HNA may be struggling to stay afloat, but China’s late debt drunkard can at least feel good that some of its investments have paid off, according to our lead story today. Plus the conglomerate apparently still has some credit on its home island. Also in the headlines, before Li Ka-shing retires, his Hui Xian REIT has agreed to open a new Hilton in Chongqing, and there’s much more news if you just keep reading.
HNA Group Co.’s sale of its 25% stake in Hilton Grand Vacations HGV -6.62% sold at a price of $46.25 a share late Wednesday, raking in a big profit for the Chinese conglomerate as it continues to unload U.S. holdings.
The secondary offering values HNA’s stake at $1.14 billion, giving the firm a more than 90% gain since acquiring the shares a year earlier. Read more>>
The building is the first of two towers that will serve as the gateway to a 200-hectare new central business district in downtown Haikou, capital of the island-province of Hainan in southern China.
The project is being constructed by HNA Group [HNAIRC.UL], the widely scrutinized and highly leveraged aviation-to-financial services conglomerate that got its start in Hainan 25 years ago as a regional airline with just two aircraft. Read more>>
Hyatt and Hui Xian Real Estate Investment Trust jointly announced on March 14 an agreement for Hyatt to manage a hotel owned by Hui Xian REIT.
Located in Jiefangbei, Chongqing’s Central Business District in western China, the hotel is currently under renovation and is expected to be rebranded as a Hyatt hotel in the first quarter of 2019. Read more>>
Fewer people are planning to buy a house in China as mortgage rates continue to rise, according to a survey by the central bank.
The first quarter urban depositor questionnaire by the People’s Bank of China shows that 22.9 percent of citizens plan to purchase a property in the coming three months, down 0.3 percentage point from the previous quarter but still marking the third-highest figure in history. Read more>>
Temasek-owned Surbana Jurong has signed a memorandum of understanding (MOU) with a unit of China Vanke, Vanke Industrial Town Midwest (Vanke), to jointly develop industrial new towns in China’s midwest regions.
According to the firms, an industrial new town is an urban development model in China which integrates industrial developments and urban living. It aims to create sustainable cities for residents to live and work in. Read more>>
The three biggest estate agencies here have launched an online platform to provide real-time information for agents and buyers, and to also try to overcome some of the issues on existing property portals.
SoReal Prop, as the collaboration is called, was first raised in early 2016 by the chief executives of PropNex Realty, ERA Realty and Huttons Asia after agents alerted them to the challenges they faced when subscribing to property portals. These included duplicated listings, high subscription fees and outdated information that was not refreshed in real time. Read more>>
State-owned China Poly Group Corp said its merger with Sinolight Corp and China National Arts and Crafts Group last year has given the company more momentum to expand its business abroad.
The merger enables Poly to further diversify its investment landscape and extend the scope of business abroad as Sinolight and CNACGC, which are no longer directly supervised by the State asset regulator since the merger, have overlapping business interests with Poly, said Xu Niansha, chairman of the Poly Group. Read more>>