Li Ka-shing is pointing south to Australia for his biggest deal ever
At the top of the news today, One of Hong Kong’s biggest property developers has won out in his attempt to buy an Aussie power company, a top 10 mainland homebuilder broke $1 billion in operating profit by the end of March, while a Singapore REIT struggles to grow its mainland mall business. Read on for all these stories and more.
Li Ka-shing’s $5.6B Duet Deal Is Biggest Overseas Acquisition Ever
Li Ka-shing has wrapped up his biggest overseas deal on record, the A$7.4 billion ($5.6 billion) takeover bid for Australian power provider Duet Group, nine months after he was barred from buying another power asset there on national security concerns.
A group led by Cheung Kong Infrastructure Holdings Ltd., the power plant and toll road operator Li controls, won approval from Foreign Investment Review Board for the takeover, Duet said Friday in a statement. The A$3.03 a share offer, raised to that level in January, is about 10 percent more than Thursday’s closing price, prompting the stock to jump 9.5 percent to A$3.01 as of the close in Sydney Friday. Read more>>
China Overseas Land Says Q1 Profits Rose to $1B in Q1
State-owned property developer China Overseas Land & Investment Ltd said on Friday its operating profit in the first quarter rose to HK$7.8 billion ($1 billion).
Operating profit for the Jan-March period a year earlier was HK$7.1 billion, before restating for CITIC Ltd’s residential property business acquired last year. Unaudited revenue was HK$27.4 billion for the first quarter of this year, compared with HK$24.7 a year earlier, before restating. Read more>>
CapitaLand Retail China Trust Ekes Out 1.1% Rise in DPU
CapitaLand Retail China Trust (CRCT) eked out a 1.1 per cent rise in first quarter distribution per unit to 2.74 Singapore cents. Gross revenue was 8.2 per cent higher at S$60.1 million while net property income (NPI) rose 9.8 per cent to S$40.3 million for the three months ended March 31, mainly due to the contribution from CapitaMall Xinnan which was acquired in September 2016.
This was partially offset by the additional tax provision for Beijing malls due to a change from cost to revenue basis effective July 1, 2016. Read more>>
China Communications Construction Has Plans for Brazil
The China Communications Construction Company (CCCC) intends to expand its presence in Brazil, the largest market in Latin America, by carrying out projects from scratch, Chang Yunbo, chief executive of CCCC South America, told the Brazilian press recently.
In 2016, the group acquired a stake of 80% in Brazilian company Concremat – Soluções Integradas de Engenharia and signed a contract to buy 51% of a new port in São Luís, Maranhão state, to be built under a partnership with WPR, a subsidiary of Brazilian group Wtorre. Read more>>
Xinyuan Real Estate Lists Property Management Unit in Beijing
Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (XIN), an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, celebrated the listing of its property management service entity, Xinyuan Technology Service Co., Ltd., on the National Equities Exchange and Quotations (NEEQ) in China.
Xinyuan’s property management service was ranked No.14 in China by the National Property Management Association in 2016, as measured by overall competitiveness. Launched in 1998, Xinyuan property management is now managing properties with more than 50 million square meters in over 20 cities across the country, including Beijing, Shanghai, Jinan and Zhengzhou, and providing services to more than 100 thousand families. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply