Evergrande’s Xu Jiayin hasn’t lost his drive for electric cars
Mainland development giant Evergrande is back in the news today with yet another investment in the electric car industry after coming up short in its attempt to take over Faraday Future. Also in the news, Anbang Insurance is moving forward with liquidating pieces of its portfolio, including a Manhattan office building, and a homegrown Indian serviced office provider plans to introduce 15 new centres within the next year. All these stories and more await you below.
Evergrande Buys RMB 1B Stake in Car Battery Maker
Evergrande Group, one of China’s real estate giants, is aggressively moving into the electric car manufacturing sector, The Paper reported.
Its wholly owned subsidiary, Evergrande New Energy Power Technology Co, has purchased a stake in Shanghai Cenat New Energy Co, a lithium-ion battery producer. The 1.059 billion-yuan deal makes it the largest shareholder with a stake of 58.07%, according to a company statement. Read more>>
Anbang Said to Put Manhattan Office Tower on the Block
Anbang Insurance Group Co., which symbolized the era of mega-acquisitive Chinese companies that later had to reverse their buying binges, is continuing to whittle down its empire.
The Beijing-based conglomerate is exploring the sale of the Manhattan office building that houses its U.S. headquarters, according to people with knowledge of the plans. It’s also in advanced talks to sell its domestic health-insurance arm to Fujia Group, a petrochemicals-to-finance group in northeastern China’s Liaoning province, other people familiar with the matter said. Read more>>
Alibaba-Backed Easyhome in RMB 36B Back-Door Listing
Alibaba-backed home improvement chain Easyhome will take its new retail arm public via a deal worth up to $5.65 billion with a Chinese state-backed listed retail conglomerate, showed stock exchange statements published late on Thursday.
Wuhan Zhongshang Commercial Group Co Ltd in a statement said it would buy Easyhome New Retail by issuing 6 billion shares priced at 6.18 yuan each. Read more>>
Indian Serviced Office Provider to Open 15 New Locations in One Year
Indian office provider, iKeva has raised an undisclosed amount from Meenakshi Group to fund its aggressive expansion plans across Major Metros in India. The co-working space provider plans to use the funds to expand and set up 15 new centers in the next 12 months and strengthen its robust back-end processes and technology.
iKeva opened its 1st center in Banjara Hills, Hyderabad in 2013 and rapidly added 8 centres across 5 major metro cities- – Bengaluru, Chennai, Gurgaon, Hyderabad and Mumbai, with 2 new centres set to open in Hyderabad in the next three months. Read more>>
HK Developers Finished Record 21K New Homes in 2018
The number of private homes built in Hong Kong last year beat the government’s target and hit a 14-year high, helping to bring a 28-month bull run in the city’s property market to a halt.
Figures released by the Transport and Housing Bureau on Friday showed that construction of 21,000 new houses was completed, well above the official target of 18,000. Read more>>
China Puts the Brakes on Shantytown Redevelopment
Several Chinese provinces have unveiled sharply lower shantytown redevelopment targets for 2019, suggesting one key driver of home sales may be on the wane.
From Sichuan to Shanxi, targets to replace older, run-down dwellings with new, affordable housing have fallen as much as 74 per cent from 2018, Bloomberg calculations based on local government data show. Read more>>
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