Evergrande’s Xu Jiayin sells RMB 30 billion in shares, and finds 8 backers for his mainland listing
Fresh from getting slapped around by China’s insurance regulator over its attempted leveraged buyout of Vanke, Evergrande is back in the headlines this week with more news on a mainland list, and a $4.3 billion share sale. America’s president-elect also managed to grab attention for real estate deals in Indonesia and there are still more stories if you read on.
Evergrande Gets 8 Investors to Back Mainland Listing
China Evergrande Group, the country’s second-largest property developer, said it has introduced eight strategic investors to fund its back-door listing in Shenzhen.
The investors, who will contribute 30 billion yuan in total, will jointly own 13.16 per cent of the enlarged equity interest in Hengda Real Estate, a wholly owned subsidiary of Evergrande, according to a company filing to the Hong Kong stock exchange on Monday. Read more>>
Evergrande Sells RMB 30B Stake to CITIC-Led Group
China Evergrande Group’s (3333) residential division has received a 30 billion yuan (HK$33.5 billion) cash injection from eight investors led by CITIC Juheng. The developer, the mainland’s second largest, will use the entire amount to pay off debts, it said in a filing to the Hong Kong Exchange.
Under the terms of the investment, each one of the eight strategic investors will acquire 3 to 5 billion yuan worth of shares of Evergrande unit Hengda Real Estate, which owns most of Evergrande’s real estate assets in China. Read more>>
Trump Indonesia Projects Move Ahead as Developer Moves into White House
One resort, planned as the largest in Bali, will overlook a spectacular Hindu temple. The other, in the verdant hills of West Java, will adjoin a theme park. The properties will be so luxurious, the Trump Organization says, that even an impressive five-star rating will not do them justice. So it will give them six stars instead.
Even as President-elect Donald J. Trump promises to end foreign business deals that could pose conflicts of interest — there will be “no new deals” while he is in office, he has said — his company is moving ahead with two Indonesian projects that illustrate how tricky that pledge might be. Read more>>
Keppel Land Sells Stake in Wuxi Project for S$127M
Singapore-listed Keppel Corporation (KCL) Wednesday said its wholly owned subsidiary – Keppel Land China and its partners were divesting their stakes in Cityone Development (Wuxi) Co. (CDCL) for RMB 1.2 billion (S$256 million).
Keppel Land China is wholly owned by Keppel Land Limited (KLL), which in turn in wholly owned by Keppel Corporation. Read more>>
China Overseas Land to Kick Off Kai Tak Sales
China Overseas (0688) yesterday uploaded on its website the sales brochure of the second phase of its One Kai Tak project, an indication that it will soon launch the sale of flats in that segment.
The second phase will provide 624 flats from 375 saleable square feet to 2,414 ssf. Construction of the project is expected to be completed by the end of October. 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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