Fosun’s Guo Changchang seems pleased with the company’s $1.25B Athens bid
The changing conditions in China’s real estate market seems to have spurred a surge of deals with Fosun making a play in Greece, developers shoring up their finances, and the first international acquisition made through Shanghai’s new free trade zone.
Fosun in Bid for $1.25 Billion Greek Project
Leading Chinese investment firm, Fosun is part of a group bidding to redevelop the site of Athens former airport at Hellenikon. The Euro 915 million ($1.26 billion) bid was made recently in partnership with Greece’s Lamda Development, and sources close to the deal expect it to be approved by local authorities. Read More>>
Xian Dai Architects Buy US Hotel Designer
Shanghai’s Xian Dai Architectural Design Group announced on Tuesday that it had acquired US hotel design specialists Wilson Associates. The Chinese design firm made the transaction through its affiliate based in the Shanghai Free Trade Zone, and the deal was the first cross-border acquisition made through the pilot economic area launched last year. Read More>>
Fairmont Hotel Group Opens 382-Unit Serviced Apartment in Chengdu
Canadian-based Fairmont Hotels & Resorts has announced the opening of Fairmont Chengdu Residences, the luxury hotel brand’s first residential project in China. The residences are part of a mixed-use development that will also include the Fairmont Chengdu, a new luxury hotel scheduled to open in 2015. The company also operates the Fairmont Peace Hotel in Shanghai. Read More>>
China Resources Retail Profits Down 60% in 2013
Based on the company’s annual report released last week, China Resources Enterprise Co. Limited Annual Report the holding company’s retail business amounted to HK $ 95.174 billion (about RMB 76.3 billion), an increase of 14% ; with net profit of about 1 billion Hong Kong dollars, a decrease of 65.2%. Last year, the Group acquired Tesco’s China stores, and completed the acquisition of Kingway Brewery Holdings Limited’s ( Kingway ) beer business. Read More>>
China Merchant’s Bank Boosts Credit for Affiliated Developer
China Merchants Property Development Co., Ltd. (SZSE:000024) announced recently that it has received credit lines worth CNY 10 billion from China Merchants Bank Co., Ltd. (CMB, SEHK: 3968 and SHSE: 600036), both companies belong to Shenzhen-based conglomerate China Merchants Group, and the bank is a major shareholder in China Merchants Property. Read More>>
China Housing & Land Development to Make $10 Mil Share Repurchase
China Housing & Land Development, Inc., (NASDAQ: CHLN) announced this week that the its Board of Directors has authorized a new program to repurchase up to $10 million shares of the Xi’an-based company’s common stock. Read More>>
Zhejiang Developer Approved to Issue Corporate Bonds
In support of the notion that the sky may not be falling on China’s real estate sector, Shanghai-listed Wolong Real Estate (SHA:600173) announced this week that it had received regulatory approval to issue corporate bonds. The announcement by the Shaoxing-based developer follows less than two weeks after Ningbo-based Zhejiang Xingrun collapsed. Read More>>
Hebei Developer Buys Jinan Land for RMB 312 Mil
RiseSun Real Estate Development Co Ltd (SHE:002146), a Shenzhen-listed developer based in Hebei won the auction for a residential site in the city of Jinan with a bid of RMB 312.5 million ($50.38 million). Read More>>
Moody’s Says Greentown’s Earnings Support Credit Rating
Credit agency Moody’s has come out in support of its ratings of Greentown China Holdings, saying the developer’s 2013 financial results support its B1 corporate family rating, B2 senior unsecured rating and positive ratings outlook. Greentown nearly collapsed in 2012, before being bailed out by Hong Kong’s Wharf. Read More>>
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