China may try to bring Macau-style gambling to Hainan
Leading today’s roundup, Chinese authorities are said to be drafting a proposal to allow gambling on Hainan, a landmark policy move that could turn the island province into another Macau. Also in the headlines, logistics giant GLP is selling some sheds to a REIT it sponsors, and a Korean coffee chain is getting burned after some over-caffeinated expansion. China may be hitting a speed bump on the Belt and Road in Canada, and no cruise through the news would be complete without a blockchain story, so read on for more details.
What If China Legalises Gambling on Hainan?
Beijing’s ambitions to bring more tourists and gambling to an island billed as China’s Hawaii is sparking visions of a rapid transformation for an important provincial region.
The plan for Hainan includes allowing gambling on the island, relaxing visa rules and building a new airport to draw foreign cash to the southern Chinese province, Bloomberg reported Friday, citing people familiar with the matter. It could pave the way for casino gaming on the island off China’s southern coast. Read more>>
GLP Sells Pair of Japan Sheds to GLP J-REIT for $278M
Singapore-based warehouse builder GLP continues its capital recycling strategy with the sale of JPY30.5 billion ($278 million) of assets and solar panels to GLP J-REIT. GLP Japan Development Venture I (“GLP JDV I”) will sell GLP Soja I and GLP Soja II to GLP J-REIT for JPY25.5 billion ($233 million).
The two modern logistics properties are located in Greater Osaka and comprise a total gross floor area of 156,000 square meters (1.7 million square feet). They were completed in February 2013 and October 2015 respectively and are currently 95 percent leased. GLP is the asset manager and owns a 50 percent stake in GLP JDV I. GLP will also sell JPY5 billion ($45 million) of solar panels which are installed on the roof of 13 GLP J-REIT properties. Read more>>
Korean Coffee Chain Caffe Bene Goes Flat
Korean coffee chain Caffe Bene has collapsed, filing for a court-led restructuring scheme on Friday. Yonhap news service reports the court will soon decide whether to put the ailing coffee chain under its receivership or commence liquidation.
The legal move follows a protracted slump and mounting losses, the company said. Launched in 2008, Caffe Bene expanded to become one of South Korea’s largest coffee franchises, opening more than 1,000 stores in five years, but lost ground in the saturated coffee market. While its US website claims it has opened 1600 stores worldwide, the exact number still trading is difficult to ascertain. Read more>>
Taiwanese Firm Said in Talks for Philippine Blockchain Hub
The Cagayan Economic Zone Authority (CEZA) in the Philippines is proposing a new casino resort in the zone and also possibly a financial technology centre including a “blockchain centre, cryptocurrency mining farm, fintech start-up incubators and cryptocurrency exchange” with the help of a Taiwanese company, according to local media reports.
The Manila Bulletin newspaper quoted Raul Lambino, identified as CEZA administrator and chief executive, saying that a Taiwanese firm and two major investors in CEZA had expressed interest in creating a cluster of tourist attractions, including a casino gaming complex, hotel and villas, water theme park, golf courses, a horse-riding area and a premium duty-free outlet shopping mall. Read more>>
China’s CCCC Draws Scrutiny for Pending AECON Buy
Critics of the pending acquisition of AECON Group Inc. by a massive Chinese state-owned enterprise are urging the government to look past short-term interests of Canadian investors and consider the broader implications of Chinese capital inflows into sensitive assets.
Investment Canada is currently reviewing the $1.51 billion acquisition by China Communications Construction Co., which is nearly 64 percent owned by the Chinese government and is one of the world’s largest construction firms. In December, Aecon shareholders overwhelmingly supported CCCC’s offer to buy the company for $20.37 a share, a 23 per cent increase over its market price in October. Read more>>
Ascendas India Trust Placement 100% Oversubscribed
A private placement for Ascendas India Trust (a-iTrust) has been oversubscribed, said its trustee manager. The placement was about two times covered and the number of new units to be issued has been raised from 73 million to 97.4 million.
Based on the issue price of S$1.027 – a discount of 7 per cent to the volume-weighted average price of units traded on Feb 5 – the total proceeds raised has increased from about S$75 million to about S$100 million. Read more>>
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