Wang Jianlin’s Wanda sees an opening in the recent NDRC decision
As tycoon Wang Jianlin’s Dalian Wanda stares down $1.7 billion in overdue offshore debts, the country’s top planning body took at least one foot off the billionaire’s neck by issuing a permit for an offshore bond sale by the troubled developer. Also in the news, Hong Kong’s office space now officially surpasses NYC as the world’s priciest, and China Life is planning more overseas buys. All these stories and more await you below.
China’s NDRC Loosens Stranglehold on Wanda With Bond Deal
China’s government may be showing the first sign of relaxing its tight grip on fundraising by the Wanda Group, five months after putting billionaire Wang Jianlin and his sprawling conglomerate under the regulatory spotlight for its aggressive asset buying spree.
Dalian Wanda Group received a written approval on November 7 to issue an offshore bond by the National Development and Reform Commission (NDRC), the state agency that coordinates industrial policies and oversees debt issues, according to banking sources familiar with the matter. Bloomberg reported on Wednesday that the NDRC had given its approval, citing unidentified people familiar with the matter. Read More>>
Hong Kong’s Office Space Now World’s Most Expensive
It’s official: Hong Kong, the world’s most expensive city to live in, is also the planet’s most expensive urban centre for renting an office.
Hong Kong’s office space rent, measured by workstation, surpassed London for the first time since 2013, as Britain’s decision to withdraw from the European Union caused the pound sterling to depreciate, rendering the British capital’s property prices to become cheaper in US dollar terms. Read more>>
Korea’s KTB Leads $475M Refinancing of NYC Tower
KTB Asset Management, a Korean real estate fund manager, spearheaded the origination of a $475 million loan to refinance RFR Holdings’ 285 Madison Avenue, Commercial Observer can first report.
RFR agreed to a five-year, fixed-rate loan on the property, which is located between East 40th and East 41st Streets. Read more>>
China Life Targets More Cross-Border Deals
China’s largest life insurer is seeking more direct investments overseas after purchases of stakes in firms such as Uber Technologies Inc. spurred its appetite and as capital controls restrain rival mainland buyers.
China Life Insurance Group is focusing on infrastructure, especially in the U.S. and Europe, and technologies and products with the growth potential in China to justify high valuations, according to Wan Yiqing, deputy chief executive of the 3.4 trillion yuan ($515 billion) insurer’s alternative investment arm. Read more>>
IMF Warns of Slowing HK Home Prices If Rates Rise
House prices in Hong Kong, the world’s most expensive real estate market, could cool next year if the Federal Reserve delivers the rate hikes it has projected, according to the International Monetary Fund.
The outlook comes as Hong Kong’s red hot property sector shows few signs of a slowdown with price gains of 11 percent this year even after the government pushed through new taxes and mortgage curbs. Read More>>
The Centre Does Not Hold for Shanghai’s Office Occupiers
A growing number of companies in Shanghai are considering relocating to offices away from the central business areas, where they can pay up to 40 per cent less in rent.
The city’s “non-CBD” office market is booming as firms increasingly choose to base themselves in “decentralised” business areas that enjoy good transport links and local amenities. Read More>>
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