HNA’s Chen Feng looks pleased as his Singapore shed deal moves forward
Leading off today’s news China’s HNA Group shows some signs of post-crackdown life as it moves another step forward on its acquisition of a Singapore logistics provider. Meanwhile in Hong Kong, top developer Wheelock tries out some new high prices for some very small flats in Kowloon and BlackRock could be in line for some big new business from the largest pension fund in the US. Read on for all these stories and more as Mingtiandi takes you on our daily cruise through the news.
HNA Moves Forward on Deal for Singapore Logistics Company
Chinese conglomerate HNA Group on Thursday (Sept 7) made a conditional general offer for Singapore-listed logistics provider CWT, after tabling a pre-conditional offer in April.
The formal offer follows the satisfaction of certain pre-conditions earlier agreed upon, including the approval of HNA Holding Group’s shareholders and the receipt of certain anti-trust approvals from China. Read more>>
Wheelock Puts Kai Tak Homes on Market for HK$20k Per Square Foot
Wheelock Properties has launched its new project, with flats as tiny as 275 square feet at the highest price ever for Kai Tak, the former site of the Hong Kong airport.
The launch comes as Hong Kong home prices rose for 16 straight months in July and calls on Wednesday for the Chief Executive Carrie Lam Cheng Yuet-ngor to release her election pledge “Starter Homes” scheme to help first-time buyers pay for homes at affordable prices. Read more>>
Hong Kong Land Czar Says Subsidised Home Program to Cut Prices by 50%
Flats for the planned Starter Homes scheme should cost about half of the market price, the chairman of the new Task Force on Land Supply, Stanley Wong Yuen-fai, said yesterday.
Chief Executive Carrie Lam Cheng Yuet-ngor announced on Wednesday that her maiden policy address on October 11 will include the scheme that would help young families get on the property ladder. The task force had its first meeting the same afternoon. Read more>>
CalPERS in Talks to Outsource PE Work to BlackRock
The largest US pension fund is talking to BlackRock about outsourcing its private equity business as it seeks to control fees and offset anemic returns, people familiar with the matter said.
The California Public Employees’ Retirement System is in discussions with BlackRock about managing some or all of its US$26.2 billion (S$35.12 billion) in private equity investments, said the people, who asked not to be identified because the conversations were private. The discussions are preliminary, they said. Read more>>
Mainland Cities Face Record Funding Costs as Govt Pulls Support
China’s cities, towns and counties are facing surging borrowing costs as investors anticipate landmark defaults.
A local government financing vehicle in the country’s east was recently forced to pay a coupon on a bond that matched a record. Average financing costs in credit markets for the units that finance roads, bridges and sewers have jumped, with yields for some borrowers surging the most in six years. Read more>>
HK’s Democrats Attack Link REIT Over Shop Sales
The Democratic Party on Wednesday has slammed Link Reit over its reported plan to dispose of 20 more shopping centres. The party demanded that the government stop Link Reit from selling shopping centres that serve people living in subsidised housing.
About 20 members of the party protested outside government headquarters against the sale plan. They complained that shops already sold by the Reit are being mismanaged by their new owners. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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