Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Blackrock Hypes China Opportunities as Market Cools
BlackRock, the world’s largest asset manager, says it is time to actively look for real estate opportunities in the mainland as the economic slowdown takes its toll, but cautions against investments in Hong Kong because it is too early in the interest-rate cycle.
John Saunders, BlackRock’s head of Asia-Pacific real estate, said Hong Kong prices would come under pressure as US interest rates rose. Read more>>
Blackstone’s Schwarzman Doesn’t See Hard Landing for China
China’s slowing economy won’t result in a recession as demand for goods remains strong among the middle class, said Blackstone Group LP’s Steve Schwarzman.
“The consumer demand — the middle class, for certain types of things — is doing pretty well,” Schwarzman, chief executive officer of New York-based Blackstone, said in a television interview Monday. Read more>>
Short-Sellers Take Aim at China’s Most Indebted Developer
Evergrande Real Estate Group Ltd., the best-performing major property stock traded in Hong Kong this year, is also the most-shorted and lowest-rated among peers.
Some reasons: The developer controlled by billionaire Chairman Hui Ka Yan has bought back shares to help boost prices and has been piling on debt, leading analysts and some investors to bet that increases won’t be sustainable. Read more>>
Country Garden Plans $343.3 Mil Islamic Bond in Malaysia
Chinese property developer Country Garden Holdings Company Ltd plans a debut sale of Islamic bonds, or sukuk, from a 1.5 billion ringgit ($343.3 million) programme set up by its Malaysian subsidiary, the Country Garden said in an exchange filing.
Sukuk are increasingly being considered as an alternative funding source by Chinese companies, despite low borrowing costs in the onshore bond market, as firms look to tap liquidity from Islamic investors. 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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