Is New World’s Henry Cheng thinking about all that mainland muscle entering his market?
The four families that control much of Hong Kong’s property market could soon be pushed aside by faceless mainland conglomerates as a buying spree by state-run enterprises continues to reshape the Asian financial hub. In other news, Wanda boss Wang Jianlin could be expanding his theatre empire into India, and Morgan Stanley is said to pass on the Anbang Insurance’s Hong Kong IPO. Read on for all these stories an more.
China’s SOEs Push Aside HK Tycoons in City Property Hierarchy
Henry Keswick, chairman of Jardine Matheson, was once asked what the secret of his family conglomerate’s success was. “We never sell,” he replied.
Jardines was one of colonial Hong Kong’s most powerful commercial forces and still owns the most prime office and hotel properties in the business district. But cornering the rents in Central was not enough to prevent the rise of the four Chinese families that have come to dominate the city’s property market. Read more>>
Wang Jianlin Could Expand Theatre Empire into India
A blockbuster buyout is in the works in India’s premier movie theatre company.
Almost nine months after exploring an alliance, Asia’s largest film group and theatre operator Wanda Cinema, owned by China’s richest man, Wang Jianlin has revived talks with Ajay Bijli, the promoter of PVR Ltd, to buy a controlling stake in India’s largest multiplex operator, said at least four sources aware.
Dalian Wanda Group has started diligence on PVR’s books as a prelude to a formal offer to acquire the company. Read more>>
Morgan Stanley Said to Pass on Anbang IPO
One of Hong Kong’s potentially most lucrative initial public offerings in recent years has bankers facing some difficult choices. Anbang Insurance Group Co., known for its aborted $14 billion attempt to buy Starwood Hotels & Resorts Worldwide Inc., has asked investment banks to pitch for roles on an IPO of its life insurance assets.
While the recent dearth of large share sales would normally make it a no-brainer for bankers to participate, Anbang’s request has prompted some soul-searching among the top IPO underwriters. decided to pass, according to people with direct knowledge of the matter. Read more>>
Vancouver Home Sales Drop 26% After Tax on Foreign Buyers
Home sales in the Vancouver area tumbled 26 per cent in August compared to the same month last year, as observers say a new tax on foreign buyers accelerated a cooling trend in the market.
The Real Estate Board of Greater Vancouver released the data a month after the British Columbia government implemented a 15-per-cent tax on foreign buyers in Metro Vancouver in an effort to chill one of the hottest markets in North America. Read more>>
Mysterious Chinese Investors Buy Malibu Golf Club for $30.5M
There are no golf carts or carefully manicured putting greens left at the twice-bankrupt Malibu Golf Club. Its restaurant and clubhouse have been empty for years.
But that didn’t deter a little-known Chinese investment firm, Shinhan Golden Faith International Development, from paying $30.5 million for the rundown property in an all-cash deal that closed Tuesday. Read more>>
Yanlord, China Resources Land Team Up on Hangzhou Project
YANLORD Land Group has entered a strategic alliance with a subsidiary of state-owned China Resources Land Limited, for primary land development in Zhongshan, Guangdong.
This was achieved through a 64 million yuan (S$13 million) acquisition of shares in a group of entities owned by Zhongshan Renyuan Investment (ZRI). 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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