Marriott CEO Arne Sorenson expects more Chinese companies to follow Anbang
The mainland’s publicly listed developers have taken on more debt than ever in the last year, but over the in the US, major mainland investments are expected in the hotel sector. Plus Anbang’s Wu Xiaohui decides to skip an event at his home Manhattan hotel, and much more, if you’ll just read on.
Chinese Developers Take on Record Leverage Levels
Chinese-listed property developers still relied on credit to expand business with record high indebtedness last year, an industry report showed.
The debt ratio of the surveyed 198 listed real estate firms averaged 96.09 percent last year, up 7.23 percent year on year, according to a recent report released by China Real Estate Association. Read more>>
Marriott CEO Predicts Tens of Billions in Chinese Hotel Deals
If there’s one person who knows a thing or two about the impact of growing Chinese interest in U.S. hotels, it’s Marriott International CEO Arne Sorenson. Earlier this year, Sorenson came close to losing a bidding war over Starwood Hotels & Resorts to Chinese insurer Anbang Insurance Group – and he expects more to come.
“I’m sure we’ll see tens of billions in Chinese investment” in hotel properties and commercial real estate more broadly, Sorenson told journalists during a panel talk at the NYU Hospitality Industry Investment Conference on Monday. Read more>>
Wanda CEO’s Career Hinges on Re-Listing Plan
A year after he took the reins at a key Dalian Wanda investment arm, Lu Xiaoma’s future in the halls of the Chinese property to entertainment empire will be sealed by a bold arbitrage play.
Lu is the chief architect of a US$4.4 billion plan adopted by Wanda’s billionaire owner, Wang Jianlin, to take his flagship Hong Kong-listed property arm private, according to two people with knowledge of the matter. The goal is to then relist in mainland China, where developers trade at prices three times higher than their Hong Kong peers. Read more>>
Anbang Boss Wu Xiaohui a No-Show at NYC Event
Anbang Insurance Group Co.’s Wu Xiaohui canceled a speaking engagement at the National Association of Real Estate Investment Trusts’ annual conference being held at the Waldorf Astoria hotel in New York this week.
Wu, who was scheduled to speak during lunch on Tuesday, sent his regrets on June 3, saying he was called away with other business, Ron Kuykendall, a spokesman for NAREIT, said in an e-mail. A representative for Anbang in New York said he couldn’t immediately comment. Read more>>
Chinese Outbound Luxury Deals Entering the Silver-Age Says Broker
As the Chinese economy is in the midst of a transition, so too, is America’s luxury real estate market, a top broker told CNBC.
Chinese investors in U.S. real estate have shifted away from “golden-age” trophy properties and toward “silver” level properties near good school systems, Jacky Teplitzky of Douglas Elliman told CNBC’s “Power Lunch.” Read more>>
Fosun Focusing on Stake in French Ski Resort Operator
Chinese diversified group Fosun is in advanced talks to take a 10 to 15 per cent stake in tourism and leisure group Compagnie des Alpes, Le Monde newspaper said in its weekend edition.
Compagnie des Alpes specialises in ski resorts, family parks and attractions.
The newspaper said the company, in which French state-owned bank Caisse des Depots (CDC) holds a 39.54 per cent stake, is looking for partners to beef up its capital and accelerate its international development. 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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