Leading today’s news, Asia’s richest woman could get wealthier still, thanks to an upcoming $200 million New York IPO for developer Country Garden’s education affiliate. Also in the headlines, a site along Hong Kong’s West rail line draw 35 expressions of interest, and the Wall Street Journal discovers that life in rural China can be a bit bleak. Read on for all these stories and more.
Bright Scholar Education, a company partly owned by Asia’s richest woman and Country Garden group heiress, Yang Huiyan, is seeking to raise US$200 million through an initial public offering in New York in May.
The company, which operates K-12 international and bilingual schools under the “Country Garden” brand in China, has filed an application to the New York Stock Exchange. It was targeting a listing in mid-May, a source familiar with the matter said. Read more>>
MTR Corp says there were 35 expressions of interest by developers in a plot next to Kam Sheung Road Station in Yuen Long on Monday, setting a record for property projects along the West Rail line.
The site, which could accommodate 1,652 flats covering an area of 1.23 million square feet, has an estimated valued of HK$8.4 billion, or HK$6,800 per square foot. Read more>>
Shanghai-based Greenland Holdings, the mainland’s fourth-largest developer by sales, reported a 19 per cent profit growth for the first quarter of this year amid stepped-up efforts to cut its reliance on property development.
The state-owned company engaging in both residential and commercial properties said earnings for the three months ending on March 31 totalled 2.7 billion yuan (US$392 million) on revenue of 58.8 billion yuan which was 20 per cent higher than the year-earlier figure. Read more>>
Xinyuan Real Estate Co. (NYSE:XIN) announced that its board has approved a share buyback program, which permits the company to repurchase $40 million in outstanding shares on Tuesday, April 18th, EventVestor reports. This repurchase authorization permits the financial services provider to reacquire up to 122% of its shares through open market purchases.
Xinyuan Real Estate Co. (NYSE:XIN) traded up 0.317% during mid-day trading on Monday, hitting $4.745. The stock had a trading volume of 29,014 shares. Xinyuan Real Estate Co. has a 1-year low of $4.26 and a 1-year high of $7.06. The stock has a 50 day moving average of $4.53 and a 200-day moving average of $5.17. The firm has a market cap of $335.22 million, a P/E ratio of 4.476 and a beta of 1.58. Read more>>
The growth of real estate investment in China is likely to decelerate in coming quarters despite robust growth in the first quarter, as policy tightening may eventually weigh on property sales and investment activities, analysts said on Monday.
Property investment rose 9.1 percent year-on-year in the first quarter of the year, the fastest growth rate since March 2015, data from the National Bureau of Statistics showed. The robust growth showed that the property sector remains a crucial driver of the Chinese economy. Read more>>
An epic property boom restricted to city dwellers has opened a wealth gap that continues to widen in China, setting back a state campaign to ease poverty and shunting rural dwellers from the middle-class dream.
China’s system of hukou, or household registration, a decades-old legacy of the planned economy, binds most Chinese to their place of birth, and denies those outside China’s booming megacities the right to buy property inside them. Read more>>