CPPIB has invested in CapitaLand’s $1.5 bil fund
In the news on this day, Canada’s largest pension fund is putting more money in China after agreeing to invest in CapitaLand’s $1.5 billion Raffles City China Investment Partners III fund. Also of note, Anbang sees another US hotel deal collapse and Shanghai’s housing market could finally be cooling down. Keep reading for all of today’s headlines.
CPPIB Invests $375 Mil in CapitaLand China Fund
Canada Pension Plan Investment Board, the country’s largest pension fund, said it invested $375 million CapitaLand’s latest China property fund. CapitaLand, Singapore’s largest developer, closed its $1.5 billion Raffles City China Investment Partners III fund, which will invest in gateway cities in China.
CapitaLand will subscribe to a 41.7 percent stake in the fund and Canada Pension will take 25 percent, with the other investors coming from Asia, the Middle East and North America. Read more>>
Another Anbang Hotel Deal Collapses
China’s Anbang Insurance Group attempt to purchase a landmark Southern California hotel near a major naval base from Blackstone Group LP was called off following opposition from U.S. national-security officials, according to people with knowledge of the decision.
Blackstone ended the sale of the Hotel del Coronado near San Diego, estimated to be worth about $1 billion, after concerns were raised by the Committee on Foreign Investment in the United States. Read more>>
Shanghai’s Housing Market is Cooling Down, At Least This Week
Shanghai’s residential sales market embraced a clear sign of cooling down last week while sentiment retreated among both home seekers and real estate developers as government moves to tame the overheated market.
The area of new homes sold, excluding government-funded affordable housing, fell 6.8 percent from the previous week to 219,000 square meters, Shanghai Centaline Property Consultants Co said in a report released today. Read more>>
China Regulator Tells Banks To Boost Property Loans Risk Management
China’s banking regulator has asked lenders to step up risk management of property loans amid record gains in house prices that have raised concerns of price bubbles and ballooning debts.
Controlling real estate business risks and adherence to rules on misappropriation of credit funds into property are among measures banks should take to avoid “systemic and regional financial risks”, the China Banking Regulatory Commission (CBRC) said on its website today, a day after its meeting for an economic and financial review of the third quarter. Read more>>
Wanda’s 100th Hotel Opens In China
Chinese real estate giant Dalian Wanda’s Wanda Hotels and Resorts celebrated the opening of its 100th hotel in Hefei, Anhui province, last week. The company announced it hopes own and manage 160 hotels around the world by 2020.
Founded in 2012 and headquartered in Beijing, Wanda Hotels and Resorts now manages four hotel brands under its portfolio. Read more>>
China Sovereign Wealth Fund Brings in More New Blood
China’s sovereign wealth fund has appointed a former China Everbright Group veteran as its vice president. Liu Jun, former deputy general manager of China Everbright Group, joined China Investment Corp. (CIC), according to people with knowledge of the matter.
Liu, 44, first joined China Everbright Bank, which is controlled by China Everbright Group, in the 1990s as a currency trader and rose through the ranks over two decades. He was appointed as executive vice president of the bank in 2010, the youngest vice president in the bank’s history. 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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