Wang Jianlin may love Hollywood, but it isn’t loving him back
Yet another starry-eyed hopeful may be having his dreams dashed by the cruel realities of Hollywood, but this time instead of a bumpkin off the bus from Boise, it’s China’s richest man. Or former richest man, as Wang Jianlin’s purchase of Legendary studios threatens to turn into another mega-flop for the mainland commercial developer. Also in the news, GIC buys an office site in Mumbai and China Vanke appears to have picked up a site in Malaysia. Read on for all these stories and more.
Investors Bail on Wanda’s Hollywood Studio Venture
Two Chinese investors have sold their stakes in Legendary Entertainment, the Burbank-based studio owned by billionaire Wang Jianlin’s Dalian Wanda Group.
Chinese conglomerate Oceanwide Holdings has sold a $217 million (RMB 1.44 billion) stake in Legendary, while Hangzhou-based production company Zhejiang Huace Film and TV Co. offloaded $20 million (RMB 133.4 million) in holdings, first-half financial reports from the two publicly traded Chinese companies show. Bloomberg was the first to report the sales. Read more>>
GIC Joint Venture Buys Mumbai Office Site for $94M
The affiliates of Singapore’s sovereign wealth fund GIC have entered into a 50-50 joint venture with Indian developer K Raheja Corp Group (KRC) to acquire a three-acre land parcel in Mumbai for about US$94 million.
The site is in Worli, off Dr Annie Besant Road. Worli, with its “excellent connectivity”, has always been a sought-after office location, said GIC and KRC in a joint statement on Tuesday (Sept 26). Read more>>
Vanke Said to Buy KL-Area Resi Site for $118M
SHENZHEN-based property developer China Vanke Co Ltd is believed to have won the tender for a 7.4-acre tract in Jalan Raja Chulan, just outside Kuala Lumpur’s Golden Triangle. This puts an end to attempts to divest the asset that was part of a long-running legal dispute.
It is learnt that China Vanke, which is listed both on the Shenzhen Stock Exchange and Hong Kong’s stock exchange, is paying RM500 million or RM1,600 psf for the land. Read more>>
HNA Says It Will Continue to Invest in the US
HNA Group Co, one of the most acquisitive Chinese buyers of overseas assets, will keep investing in the United States, one of its key overseas markets, the conglomerate’s Chief Executive Officer Adam Tan said on Tuesday.
HNA has been in the spotlight together with other Chinese conglomerates for the billions of dollars splashed on marquee real estate properties and global brands, as Beijing cracks downs on what it deems excessive deals. Read more>>
Balfour Beattie JV with Gammon to Build Henderson’s HK Villa Project
The scheme for Wheelock Properties includes the construction of 20 villas and the aim is for it to meet the Hong Kong Building Environmental Assessment Method (HKBEAM) Gold standard upon completion. The standard is designed to ensure that a range of environmental issues have been addressed in a holistic manner.
Thomas Ho, chief executive of Gammon, said, “We are delighted to work with Wheelock Properties, our long-term partner, again for this deluxe residential project. The project team is committed to delivering the project to the highest quality and in a sustainable manner, while maintaining excellent standards of safety.” Read more>>
China Communications Construction Plans RMB 20B Bond Sale
China Communications Construction plans to issue A-share convertible bonds for up to 20 billion yuan ($3 billion) to finance various projects and equipment purchases, the infrastructure company said in a statement to the Hong Kong stock exchange on Tuesday.
Of the total proceeds, 12.17 billion yuan will be used for infrastructure investments, 2.46 billion yuan for the purchase of engineering ships and 5.37 billion yuan for buying mechanical equipment. The state-owned enterprise’s controlling shareholder CCCG will have the pre-emptive rights to subscribe to convertible bonds for as much as 17.58 billion yuan under the issue. Read more>>
Alibaba Rolls Out IKEA-Esque Store in Hangzhou
Alibaba has opened a colourful, all-inclusive home-furnishing flagship store in Hangzhou similar to Ikea, but fully augmented by Alibaba’s e-commerce technology.
The Home Times store is the Chinese e-commerce giant’s second major offline push into the US$130 billion Chinese home-furnishing market (it launched designer home-product store House Selection in Hangzhou in December). 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.
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