There’s an analyst at GIC who knows exactly how many trailers there are in $2B of trailer parks
Singapore’s sovereign wealth fund homes to find buried treasure in America’s trailer parks, while China’s SWF plucks a new chief from the Shanghai government. Meanwhile, Greentown has a Hong Kong IPO for you, and much more if you just read on.
Singapore’s GIC Said Offering $2B for US Trailer Park Operator
Singapore’s sovereign-wealth fund is negotiating to acquire Yes Communities, an owner of manufactured housing communities, in a deal that would value Yes at more than $2 billion, according to people familiar with the matter.
GIC is in talks to buy Denver-based Yes from private-equity firm Stockbridge Capital Group, the people said. Yes owns or operates 178 manufactured-housing communities in 17 U.S. states, according to the company’s website. Read more>>
Brexit Said Causing Drop in HK Home Purchases
Homebuyer sentiment in Hong Kong has wavered in response to Britain’s vote to exit EU bloc last week, although experts maintain it is still too early to predict whether any “big fallout” will actually occur.
The Brexit referendum on June 23 shook consumer confidence in Hong Kong’s property market, with the increased uncertainty reflected in decreased demand in secondary and primary markets immediately after the vote. Read more>>
Greentown Readies $221M IPO of Property Management Business
Property services provider Greentown Service Group pressed ahead with plans to raise HK$1.7 billion ($221 million) through an initial public offering in Hong Kong on Tuesday, confident that it could sail through the extreme volatility caused by Britain’s decision to leave the European Union.
One Hong Kong-based equity capital markets banker told FinanceAsia that markets have been much less volatile than expected so far this week, providing much needed comfort for issuers looking to launch deals before quarter-end. Read more>>
Shanghai Deputy Mayor to Take the Reins at CIC
China’s sovereign wealth fund will appoint Shanghai’s deputy mayor as its new general manager, sources have confirmed.
Tu Guangshao, executive deputy mayor of Shanghai, will replace Li Keping, who headed China Investment Corp for two years, sources closed to CIC told the Post. The official announcement will be made soon. Read more>>
Regulators Could Take a Closer Look at China Resources in Vanke Struggle
The state agency which oversees China Resources (Holdings) has deep reservations about the company’s behaviour in the high-stakes battle for control of China Vanke, the country’s largest homebuilder, a source at the State-owned Assets Supervision and Administration Commission (Sasac) said.
Meanwhile, a source at the China Securities Regulatory Commission said China Resources and Baoneng Group – the two largest shareholders of Vanke – would be punished and their shareholder rights restricted if they were found to have illegally acted in concert. Read more>>
Knight Frank Chief Downplays Impact of Brexit
Alistair Elliott, senior partner and group chairman at Knight Frank, has been focused on developing the firm’s global strategy since he took up the position in April 2013. He specialises in the office market sector, and throughout his career has focused on the office agency and development business.
During his career he has been involved in a wide range of projects, with particular highlights being the acquisition of headquarters for Texaco and Readers Digest, both at Canary Wharf. Read more>>
APG Says Wanda Buy-Out Offer is Too Cheap
Billionaire Wang Jianlin is facing hurdles in his buyout bid for Dalian Wanda Commercial Properties Co., which could be the biggest privatization Hong Kong’s ever seen, after a $460 billion Dutch fund said the offer is too low.
“We have concerns about the privatization plan” because the offer isn’t attractive, Yoo-Kyung Park, a director in charge of corporate governance at APG Groep NV’s asset-management arm, said in an interview in Hong Kong. APG hasn’t made a decision on which way it will vote on the $4.4 billion transaction, she said. 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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