SM plans to put another $320 million into its China operations
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Philippine Mall Developer to Invest $320M for China Malls
SM Prime Holdings Inc., the country’s leading integrated property developer, said Wednesday it will spend P15 billion to develop new malls and acquire land in China next year.
SM Prime executive vice president Jeffrey Lim said in an interview at the sidelines of the company’s P20-billion bond listing with Philippine Dealing & Exchange Corp. the company would build one mall a year in China and was looking at more sites for future development. Read more>>
Analysts Expect HK Property Stocks to Rebound
These days, Jonas Kan divides his time between forecasting how far Hong Kong property prices will fall, and how much real estate stocks will rise.
While home prices are poised to fall as much as 10 percent by the middle of 2016, Kan reckons, publicly traded shares have baked that in and more. Read more>>
Beijing Land Sales Top 2014 Mark in 11 Months
Fierce competition sparked by a shortage of supply saw the value of land sales in Beijing this year hit a record 192 billion yuan (HK$232.9 billion) on Tuesday, surpassing the 191.7 billion yuan for all of last year.
This year’s total is likely to exceed 200 billion yuan, with seven more plots yet to be sold. Read more>>
Country Garden Turns to RMB Bonds for Cheap Financing
Country Garden said it is considering issuing yuan-denominated bonds sold by overseas entities on the mainland, known as panda bonds, as Hong Kong-listed Chinese developers increasingly tap the domestic bond market.
The move underscores the trend of developers diverging from dollar and dim sum bonds favoured earlier this year, as onshore rates tanked and China loosens its debt market. Read more>>
Chinese Cornerstones Boost BHG Retail REIT IPO
Beijing Hualian Group (BHG) has launched roadshows and bookbuilding for a Singapore Reit initial public offering a few days later than scheduled after spending additional time pinning down cornerstone investors.
The Chinese retail mall owner has followed the example set by many recent Hong Kong IPOs and locked much of its prospective flotation away with cornerstone investors from the mainland. 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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