With Wu Xiaohui sent away, Anbang is looking to undo his deals
With HNA’s clearance sale still in full force, another of China’s high profile cross-border players is getting ready for its $10 billion end of season promotion. The mainland’s biggest developer also continues to grab headlines for all the wrong reasons down in Australia, and E-House China stumbles as it steps out onto the Hong Kong exchange. Read on for all these stories and more.
Anbang Said Looking to Sell $10B in Overseas Properties
China’s Anbang Insurance Group Co Ltd is looking to offload overseas properties worth about $10 billion to shore up its balance sheet as part of a government-backed rescue, three people with knowledge of the matter said.
The sales are likely to begin within a month, said the people, who declined to be identified as they were not authorized to speak with media. New York’s Waldorf Astoria, bought in 2014 for $1.95 billion, is not part of the sale, they said. The hotel is currently closed for renovation. Read more>>
Country Garden Finds No Evidence on Bribery Scandal
The Australian arm of one of China’s biggest property developers says it has found no evidence of payments being made to disgraced NSW MP Daryl Maguire.
Country Garden Australia issued a statement on Friday, a week after Mr Maguire quit the Liberal party and resigned as a parliamentary secretary following his evidence at an Independent Commission Against Corruption inquiry. Read more>>
Aussie Developer Denies Land Sale Deal with Country Garden
Walker Corporation has denied Chinese development company Country Garden Australia – named in a property scandal involving disgraced Wagga MP Daryl Maguire – has bought land in its Wilton South East Precinct.
The Independent Commission Against Corruption revealed two weeks ago that Mr Maguire attempted to broker property deals and sought kickbacks from Country Garden Australia. Read more>>
Vanke Says Baoneng Has Sold Down 5% of Ownership in 3 Months
China Vanke 000002.SZ said a major shareholder Baoneng Group has cut its shareholding in the property developer by 5 percent to 20.4 percent in the past three months.
Vanke was embroiled in a high-profile corporate power struggle in late 2015, as financial conglomerate Baoneng built up a major percent stake and sought to oust management. Read more>>
E-House Shares Fall Over 2% on Debut
China’s largest real estate service provider, E-House China Enterprise Holdings, saw its share price decline today – its first as a listed firm on the Hong Kong Stock Exchange.
The stock fell 3.6 percent from its HKD14.38 (USD1.83) offering price after opening, before rallying to as much as HKD15.2 and eventually closing at HKD14.08, down nearly 2.1 percent. The Shanghai-based firm offered 320 million shares to raise more than HKD4.4 billion (USD561 million) in the offering. It will use the proceeds to developer real estate data systems and expand coverage of its estate agency and brokerage networking services. Read more>>
Mainland Developer Stocks Follow Yuan Downhill
Chinese property stocks in Hong Kong and China dropped on Friday under the weakest yuan in a year, continuing the trend of a sector which has been falling in recent months.
A depreciation of the yuan, which was at its lowest in a year by Thursday’s market close, and government policies to control home prices have caused a continued downfall of the property market. Read more>>
Balmoral Park Condo Owners Aim for S$148M Collective Sale
Pinetree Condominium in the upmarket Balmoral Park enclave has been put on the collective sale market with a reserve price of $148 million. At that price, each owner in the 50-unit freehold development stands to receive between $2.57 million and $4.09 million, said SLP Scotia, the marketing agent for the deal.
The development in Balmoral Road sits on 41,276 sq ft of land and consists of predominantly three-bedroom units measuring between 1,162 sq ft and 1,851 sq ft. Read more>>
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