Fosun Selling Stake in Steelmaker for $2B and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Chinese conglomerate Fosun plans to offload its interest in steel group Nanjing Nangang, and mainland new home prices climb at their fastest pace since last June.

Fosun Group Sells Nangang Stake to CITIC Unit for $2B

Fosun International agreed to sell its 60 percent stake in the parent company of Nanjing Iron & Steel Co to a firm owned by CITIC after terminating an earlier plan to offload the holding to Jiangsu Shagang Group Co.

Fosun will sell its stake in Nanjing Nangang Iron & Steel United Co for RMB 13.58 billion ($2 billion) to Nanjing Iron & Steel Group, which will be controlled by CITIC-backed Xinye Steel through acquisition, the Chinese conglomerate said Sunday in an exchange filing. Read more>>

China New Home Prices Rise at Fastest Pace in Nine Months: Survey

Prices of new homes in 100 Chinese cities rose at the fastest pace in nine months in March, a private survey showed, as government support measures helped demand pick up in large and mid-sized cities.

New home prices rose 0.02 percent from the previous month after a flat reading in February, the fastest rise since last June, according to data released Saturday by China Index Academy, one of the country’s largest independent real estate researchers. Read more>>

Shimao Delays 2022 Results as Previous Year’s Report Remains Absent

As a result of the delay in the publication of the 2021 annual results and the 2022 interim results, the publication of Shimao Group’s 2022 annual results will also be delayed.

The board and the management of the company will continue to work closely with its auditor to publish the 2021 and 2022 annual results, the 2022 interim results and the respective reports as soon as practicable, the Shanghai-based developer said. Read more>>

Sunac China Posts Narrower $4B Loss for 2022

Sunac China Holdings reported a 2022 loss of RMB 27.7 billion (now $4 billion), narrowing by RMB 10.59 billion from the previous year’s figure.

The Tianjin-based developer said it recorded contracted sales of RMB 169.33 billion, a “significant decline” from 2021. Read more>>

Sunac Working to Secure Funding to Complete Projects, Chairman Says

Sunac China chairman Sun Hongbin has told investors that the embattled builder has been actively working with asset managers and applying for official funding to ensure developments are completed.

Sunac has introduced distressed asset managers into RMB 20 billion ($2.9 billion) worth of major projects and implemented RMB 11 billion in loans from the government special fund, Sun said. Read more>>

Singapore’s Golden Mile Tower Set for En Bloc Relaunch at S$600M

Golden Mile Tower on Singapore’s Beach Road will be relaunched for collective sale on 7 April at a reserve price of S$600 million ($450.8 million).

The move follows a first en bloc attempt at an indicative price of S$650 million, which closed on 9 January without a deal. Read more>>

China Warns Top Bankers of Deepening Crackdown on Corruption

Chinese authorities warned the nation’s top banking executives that the crackdown on the $60 trillion industry is far from over in a private meeting late Friday, just as they were about to announce the probe of the most senior state banker in nearly two decades.

Officials from the China Banking and Insurance Regulatory Commission and the Central Commission for Discipline Inspection called in top executives from at least six big state-owned banks to address the probe of Bank of China’s former chairman Liu Liange, according to people familiar with the matter, who asked not to be identified discussing private information. Read more>>

Wheelock Sells 75% of Flats in First Batch of Koko Mare Project in Lam Tin

Wheelock Properties sold 103, or 75 percent, of the 138 flats on offer in its latest Lam Tin project within three hours after sales began on Saturday, as the reopening of Hong Kong’s border with mainland China and other positive developments boost homebuyers’ sentiments.

The units at Koko Mare, Phase 3B of the Koko Hills development, consist of one- to two-bedroom units ranging from 300 to 400 square feet (28 to 37 square metres). After discounts, they were priced between HK$5,937,000 and HK$9,931,000 ($756,000 and $1,265,000), with an average price of HK$17,000 to HK$23,039 per square foot. Read more>>

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