Sino-Ocean chairman Li Ming has got investors fighting over his company recently
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Anbang Pays $420M to Up Sino-Ocean Stake
Anbang Insurance Group Co. paid HK$3.3 billion ($420 million) to raise its stake in Sino-Ocean Land Holdings Ltd. to almost 30 percent, days after it bought about a fifth of the Chinese developer’s shares.
The insurer purchased 651 million Sino-Ocean Land shares at an average price of HK$5 a share on Dec. 9, taking its stake to 29.98 percent from 21.31 percent, according to a disclosure filed with the Hong Kong stock exchange on Wednesday. Read more>>
Goldin Properties Agrees to Sell $2.8B in China Property
Goldin Properties Holdings Ltd. agreed to sell 18 billion yuan ($2.8 billion) of properties in China to an undisclosed associate of a person connected to the company and an independent third party.
Goldin announced the deal in a statement on Wednesday. A further announcement on the disposal will be published “as soon as practicable.” Read more>>
Billionaire Pan Won’t Take Builder Goldin Properties Private
Billionaire Pan Sutong won’t make a general offer to buy all the shares of his developer Goldin Properties Holdings Ltd.
Pan, who owns about 64.4 percent of Goldin Properties, decided not to proceed with a general offer, the company said in a statement on Wednesday. The announcement came after the company requested a halt in trading Dec. 8 following a 30 percent share price increase. Read more>>
Fed Rate Increase to Cool Hong Kong Property Prices
Homeowners in this major Asian financial center are bracing for the impact of an increase in U.S. interest rates that could send a chill through the world’s most expensive housing market.
Residential home prices have been on a bull run for over a decade in Hong Kong, fueled by surging demand from mainland Chinese buyers, low mortgage rates and tight housing supply. Read more>>
Malaysian Developer Bails Out of Mega-Mall Project at a Loss
Malaysian developer Land Bhd is cashing out its investment in Berjaya (China) Great Mall Recreation Centre in Hebei province, China — which is still under construction — for 2.08 billion yuan, the bulk of which has been earmarked to repay borrowings, creditors and contractors.
The group is expected to record a loss of about 51.28 million yuan, pursuant to the proposed disposal of what it once touted would be the world’s largest shopping mall, according to its filing with Bursa Malaysia. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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