The 40 year-old dessert shop was forced to move after the 120% rent increase
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
HK Dessert Shop Gets Michelin Mention, Landlord Doubles Rent
A Michelin-recommended restaurant has been forced to up sticks and move after its new-found recognition gave rise to a stellar 120 percent rent hike.
Forty-year-old Kai Kai Dessert, located on Parkes Sreet, Jordan, is known for traditional sweets such as tong yuen and sweet walnut soup. The neighbourhood institution was featured last month in the Michelin Guide 2016’s street food section. Read more>>
Shanghai’s Greenland Group Plans $4.7B Share Offering
China’s Greenland Holdings will raise up to 30.1 billion yuan ($4.69 billion) through a private placement of new shares, the company said Tuesday.
Some 11 billion yuan from the offering will go toward urban development projects in areas such as Wuhan, Hubei Province, and Hefei, Anhui Province. Another 10.1 billion yuan will be used in financial projects such as establishing investment funds, while 9 billion yuan will be spent on debt repayment. Read more>>
Dalian Wanda May Take Stake in Hollywood Film Studio
Chinese entertainment giant Wanda Group is considering acquiring a significant minority stake in Legendary Pictures, the Hollywood studio run by Thomas Tull that has built a substantial, multi-genre content operation from a base of fantasy and gamer franchises, according to three people familiar with the talks.
Among the scenarios being pondered by China’s largest theater operator is purchasing the holdings of one of Legendary’s current shareholders, said two of the sources. The exact percentage and dollar value of the potential investment have not yet been determined. Read more>>
Anbang Buys 5% of Vanke as Thirst for Developer Stocks Continues
Chinese insurers have found their new love: shares of property developers. Little-known Foresea Life Insurance disclosed Friday it has become the biggest shareholder of Vanke, China’s largest real estate company by sales, after increasing its stake to 20%.
That announcement was followed this week by privately held Anbang Insurance Group, which attracted global attention for its $1.95 billion purchase of the Waldorf Astoria hotel in New York, announcing on Wednesday that it had bought a 5% stake in the developer. Read more>>
China Developers Rush to Refinance as Borrowing Costs Bottom
China’s real estate companies have sharply increased the amount of funds raised from debt so far this year compared with 2014 as borrowing costs hit historical lows, and they are planning to borrow more.
Property developers have raised 495 billion yuan ($77 billion) from domestic Chinese bonds, almost double 2014 levels, Barclays Capital estimates. Read more>>
BHG Retail REIT Completes IPO in Singapore
BHG Retail Trust Management Pte. Ltd., the first pure-play China retail real estate investment trust (REIT) sponsored by a China-based group, announced Wednesday it has successfully completed its initial public offering on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST).
It is also the first mainboard and REIT listing in Singapore this year. 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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