The Seazen Holdings scandal claims another casualty
The arrest last year of the chairman of one of China’s largest developers has led to further damage this week after one of the fallen bosses buddies was penalised for insider trading after learning that his friend was headed for trouble.
Also in the headlines, more India REITs may be n the way as Embassy Group looks to monetise its industrial assets and Banyan Tree Hotels sees its profits take a hit in the first half.
Seazen Holdings Molestation Scandal Triggers Insider Trading Case
Sun Qiusheng, chairman of Shanghai Shuangling Elevator Engineering, has been penalized CNY1.96 million ($281,535) in an aggregate fine and forfeiture for insider trading in a case which is an outgrowth of child molestation charges against Seazen Holdings ex-Chairman Wang Zhenhua.
Sun and Wang have known one other for over ten years, according to an investigation by the China Securities Regulatory Commission, which issued the corresponding penalty notice yesterday. Read more>>
India’s Embassy Group Said Exploring Monetisation of Industrial Assets
Leading realty firm Embassy group is exploring various options to monetise its warehousing and industrial parks business at an enterprise value of Rs 1,700-2,000 crore, sources said.
Bengaluru-based Embassy group, which had in 2015 formed a joint venture with private equity firm Warburg Pincus to build industrial parks, is in talks with few potential buyers to monetise completed and under-construction assets of the JV. Read more>>
Banyan Tree Reports S$49M Loss for 2020 1H
Banyan Tree Holdings sank deeper into the red with a net loss of S$49.15 million for the six months ended June 30, widening from a loss of S$2.69 million a year ago on the back of the impact of Covid-19.
Revenue dived 43 per cent to S$75.36 million as travel restrictions, limited airlift and multiple waves of lockdowns affected the hotel investments and fee-based segments significantly, with some properties on partial operations. Read more>>
Singapore Apartment Rents Rebound in July
It was a mixed picture for Singapore’s rental housing market – while rents for HDB flats and private apartments saw their first monthly increase in four months in July, leasings fell as the Covid-19 pandemic continued to impact travel and jobs.
The SRX data showed HDB rents rose 1.4 per cent in July from the previous month, a bigger rate of increase than the small 0.4 per cent rise for private condominiums and apartments. Read more>>
Malaysia’s Hatten Land Sells Melaka Project for $323M
Singapore-based firm Tayrona Capital Pte Ltd is obtaining a 99% stake in real estate developer Hatten Land Ltd’s Harbour City mixed development in Melaka as part of a US$323 million deal.
In a statement, Hatten Land — which is listed on the Singapore Exchange (SGX) — said the agreement with Tayrona Capital will see the latter invest US$23 million in Hatten Land’s unit Gold Mart Sdn Bhd, which is developing Harbour City, through the issuance of new shares which allows Tayrona Capital to obtain a 99% stake in the company. Read more>>
China Oceanwide Extends Genworth Buyout Attempt One More Time
One of the last remaining deals of China’s now-aborted overseas acquisition spree is about to make its last attempt to limp across the finish line.
China Oceanwide Holdings Group, backed by property tycoon Lu Zhiqiang, agreed in October 2016 to take over Genworth Financial for US$2.7 billion. The idea was to give Richmond, Virginia-based Genworth a much-needed injection of capital, while providing the Chinese company a platform for further global expansion and expertise it could bring back home. Read more>>
Yanlord Land Unit Signs $1.1B Syndicated Loan Facility
Yanlord Land Group Limited, a Singapore Exchange-listed real estate developer focusing on high-growth cities in the People’s Republic of China and Singapore, announced this week that its wholly owned subsidiary, Yanlord Land (HK) Co., Limited has signed a $1.1 billion syndicated loan facility.
The facility, which includes a $805 million equivalent dual-tranche term loan facility and a $295 million equivalent dual-tranche revolving credit facility was oversubscribed 1.4 times and was arranged by CMB Wing Lung Bank, DBS Bank, Hang Seng Ban and others. Read more>>
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