Guo Guangchang wants you to know he’s just fine. And so is Fosun
China’s biggest private investment conglomerate put its PR machine into hyperdrive last week as the company worked to reassure markets that it had completely recovered from the detention of its chairman last December. Plus, Dutch pension fund manager APG explains their new China strategy, and Moody’s pans Wang Jianlin’s privatisation plans for Wanda. Read on for more.
Fosun Says Net Profit Climbed 17%, Touts Plans for Brazil, Russia and India
Fosun International, the Chinese mainland based conglomerate chaired by billionaire Guo Guangchang, reported 2015 net profit grew 17.3 per cent on year, and pledged this year to continue expanding its global footprint to include new investments in Brazil, Russia and India.
Guo, founder and chairman of Fosun, discussed the results during a press conference in Hong Kong on Thursday, his first since he went out of contact in early December and later confirmed by his company to have been “assisting investigation” by Chinese authorities. Read more>>
Guo Grants Rare Interview to Sell Downsized Investment Strategy
Billionaire Guo Guangchang has spearheaded some of China’s highest-profile overseas deals in recent years. But as Chinese companies go on a record foreign buying spree, the founder and chairman of Fosun Group says he will now pull back.
“This is our style: When everyone gets excited, we become more cautious,” Mr. Guo said in an interview on Thursday, his first since he disappeared briefly in December for questioning by Chinese authorities as part of a series of investigations that have shaken the country’s business elite. Read more>>
APG’s Sachin Doshi Takes Targetted Approach to China Real Estate Deals
After investing in China logistics platform e-Shang Redwood and leading a $920 million investment in commercial developer Chongbang, APG’s Sachin Doshi says his approach to investing in Chinese real estate opportunities has changed significantly.
The manager of the Dutch pension fund says APG has moved away from co-mingled pan-Asian strategies towards country and city specific investment platforms with local partners in each of its key markets. Read more>>
Moody’s Says Wanda De-Listing Proposal is Credit Negative
On 30 March 2016, DWCP announced that its controlling shareholder, Dalian Wanda Group Co., Ltd. (unrated), is considering a general offer to buy out all of DWCP’s H shares at a price of at least HKD48 per share in cash. If successful, this transaction would lead to the privatization and delisting of DWCP from the Hong Kong Stock Exchange.
“The privatization could weaken the company’s financial flexibility by constraining its access to the equity capital markets,” says Kaven Tsang, a Moody’s Vice President and Senior Credit Officer. Read more>>
New York’s Extell Seek $200M in EB-5 Funding for Manhattan Condos
Extell Development isn’t just giving Asian buyers the first crack at buying apartments at its forthcoming condominium in Lower Manhattan. The firm is eyeing Asian investment in the project, dubbed One Manhattan Square, through the EB-5 visa program.
The Gary Barnett-led firm is hoping to raise between $100 million and $200 million for the 815-unit project through the popular – and controversial – program, which offers foreign investors a U.S. green card in exchange for a $500,000 investment. Read more>>
China’s Everbright Group Upsets Sydney Neighbours
A China-based developer has upset Melbourne’s St Kilda Road establishment by winning a planning contest against members of the influential Smorgon family over the boulevard’s views.
Beijing-based Ever Bright Group group successfully sought approval at the state’s planning tribunal to raise the height of its proposed tower at 478 St Kilda Road, adding a floor that will block neighbours’ views. 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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