It’s bring your billions to the table week in Asia as an investment consortium led by Zhang Lei’s Hillhouse Capital assembles capital intensive dream team to buy China’s collection of KFC, Pizza Hut and Taco Bell stores, at the same time that the head of one of the mainland’s biggest developers saw his personal net worth grow by $2.4 billion per day last week. Also, in the news, Blackstone may be getting nearer to the launch of its $1 billion India REIT, and there are more stories waiting for you below.
China Investment Corp. is backing a potential takeover of Yum China Holdings Inc, which runs KFC and Pizza Hut outlets in the world’s most populous nation, people with knowledge of the matter said.
The sovereign fund and DCP Capital, the investment firm run by former KKR & Co. senior executives, are part of a consortium with Hillhouse Capital that’s considering a buyout of Yum China, according to the people. Baring Private Equity Asia is also joining the investor group, which already includes KKR, the people said, asking not to be identified because the information is private. Read more>>
China Evergrande Group has blown past China Vanke Co. as the nation’s biggest builder by market value after a profit alert sent its shares soaring.
For billionaire Hui Ka Yan, the firm’s controlling shareholder, a 36 percent gain in share price in just four days last week meant his fortune swelled by an average of $2.4 billion a day, according to the Bloomberg Billionaires Index. On Monday, Evergrande was valued at about HK$352 billion ($44.8 billion) versus around HK$288 billion for Vanke. Read more>>
Embassy Office Parks, the joint venture between Bengaluru-based Embassy group and US-based private equity fund manager Blackstone, is looking to file offer document for its real estate investment trust (REIT) in a week or two, said sources in the know. The maiden REIT offering in India could raise as much as $1 billion.
“The bankers are giving the final touches to the offer documents,” said the source. An email sent to the Embassy group did not elicit a response. Read more>>
Hong Kong property developer Wheelock and Co expects headwinds in the second half as a sluggish stock market, rising interest rates and uncertainties from the US-China trade war bite, after it reported record sales of properties in the first six months.
The company rode a boom in the city’s property market in the first half of the year, with 2,021 residential units sold or pre-sold, translating into sales revenue of a record HK$23.4 billion (US$3 billion), more than double the figure in the same period last year. Read more>>
Capitalising on surging demand in Sydney’s CBD office sector, construction giant John Holland Group has offloaded its first commercial development at 275 George Street.
Japanese real estate firm Daibiru Corporation acquired the commercial asset in a move that marks Daibiru’s first inroad into the Australian property market. Read more>>