Guo Wengui is calling NYC home as he battles Beijing
At the top of today’s headlines, one of China’s biggest buyers of overseas assets is joining what seems like a parade of mainlanders taking a swipe at fugitive tycoon Guo Wengui in New York’s courts. Also in the news, China’s second biggest developer may be joining a mainland bid for warehouse developer GLP and top five developer Country Garden hopes that having sharks in a tank, instead of a soup, may help to sell homes. Read on for all these stories and more.
HNA Suing Fugitive Tycoon for Defamation in NYC
China’s HNA Group has filed a defamation lawsuit against Guo Wengui, days after it first broke its long silence over what it says were “baseless and meritless” allegations by the exiled billionaire, court documents show.
The aviation-to-financial services group said Guo had injured HNA’s “business reputation arising from repeated false and defamatory statements”, according to a summons filed in the New York State Supreme Court on Thursday. Read more>>
Vanke Said Joining Mainland GLP Bidders
China Vanke (000002.SZ), the country’s No.2 homebuilder by sales, is in talks to join a Chinese consortium led by Hopu Investment Management and Hillhouse Capital Group to bid for Global Logistic Properties (GLPL.SI), three sources said.
Shenzhen-based Vanke has been in discussions with the Hopu-Hillhouse consortium for a couple of weeks, said one source, adding that the bidding group was talking to at least two other potential investors from China. Read more>>
Country Garden Signs Deal to Develop Marine Parks
Haichang Ocean Park Holdings Ltd. (2255.HK) has signed an agreement with Country Garden Holdings Co. (2007.HK) to jointly develop and acquire tourist and leisure-related property projects in China.
Haichang Ocean Park said after markets closed Thursday that strategic cooperation with the Chinese mid-size developer would involve developing marine theme parks and their ancillary commercial, hotel and residential properties in cities throughout China. Read more>>
Rising Interest Rates Could Soothe HK Real Estate Fever
Hong Kong’s soaring home prices will likely take a breather in the second half of this year, as buyers turn cautious in anticipation of an increase in mortgage rates, while an unusually large supply of new apartments floods the market, analysts said.
The city’s primary and secondary residential property markets have been softening in the last fortnight, indicating growing concern among potential buyers over the interest rates outlook, according to Louis Chan Wing-kit, vice chairman of Centaline Property Asia Pacific’s residential department. Read more>>
Boss of HK-Listed Casino Developer Makes HK$4.5B Buyout Offer
The chairman of casino investor Landing International Development Ltd, Yang Zhihui, has launched a formal cash offer to acquire all the issued shares in the company that he does not already own. The offer was announced in a Thursday filing by Hong Kong-listed Landing International Development.
Landing International Ltd, a company incorporated in the British Virgin Islands and controlled by Mr Yang, on Wednesday had acquired an additional 5.26-percent stake in Landing International Development, increasing its stake in the Hong Kong-listed firm to 51.41 percent. Read more>>
Mainland Companies Signed 43% of Leases in Central Last Year
There is one gap that Chinese companies can quickly narrow with their foreign counterparts; all it takes is capital, lots of it.
Over two decades, cash-rich Chinese companies have moved into coveted addresses in Central, becoming the new landlords, tenants, and neighbours to Goldman Sachs, Hong Kong Exchanges & Clearing, BlackRock and the Bank of America-Merrill Lynch. Read more>>
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