Evergrande’s Xu Jiayin may soon be grabbing a seat on the Vanke board
Pepto-Bismol might be the perfect Christmas gift for Vanke chief Wang Shi as the head of China’s largest developer may be getting a bit queasy over the prospect of one of his home town rivals joining the Vanke board. Also in the headlines today, Wanda chief Wang Jianlin is on the hunt for a new partners to take over as he battles the clock to list his company on a mainland exchange, and Sunac picks up yet another mainland project – from Evergrande. Read on for all these stories and more.
Evergrande Spends $1.74B to Boost Vanke Stake to 14%
China Evergrande Group is fast approaching the door to China Vanke’s boardroom after it has accumulated a 14 per cent stake in the country’s largest homebuilder and is on its way to become its second-largest shareholder.
Vanke, chaired by property tycoon Wang Shi, has been embroiled in a long-running battle over control as the company is fending off a potential hostile takeover by Baoneng Group. Read more>>
Will Wang Jianlin Turn to Speed-Dating to Find Backdoor Listing Partner?
Billionaire Wang Jianlin’s Dalian Wanda Group Co. is in takeover talks with several candidates to be the conglomerate’s vehicle to list its property unit in mainland China, according to people familiar with the matter.
Wanda is still holding talks with other potential targets for a backdoor listing of Dalian Wanda Commercial Properties Co. after Shenzhen-listed Beijing Soft Rock Investment Group Corp. dropped out, said the people, who asked not to be identified because the information is private. Read more>>
Evergrande Sells Qingdao Project to Sunac for RMB 3.7B
Hong Kong-listed mainland developer China Evergrande Group agreed to sell its Qingdao project to Sunac Group for 3.66 billion yuan on Wednesday morning, just a day after announcing it has spent 12 billion yuan to increase its stake in rival China Vanke to 14 per cent.
Evergrande’s share price rose 0.56 per cent to HK$5.38 at 10:30am after the announcement was made before the market opened on Wednesday. Read more>>
HK Home Prices Climb 2.6% to Reach 12 Month High
The prices of new homes in Hong Kong climbed 2.6 per cent in October to one-year highs, but higher stamp duty and an imminent rise in interest rates in the United States are expected to cool the buying fever, market watchers say.
The monthly price index for private homes stood at 303.8 in October, 0.75 per cent below the peak in September last year, according to data released by the Rating and Valuation Department on Wednesday. Read more>>
Hong Kong’s Phoenix Property Pulls in HK$4.3B From Home Sales
Phoenix Property Investors said it has reaped about HK$4.3 billion this year from sales of flats at two of its projects – The Morgan in Mid-Levels, and 3 Julia Avenue in Ho Man Tin.
The developer said it has so far offloaded 93 flats at The Morgan, at an average price of about HK$30,000 per saleable square foot. The firm indicated it’s inclined to sell the remaining units at The Morgan by tender. 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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