China’s richest man remains determined to go Hollywood, as Dalian Wanda boss Wang Jianlin revealed this week that he plans to buy a top US movie studio. Another headline grabber is back in the news today with Anbang Insurance reportedly planning a Hong Kong IPO, while Carlyle closes in on becoming China’s burger king. Read on for all these stories and more.
Real estate and entertainment conglomerate Dalian Wanda Group Co expects to seal two billion-dollar film-related deals in the United States this year, chairman Wang Jianlin said on Tuesday, as China’s richest man steps up his push into Hollywood.
After completing the acquisition of two non-production film companies – each worth above $1 billion – Dalian Wanda’s next target would be a so-called “Big Six” movie studio, Wang told Reuters in an exclusive interview. Read more>>
The long-running hostile raid on China’s biggest real estate developer isn’t short on drama: There’s a swashbuckling, Mount Everest-conquering company chief who courts controversy; a relatively unknown raider using leverage to increase its heft; a white knight; and surprise new potential suitor jumping in.
While the battle for China Vanke Co. isn’t exactly the “Barbarians at the Gate” takeover of RJR Nabisco by private equity firm Kohlberg Kravis Roberts & Co. during the leveraged-buyout boom of the 1980s, the scale and significance may turn out to be equally important in the annals of Chinese business history. Read more>>
Anbang Insurance Group Co. is planning an initial public offering of its life-insurance unit, a move that could increase disclosure at the opaque Chinese insurer that made an aborted $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. earlier this year.
The Beijing-based insurer has in recent weeks had discussions with investment banks about an IPO of Anbang Life Insurance Co., according to people familiar with the situation. The unit could list by the middle of next year in Hong Kong, one of the people added. Read more>>
US private equity fund Carlyle Group may be one of the two final bidders left standing in a competitive auction process that will see the US$178 billion fund buy out US fast food chain McDonald’s China franchise of 2,200 restaurants for more than US$2 billion.
The deal comes as McDonald’s, which first expanded into China via an outlet opened in Shenzhen in 1990, announced in March it was looking to restructure its holdings in Asia. The fast food chain is seeking to reduce its physical ownership of restaurants in Asia, and would like to convert its strategy into an asset-light, franchise-focused model. Read more>>
China’s largest metropolis Shanghai has released a plan for its future through to 2040 that leaves virtually no room for population growth.
In a draft development plan released Tuesday, the city’s authorities aim for the financial industry to make up about one fifth of local economic output. That’s up from 16.2 percent last year, based on data from the city’s statistics bureau. The plan will cap the permanent population at about 25 million, versus 24.2 million in 2015. Read more>>
Designer outlet malls are sprouting up all over mainland China, even as department stores find themselves struggling amid a slump in retail sales.
At least 17 new outlet malls are scheduled to open in China in the second half of 2016, according to a report by Outlet Sight, which tracks the industry. Some developers are betting on outlet malls because they typically offer off-season or factory excess goods priced at a discount to the in-season products sold by the same brands in department stores. Read more>>
Chinese state-owned banks and corporates will continue to be the dominant buyers in Hong Kong’s grade-A office market as they look to capture international capital and diversify their ownership structures to grow.
Property consultants expect to see more record deals from Chinese buyers in the coming months, warning that the aggressive sums they are paying may price others out of the market. Read more>>
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