Vincom Center Metropolis in Hanoi’s Lieu Giai Street (Image: Vincom Retail)
In today’s roundup of regional news headlines, Thai retail giant Central is reportedly in talks to acquire a stake in Vietnam mall operator Vingroup, and China Vanke posts a rare profit in the mainland developer world.
Vietnam’s Vincom Retail in Stake Sale Talks With Strategic Investors
Vietnam’s largest conglomerate, Vingroup, is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, five sources told Reuters on Wednesday.
Vincom Retail, Vietnam’s biggest shopping mall operator, which is nearly 60 percent controlled by Vingroup, commands a market value of $2.8 billion. The sources said Thailand’s biggest retailer, Central Group, and other companies are in negotiations to buy a stake in Vincom Retail. Read more>>
China Vanke Defies Property Woes With $3.3B Profit
China Vanke, the nation’s second-largest developer by sales, arrested an earnings slump by posting RMB 22.6 billion ($3.3 billion) in annual profit, underscoring the divide between private firms and those with state support amid a liquidity crisis.
The company’s profit growth was largely flat for 2022 after dropping 46 percent a year earlier, the Shenzhen-based company said Thursday in a filing. Read more>>
Jingrui Posts $630M Loss, Raises Going-Concern Question
Defaulting developer Jingrui Holdings reported a net loss for 2022 of RMB 4.3 billion (now $630 million), reversing a year-earlier net profit of RMB 127.5 million.
Considering the scale of the Shanghai-based builder’s losses and maturing debts, a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern, it said in a stock filing. Read more>>
Guangzhou R&F Warns of More Than $2B in Red Ink
Guangzhou R&F Properties expects to record a 2022 net loss of RMB 15.5 billion (now $2.3 billion).
The expected loss is mainly attributable to the decrease in recognised sales resulting from challenging operating conditions in the property sector and an economic slowdown, the developer said. Read more>>
Logan Group Swings to Full-Year Loss of $1.3B
Logan Group reported a 2022 loss of RMB 8.9 billion (now $1.3 billion), swinging from a RMB 10.3 billion profit a year earlier.
The Shenzhen-based developer eked out a core profit of RMB 253 million, down 97 percent. Read more>>
Evergrande Chairman’s Hong Kong Mansion Fails to Sell by Target Date
China Evergrande chairman Xu Jiayin’s mansion in Hong Kong failed to find a buyer by the desired timeline, as bids fell short of the creditor’s targets.
The receiver of the luxury property on The Peak, valued at HK$880 million ($112 million), didn’t accept any offers submitted in the past few weeks, according to Centaline Property Agency, which is handling the sale. The house will remain on the market. Read more>>
State Bank of Vietnam Cuts Key Policy Interest Rate for Second Time This Year
Vietnam’s central bank announced it will cut a key policy interest rate for the second time this year as it seeks to bolster an economy that grew slower than expected amid drops in exports and slowing domestic demand.
The State Bank of Vietnam will reduce its refinancing rate to 5.5% from 6%, effective April 3, the regulator announced on its website Friday night. A reduction in the refinancing rate will help banks get cheaper loans from the central bank, which in turn can lower their lending interest rates to businesses. Read more>>
JD.com Shares Surge After Spin-Off Plans Revealed
Shares of JD.com jumped after the e-commerce major said it would spin off its property and industrial units and list them in Hong Kong, joining Alibaba Group in unveiling the latest restructuring of China’s technology giants.
JD.com surged as much as 8.1 percent before paring gains to 5.4 percent to HK$172 on Friday. The company’s American depositary receipts gained 7.8 percent on the NASDAQ overnight. Read more>>
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