CDL has some extra incentive to sell the Millennium Hilton Seoul after its recent China adventure
The trials of one of Singapore’s largest developers are leading Mingtiandi’s headline roundup again today as local media in South Korea report that the company is in talks to sell the Millennium Hilton Hotel in Seoul for nearly $900 million.
South Korea shows up again as Singapore’s sovereign wealth fund is said to be buying nearly a third of the country’s Starbucks chain, while French supermarket operator Auchan is said to be shopping its Taiwan business.
Singapore’s CDL Said Selling Seoul Hotel to IGIS for $891M
Millennium Hilton Seoul, a five-star hotel in the middle of Seoul, is reportedly in talks with asset manager Igis Asset Management to sell its luxury establishment for KRW 1 trillion ($891.2 million), local media reported Tuesday.
CDL Hotel Korea, a Korean branch of Singaporean investment company City Developments Limited and the largest shareholder of Millennium Hilton, is planning to let Igis take over the hotel to turn it into an office building, local economic newspaper the Korea Economic Daily reported. Igis declined to confirm the alleged acquisition. Read more>>
GIC Buying 30% Stake in Starbucks Korea for $716M
Singapore’s sovereign growth fund GIC Private Ltd. is acquiring a 30 percent stake in Starbucks Korea from Starbucks Corp. for about KRW 800 billion ($716 million).
Starbucks Corp., which currently owns half of Starbucks Korea, will likely sell the remaining 20 percent stake to E-Mart, an affiliate of Korea’s retail group Shinsegae. Read more>>
Auchan Said Shopping for Buyer of Taiwan Business
Auchan Retail is considering selling its stake in a group of RT-Mart-branded stores in Taiwan and is seeking $300 million to $400 million, people familiar with the matter said.
The French supermarket chain is working with an adviser to find a buyer for its 65% stake in the retail locations, the people said, asking not to be identified as the process is confidential. The sale kicked off last week, they said. Read more>>
Primavera’s Fred Hu Spends $55M on Hong Kong Mansion
Fred Hu, the former Goldman Sachs banker who founded one of China’s most active private equity firms, has splashed out on a mansion in Hong Kong following a blockbuster year of deal making, continuing the trend of wealthy mainland Chinese buyers snapping up prized real estate in the city.
The founder of Primavera Capital Group paid HK$428 million (US$55 million) for House 3 at 45 Tai Tam Road, located between the American Club and the Turtle Cove Beach near Stanley in the south-eastern corner of Hong Kong Island, according to Land Registry records. Read more>>
JD, Meituan Testing Autonomous Deliveries in Beijing
People in a Beijing suburb will begin to see autonomous delivery mini-vans across their neighborhood, moving cautiously alongside human delivery riders belting down the streets.
Beijing has greenlighted JD.com, Meituan and Neolix to trial self-driving delivery vehicles on designated public roads in the Yizhuang Development Area, an economic and technological growth pilot initiated by the municipal government of the capital city, according to an announcement made by local authorities at a mobility conference on Tuesday. Yizhuang has aggressively rolled out 5G coverage in part to prepare the infrastructure for autonomous driving ventures. Read more>>
China Oceanwide Postpones Repayment of $135M in Debt
Oceanwide Holdings has repaid USD146 million of the USD280 million bond it issued in May 2019, and it plans to postpone the repayment of the principal and interest on the remaining USD134 million until August 23, the financial and real estate holding company announced yesterday.
Oceanwide’s [SHE:000046] stock price closed down 1.46 percent at CNY2.7 (USD41.9 US cents) today, giving it a market value of about CNY14 billion (USD2.2 billion). Its share price has plummeted since last July and is currently trading near the record low of CNY2.6. Read more>>
Country Garden Property Management Unit Raises $2B
Country Garden Services Holdings Co. raised $2 billion, paving the way for more acquisitions as China’s largest listed property services manager seeks to reach an ambitious revenue goal.
In the biggest additional fundraising in the sector, the Foshan, Guangdong-based company agreed to sell HK$10.5 billion in new shares and issue HK$5.04 billion of zero-coupon convertible bonds due 2022, exchange filings showed Tuesday. That’s more than earlier offered, according to terms for the deal obtained by Bloomberg News. Read more>>
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