Wanda’s Wang Jianlin points the finger at government officials for a failed deal
China’s richest man is known for his close relationships with the families of some top officials, but it seems that even those high level contacts may be no match for the country’s capital controls, according to a story leading today’s headlines. Also in the news, those friendly young men from the countryside who stand outside your compound gates wearing their older brother’s suits may now be partially employed by Vanke, and Singapore’s sovereign wealth fund grabs some fresh talent. Read on for all these stories and more.
Wang Jianlin Says Bureaucrats Scuttled Dick Clark Acquisition
Chinese tycoon Wang Jianlin is not accustomed to setbacks — least of all those dealt by his own government.
Since founding Dalian Wanda as a local real estate business, Mr Wang has become one of China’s richest and most influential men. His global property and entertainment empire includes theme parks, hotels, football clubs, theatre chains and Hollywood studios. Read more>>
Vanke Acquires RMB 3 Bil Stake in Mainland Agency Lianjia
Chinese developer Vanke is reportedly spending three billion yuan (HK$3.39 billion) to invest in Lianjia, a mainland property agency.
Mainland media reported Vanke has agreed to acquire an undisclosed stake in Lianjia because it is optimistic about Lianjia’s potential. However, whether Vanke will appoint a representative to Lianjia’s board remains unknown. Read more>>
GIC Appoints John Tan Kang Yong as SVP
GIC has made a senior addition to its macro research and strategy fixed-income team in Singapore. John Tan Kang Yong has joined the investment firm, which manages Singapore’s foreign reserves, as a senior vice president.
Tan spent previously spent eight years at Franklin Templeton Investments, latterly as a senior global macro and research analyst, according to his online public profile. Read more>>
CapitaLand Commercial Trust Boosts DPU by 9.6%
The manager of CapitaLand Commercial Trust (CCT) has declared an estimated distribution per unit (DPU) of 2.4 Singapore cents for 1Q17, 9.6% up from 2.19 Singapore cents a year ago.
Distributable income for the quarter grew 9.9% to S$71.3 million, largely contributed by CapitaGreen given CCT’s increase in ownership from 40% to 100% from Aug 31, 2016. Read more>>
GIC and Mapletree Discover the True Value of Education
GIC Pte and Mapletree Investments Pte are going back to school.
Singapore’s sovereign wealth fund and the city-state-based real estate investor helped fuel a record $16.2 billion of student-housing acquisitions last year, and a further $3.3 billion of deals were struck in the first quarter of 2017, according to Real Capital Analytics Inc. Student accommodation offers better returns than offices and residential housing, making it an attractive asset for pension and sovereign wealth funds looking for stable income and higher yields in a low-return world. Read more>>
CapitaLand Commercial Trust to Redevelop Downtown SG Car Park
CapitaLand Commercial Trust (CCT) has been given the green light by one authority for its plans to redevelop Golden Shoe Car Park, and now awaits clearance from another.
The trust has “now obtained the Urban Redevelopment Authority’s provisional permission for the proposed redevelopment” of the 10-storey building in the Central Business District (CBD), Lynette Leong, chief executive officer of the trust manager, was quoted in CCT’s first-quarter financial results released on Wednesday morning. CCT had submitted the plans in the second half of 2016. Read more>>
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