With 3 Club Meds already in China, Fosun is planning 4 more per year starting in 2017
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Fosun Plans 5 New Mainland Ski Resorts Each Year in Club Med Expansion
Club Mediterranee, the French holiday group controlled by Chinese conglomerate Fosun, is poised to expand aggressively in China as more well-heeled workers look for some fun in the sun and snow.
With three resorts up and running and three more being built on the mainland, the global leader in all-inclusive holidays aims to open up to five ski resorts in China every year from 2017, according to Gino Andreetta, chief executive of Club Med Greater China. Read more>>
Wealthy Beijingers Flee to Jackson Hole, Hebei
Yearning to breathe untainted air, the band of harried urbanites flocked to this parched, wild land, bringing along their dreams of a free and uncomplicated life.
But unlike the bedraggled pioneers who settled the American West two centuries ago, the first inhabitants of Jackson Hole, a resort community on the outskirts of the Chinese capital, arrived by Audi and Land Rover, their trunks filled with French wine and their bank accounts flush with cash. Read more>>
Rich Mainlanders Park Their Cash in US Strip Malls
A small group of wealthy Chinese investors recently poured $10 million into a luxury condominium project in New York’s Westchester County. The redbrick building, set to open next year, will feature a pool and a roof deck offering sweeping views of the Hudson River.
None of the people bothered to visit the site before plunking down their money. Read more>>
Mainland Finance Firms Said Hungry for More Space in Central
Mainland Chinese banks and securities firms are occupying more space in Central and other core districts, pushing up rents, a trend that is likely to continue, according to property analysts.
As a result of the push for a prime office address, mainland companies are squeezing out some multinational corporations, triggering relocations to facilities in more remote regions of the city. Read more>>
Kaisa Debt Restructuring Gains Traction
Kaisa Group Holdings Ltd’s debt restructuring will probably succeed after gaining local support as both onshore and offshore creditors met over the weekend to align their interests, advisers said.
The Shenzhen-based developer is believed to be getting backing from a committee of onshore creditors, the local government and the China Banking Regulatory Commission, according to an e-mailed statement from Kirkland & Ellis and Moelis & Co, who are advising some offshore bondholders. 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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