China’s most indebted real estate developer could be more dangerous dead, than it is alive, according to a recent research report. Plus, a New York senator defends the portrayal of Manhattan as a low-employment area, and Hong Kong luxury apartments are being offered on the cheap. Read on for all these stories and more.
Evergrande Real Estate Group Ltd., the Chinese developer that’s been on a debt-fueled buying spree in the past year, may be too big to fail, according to research firm CreditSights.
A default by Evergrande, China’s largest developer by assets, could “wreak havoc among the banks and cause social unrest among its employees and customers,” Singapore-based CreditSights said in an April 13 report. Read more>>
Chuck Schumer continues to defend the use of EB-5 capital to fund luxury Manhattan towers even as pressure mounts in Washington to amend the program to direct more investment to struggling rural or urban areas with low employment.
Speaking Wednesday at a U.S. Senate Judiciary Committee, Sen. Schumer said it simply wasn’t realistic to expect that EB-5 could be used as a driver for development in low-income areas of the city. Read more>>
A distressed residential unit at Hong Kong’s prestigious 39 Conduit Road luxury development in Mid-Levels will be offered for auction at HK$37 million less than the price paid for it in 2014, a discount of 27 per cent.
The 2,476 square feet unit at Unit B on the 39th floor comprising four bedrooms and a parking space will be auctioned with an opening bid of HK$98 million, according to Century 21 Surveyor, which has been asked by the creditor to conduct the auction on April 28. Read more>>
Anbang Insurance Group Co., the Chinese insurer that backed out of a takeover bid for Starwood Hotels & Resorts Worldwide Inc., is on track to complete its $6.5 billion purchase of another U.S. hotel company from Blackstone Group LP, said Jon Gray, Blackstone’s global head of real estate.
Anbang is under contract to buy Strategic Hotels & Resorts Inc., “and I am highly confident they will close on the transaction,” Gray said Wednesday at a conference sponsored by New York University’s Schack Institute of Real Estate. His comments were Blackstone’s first public acknowledgment of the deal for Strategic, the owner of luxury properties including Manhattan’s JW Marriott Essex House. Read more>>
James Packer’s Crown Resorts is secretly negotiating with a Chinese-backed consortium to operate a $2 billion waterfront casino resort on the Gold Coast.
After losing out last year to the Star Entertainment Group for the rights to build the Queen’s Wharf casino in Brisbane, Crown is the favourite to front a bid for a second casino licence on the tourist strip. Read more>>
China’s retail sales of consumer goods increased 10.3 percent in the first quarter year on year, official data showed on Friday.
The first-quarter reading was 0.4 percentage points lower than that recorded in the whole of last year, according to the National Bureau of Statistics (NBS).
In March, retail sales were up 10.5 percent year on year, faster than the growth rate in the first two months of this year. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.