China’s wave of homecoming listings appears to have officially ended as development colossus Country Garden shelves plan for a Shanghai IPO. Also in the news today, mainland investors are helping Xi Jinping line the belt and road with warehouses, and BlackRock predicts a 2018 slowdown. Read on for all these stories and more.
Country Garden Holdings Co., a developer whose share price has almost tripled this year, scrapped a planned spinoff of a unit on Shanghai’s stock exchange amid China’s tightened scrutiny of initial public offerings.
The planned listing of Guangdong Country Garden Property Services Co. was canceled because of a recent change in policies by the Chinese authorities, the developer said in a filing to Hong Kong’s exchange late Monday. The share offer would’ve raised a maximum of 1.1 billion yuan ($166 million), according to a draft prospectus. Read more>>
A push by some of China’s largest companies to dominate the global logistics industry — reinforced by government calls to build a “new Silk Road” — is driving a surge in Chinese acquisitions overseas of warehousing, trucking and other logistics operators.
Total announced acquisitions by Chinese groups of logistics companies in Europe, Asia and elsewhere more than doubled to $32.2bn in the first 11 months of this year, up from $12.9bn in the whole of 2016, according to figures compiled by Grisons Peak, a London-based investment bank. Read more>>
Chinese mega-developer Greenland Group (Canada) is about to embark on its second major project in downtown Toronto, the 3.85-acre, master-planned Lakeside Residences along the East Bayfront.
The site, formerly occupied by FedEx Corporation, will be “transformed into a master-planned community with seven towers and upwards of 2,000 new residential units and over 30,000 square feet of retail space,” according to Amanda Ireland, chief operating officer of Milborne Group, which is overseeing marketing and sales of the development at 215 Lake Shore Boulevard East near Lower Sherbourne Street. Read more>>
BlackRock, the world’s largest fund manager with around US$6 trillion in assets under management, is expecting Chinese economic growth to slow in 2018 amid its continued debt-cutting campaign.
“We think China’s GDP (gross domestic product) growth will slow both in nominal and real terms next year,” Lu Wenjie, China investment strategist at the US investment house, told a media briefing in Hong Kong. Read more>>
The Cairnhill area in prime District 9 is turning into a collective sale hot spot with a third site about to hit the market in a little over two months.
The latest candidate is Cairnhill Heights, a freehold private site in Cairnhill Rise that is a short drive from the Orchard Road shopping belt and Mount Elizabeth Hospital. Read more>>
The company, which is backed by Sequoia Capital and Alibaba’s Ant Financial among others, launched its first overseas branch in Ayer Rajah Crescent in July.
Its new outlet will be at Suntec City and is part of the firm’s efforts to become a bridge between South-east Asia and China, founder and chief executive Mao Daqing said. Read more>>
It’s good news for expatriates looking to make their way to Singapore.
The city-state is no longer one of the world’s top 20 most expensive locations for expatriates to live in, according to the latest Cost of Living survey by Employment Conditions Abroad (ECA) International.
ECA International is a provider of data on cost of living, salary, accommodation, tax, labour law, benefits and quality of life for international assignees in over 400 locations worldwide. Read more>>