CSCEC and China’s Exim Bank may be selling their stakes in the $3.5B Baha Mar resort
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
CSCEC to Sell Stake in Stalled $3.5B Baha Mar Resort
A Bahamas media report says the Export-Import Bank of China (EXIM) and China State Construction Engineering Corporation Ltd. (CSEC) have reached an agreement with Island Capital Group LLC, a private real estate merchant bank led by investor Andrew Farkas, and hotel magnate Sol Kerzner, under which the pair would reorganize, finance, open and operate the long-stalled $3.5 billion Baha Mar resort. Read more>>
Chinese Developers Shoot for $350M in EB-5 Funding for Miami Project
A team of Chinese developers wants to raise up to $350 million through the EB-5 visa program for a two-tower project in Miami’s Brickell financial district.
The $875 million project by China City Construction International Co. (CCCC) and American Da Tang Group is in the planning stages. In October, Chun Wo Development acquired a 45 percent stake in the venture that owns the 2.78-acre site at 1420 S. Miami Ave. for $40 million and said it has the potential for 3.2 million square feet of development. Read more>>
Greenland USA Chief I-Fei Chang Steps Down
In a surprise announcement on Friday night, Greenland USA said that I-Fei Chang was stepping down as president and chief executive officer of the Shanghai-based development company.
Little explanation was given from Greenland as to why Ms. Chang was stepping down other than a line in a press release saying, “Greenland Group recognizes Ms. Chang’s achievements, and respects her choice to resign for personal reasons.” Read more>>
China’s Construction Industry Set for Historic Slump Until 2030
Construction growth in China, the world’s second largest economy, is forecast to reach historical lows in the short term, with housing construction registering a decline for the first time ever.
Construction is then expected to make a slight recovery in the years leading up to 2030, according to a report by Global Construction Perspectives and Oxford Economics released on Tuesday. Read more>>
Kaisa Bonds Rally After Creditors Present Rival Restructuring Proposals
The bonds of Chinese developer Kaisa Group Holdings Ltd. rallied the most since September after two groups of creditors put forward rival restructuring proposals.
A group of noteholders submitted a non-binding letter of support for a restructuring proposal whose terms were agreed to in principle with Kaisa, according to a Nov. 6 company filing. The plan would replace the builder’s current offshore bonds with new notes of maturities ranging from four to six years. 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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