Wang Jianlin got his hands on a big piece of Hollywood
Wang Jianlin’s Wanda buys the production company behind Jurassic World and the Dark Knight for $3.5 billion, plus, following a string of daring acquisitions, Evergrande Real Estate decides on some bold borrowing, while Vanke shares start to give back some of their December gains. Read on for more news.
Dalian Wanda Announces $3.5B Acquisition of Legendary
Chinese conglomerate Dalian Wanda Group Co. has agreed to acquire Hollywood production and finance company Legendary Entertainment for $3.5 billion in cash.
The deal, announced Wednesday in Beijing, is the largest investment by a Chinese company in an American movie and TV company. Read more>>
Evergrande Slammed for Planned Offshore Bond Sale
Evergrande Real Estate is borrowing for all the wrong reasons. That the leverage-laden Chinese developer hasn’t generated cash for five years is a warning to investors tempted to dabble in its debt.
Evergrande, one of China’s biggest developers, said Monday it is adding to its substantial debt pile by issuing a new, high-yield offshore dollar-denominated bond. Evergrande went on buying binge last year, spending at least $9.5 billion acquiring projects from other developers. More than half that sum was spent in December alone. Read more>>
Vanke Shares Slide 23% in Four Days
Shares of China Vanke Co, the country’s largest residential real estate developer by sales revenue, plunged 10.64 percent to HK$17.62 ($2.27) on Monday, extending a losing streak of four trading days that saw its stock price fall 23 percent.
Shenzhen-based Vanke’s shares resumed trading in Hong Kong on Wednesday. The company suspended trading of its shares on the Hong Kong and Shenzhen markets on December 20, 2015, pending a restructuring plan. Read more>>
Wanda Commercial Properties Sales Grow Just 2.5% in 2015
Dalian Wanda Commercial Properties (3699) said total contracted sales last year reached 164.08 billion yuan (HK$194 billion), up only 2.45 percent from 2014, as it is turning into an asset-light developer.
The Dalian-based firm said yesterday its rental income increased 30.7 percent to 14.4 billion yuan last year, while hotel operation income rose 22.5 percent to 5.2 billion yuan. Read more>>
Mainland Property Registration Scheduled for Year End
China will push for a unified real estate registration system in all cities and counties by the end of the year, state media said on Sunday, with the move seen as a major step in the fight against corruption.
China’s plan for a nationwide property database, once hailed as an antidote to corruption, stalled in the face of resistance from local governments – highlighting the difficulty Beijing faces in driving through reforms to tackle widespread graft. Read more>>
Kaisa Group Sweetens Buyout Plan with Cash Offer
Kaisa Group, the first Chinese property developer to miss debt payments to overseas creditors, has offered a one-off payment to creditors that consent to a debt restructuring proposal, sweetening an offer made two weeks earlier.
Kaisa, in a statement late on Sunday, said it will pay up to 1 percent of the principal amounts owed to creditors that consent by Jan. 24, and 0.5 percent to those that consent in the two weeks following. Read more>>
First Batch of Schwarzman Scholars Selected for Tsinghua University
There is a Stephen A. Schwarzman public library building in New York City, a Stephen A. Schwarzman cultural center on the drawing boards at Yale, and now a Stephen A. Schwarzman College, a brick building with a pagoda-inspired roof on the Tsinghua University campus in Beijing that, starting in August, will house the first class of Schwarzman scholars. 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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