Ex-GS Partner Said Ready to Plead Guilty to 1MDB Crimes and More Asia Real Estate Headlines

At the top of today’s news, facilitators of Malaysia’s multi-billion dollar 1MDB graft bonanza continue to rethink their risk assessments with a former Goldman Sachs partner now trying to strike a deal with US prosecutors on charges of criminal activity. New World’s Cheng family has happier news after a unit co-owned by New World and the family’s Chow Tai Fook agreed to buy a Dublin-based aircraft leasing firm for $2.8 billion and Anbang would like to know if anyone is in the market for a lightly-used Belgian insurer.

Former Goldman Partner Said Ready to Plead Guilty to 1MDB Crimes

A former Goldman Sachs Group Inc. banker is in talks with US prosecutors to potentially plead guilty to criminal charges stemming from an alleged scheme to steal billions of dollars from a Malaysian state investment fund, people familiar with the matter said.

The talks bring the fast-moving investigation closer to Goldman, which raised billions for the Malaysian fund, 1Malaysia Development Bhd, and come after the arrest of Malaysia’s former prime minister, who founded the fund and lost his re-election bid earlier this year. Read more>>

New World, Chow Tai Fook Unit Buys Dublin Aircraft Leasing Firm for $2.8B

Hong Kong billionaire Henry Cheng’s jewelry-to-property business empire will acquire Dublin-based Sky Leasing for about $2.8 billion, including debt, to bolster the group’s aviation business.

Though the Cheng family’s Goshawk Aviation Ltd. announced the deal last month, it didn’t disclose the value at the time. Of the total, 70 percent of the purchase will be funded with debt and the rest from Goshawk parents Chow Tai Fook Enterprises Ltd. and NWS Holdings Ltd., Brian Cheng, one of the patriarch’s sons and an executive director at NWS, said in an interview. Read more>>

China’s Anbang Looks for Buyers for Belgian Insurer Fidea

Anbang Insurance Group Co. is exploring a sale of Belgian insurer Fidea, people with knowledge of the matter said, in what would be the troubled Chinese insurer’s first European divestment since it was seized by the government.

Beijing-based Anbang has asked investment banks to pitch for a role in managing a potential sale of Fidea, according to the people, who asked not to be identified because the information is private. It is considering starting a formal auction process as soon as the third quarter, the people said. Read more>>

Transplanted Chinese Developer Aqualand Sells Sydney Penthouse for A$10.5M

Chinese-backed property developer Aqualand has smashed north shore sales records with the sale of a $10.5 million penthouse in its “Blue at Lavender Bay” development project in Sydney.

The development, which is yet to start construction, will be built by Aqualand’s new construction arm, Aqualand Constructions. Read more>>

Hilton to Open First SE Asia Waldorf Astoria in Bangkok This Year

Hilton Hotel’s luxury brand, Waldorf Astoria Hotels & Resorts, will welcome its first guests in Southeast Asia in the third quarter of 2018 with the opening of Waldorf Astoria Bangkok.

The chain has set a plan for the expansion of Waldorf Astoria into other parts of the region, including in Maldives and Indonesia. Set to be one of the region’s most anticipated hotel openings this year, the hotel will boast 171 guest rooms and suites. Read more>>

Vanke Rental Housing Project Raises Ire of Displaced Foxconn Workers

China’s biggest property developers are accelerating investments in redeveloping residential blocks for lease in Shenzhen’s urban villages to generate income growth, brushing off mounting opposition from affected tenants hurt by soaring rents in the city.

Country Garden Holdings, the biggest developer by sales, and Longfor Properties are joining a growing list of companies banking on redevelopment projects and an expanded leasing portfolio to make up for the slower regular home sales across the country

as Beijing continues to keep a lid on prices and mortgage lending to curb overheating in the property market. Read more>>

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