In today’s roundup of regional news headlines, debt-stricken China Evergrande faces a winding-up petition in the Hong Kong high court, the Cheng family behind New World Development launches a buyout bid for fashion retailer Giordano, and Swedish clothier H&M closes its Shanghai flagship store.
A winding-up petition has been filed against embattled developer China Evergrande at the Hong Kong high court, the judiciary’s website showed.
The petition was made by “Top Shine Global Limited of Intershore Consult (Samoa) Limited”, according to the website, and a hearing will be held on 31 August. Read more>>
An investment vehicle owned by the family of billionaire Henry Cheng, Hong Kong’s third-richest individual, is seeking to take control of one of the city’s biggest apparel retailers in a deal worth as much as HK$2.56 billion ($326 million). The stock jumped by the most in more than a decade.
The family’s offshore unit, Clear Prosper Global, offered to buy the 75.4 percent of Giordano International it does not already own for HK$1.88 per share, according to an exchange filing last Thursday. The offer includes HK$34 million worth of outstanding stock options. Read more>>
H&M closed its flagship store in Shanghai this week, the first store it opened in the country 15 years ago, a move that follows the city’s strict COVID-19 lockdown and comes a little over a year after a consumer boycott of the Swedish fashion brand in China.
The brand owned by Hennes and Mauritz AB permanently closed the three-storey location on Huaihai Road, one of Shanghai’s busiest shopping areas, last Wednesday, a representative on its customer-service hotline said. Read more>>
ESR Group announced Monday that ESR-Kendall Square, the company’s South Korean platform, completed 520,000 square metres (5.6 million square feet) of Class A, 100 percent pre-leased warehouse space in the country during the first half of 2022.
The newly completed space with seven warehouses across the Greater Seoul Metropolitan area has been pre-leased to tenants including one of the largest e-commerce companies in Korea, the logistics arm of a major global electronics manufacturer, a global courier service company and a major international logistics service provider, ESR said. Read more>>
US-listed Chinese wealth management service provider Noah Holdings filed its prospectus to list on the HK stock exchange on 22 June, with Goldman Sachs acting as the exclusive sponsor.
Noah is currently the largest third-party wealth management institution in China, with Sequoia Capital investing in 2007. It offers one-stop advisory services on global investment and asset allocation, primarily for high-net-worth investors. Read more>>
China’s securities regulator has proposed rules to regulate private pension investment via mutual funds, setting the criteria for qualified products and sales agents under a scheme that will channel fresh savings into the country’s capital markets.
The draft rules, published by the China Securities Regulatory Commission late Friday, came after Beijing in April launched a milestone private pension scheme to tackle the challenges of an ageing population. Read more>>
Chindata Group announced last Friday that the company had successfully closed a $500 million syndicated loan on the same day.
The loan facility has a three-year tenor with a two-year extension option. Credit Suisse (Singapore branch) and Morgan Stanley Senior Funding acted as original mandated lead arrangers and book runners. A total of 15 lenders participated in the facility. Read more>>
After a two-year revamp, Singapore’s i12 Katong officially opened last Thursday with co-working spaces and tech-backed retail concepts.
The six-storey mall, located at the intersection of East Coast Road and Joo Chiat Road, will have more than 150 retail and food and beverage stores opening progressively. Read more>>