity Investment Center. Yantai Xinchao valued the overall deal at 8.3 billion yuan ($1.3 billion). Read more>>
Foreign Investors Shop for Bargain Buildings in Shanghai
Big-ticket investments in China’s property market have fallen off along with slowing economic growth. But in Shanghai, the country’s financial capital, a few bargain hunters are starting to make deals.
In the latest, a private fund run by Singapore-listed ARA Asset Management last month purchased a 20-story office tower in Shanghai for 2.85 billion yuan, ($448 million), according to property consulting firm Savills. Read more>>
Chinese Builder Planning 500 Hectare Industrial Park in Mexico
State-owned China Communications Construction Company (CCCC) reached a preliminary accord on Tuesday to build an industrial park in Mexico that could become one of the biggest-ever Chinese investments in Latin America’s second-largest economy.
The government of the western state of Jalisco and Liu Yueping, Americas chief of CCCC, signed a memorandum in Guadalajara, the state capital, to develop the park. It could give China a major foothold to supply the North American market. Read more>>
Oaktree Capital Chief Says China is Like a Teenager
Oaktree Capital Group LLC’s Howard Marks said China is beginning to appeal to him as an investment proposition after the recent market swoons, likening the world’s second-largest economy to a “teenager” with the possibility of its best years ahead.
“All I know is that this is a better time because prices are way down and sentiment is very weak,” Mr Marks, whose firm is the world’s biggest distressed-debt investor, said during an event hosted by Bloomberg LP in Singapore on Tuesday. Read more>>
Ping An Offers Nothing Down Loans to Buyers of Aussie Homes
It sounds too good to be true. A bank that is offering its customers no-deposit home loans so they can invest in new apartments in Melbourne and the Gold Coast.
Well, it is true. It’s just not on offer to Australians. A Chinese bank reportedly courted potential investors by offering the deal at a conference in Shanghai last week. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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