HNA’s Chen Feng may need to conjure up some cash to avoid a hard landing
One of China’s most aggressive investors leads today’s headlines again, and for all the wrong reasons. Following after the news of HNA’s missed payments and abandoned deals, one of the mainland’s biggest developers gets some more digital ink for its plan to raise more than $5 billion for new projects, and Dalian Wanda hopes to sell off more of its recently acquired assets. Read on for all these stories and more.
Mainland Lenders Said to Freeze HNA’s Credit
Units of HNA Group Co. missed payments due to several Chinese banks in recent weeks, prompting three lenders to freeze some of the borrowers’ unused credit lines, people with knowledge of the matter said.
As of Jan. 4, four of the banks still hadn’t collected on principal and interest payments owed late last year, said the people, who spoke on condition the lenders not be named because of the sensitivity of the matter. Read more>>
HNA Walks Away From Deal for Hong Kong Fund Manager
HNA Group walked away from late-stage negotiations to buy a stake in Hong Kong fund house Value Partners Group, people with knowledge of the matter said.
HNA pulled out of talks to buy a significant stake from Value Partners founders Cheah Cheng Hye and V-Nee Yeh just weeks before a final agreement was expected to be signed, according to a source. Read more>>
Vanke Plans RMB 35B in New Debt to Fund Rental Housing and Other Projects
China Vanke, the country’s top property developer, said it plans to issue up to 35 billion yuan (about 5.39 billion U.S. dollars) of direct debt financing instruments to boost liquidity or finance projects such as long-lease apartments.
In a statement filed to the Shenzhen Stock Exchange, the company said its board has agreed to submit to the general meeting of shareholders to approve the issuance of direct debt financing instruments. Read more>>
Wanda Hopes for Sports IPO Amid Restructuring Struggle
China’s Dalian Wanda Group is considering a Hong Kong listing for its sports assets as part of efforts to rationalize its portfolio that could also include other sales, according to five people familiar with the situation.
The conglomerate last month tapped investment banks for a potential initial public offering of its sports businesses, three of the sources said. Citic Securities, China’s largest brokerage, is one of the banks involved, added one of them. Read more>>
Fosun May Invest $125M in Bangalore Developer Nitesh Estates
Chinese business conglomerate Fosun Group is in advanced discussions to invest Rs 800 crore ($125 million) in Bengaluru-based real estate developer Nitesh Estates Ltd, The Times of India reported citing people aware of the development.
A deal would mark Fosun’s entry into the Indian real estate sector. VCCircle had reported last month that Fosun was exploring an entry into the Indian realty market and had initiated talks with a number of developers for acquisitions. Read more>>
China Negotiating for London’s Royal Mint Site for New 55,000 SQM Embassy
The Embassy of the People’s Republic of China is in talks to buy the historic site of the Royal Mint for a 600,000 sq ft campus.
Delancey and LRC Group‘s Royal Mint Court, EC3, is a 5.5-acre redevelopment project on the eastern fringe of the City, adjacent to the Tower of London. It is expected to have an end value of £750m. Read more>>
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