Hong Kong residents may be sick of the city’s ongoing housing crisis but at least a few thousand of them seem to have found the government’s proposed cure to be worse than the illness. Protests over the weekend lead today’s news roundup after Hong Kongers objected to plans to build artificial islands. Singapore’s Temasek Holdings also made it into the headlines with stories emerging that the investment fund is considering a stake in Anbang Insurance and HNA’s fire sale makes its obligatory appearance with news of the impending sale of an IT outsourcing unit. Read on for all these stories and more.
Thousands of Hong Kong residents protested at the weekend over a government plan to build artificial islands to deal with the city’s severe housing shortage.
Hong Kong leader Carrie Lam last week announced a plan to reclaim about 1,700 hectares (4,200 acres) from the ocean and build infrastructure and transportation links to create a major business district. The islands, which would be Hong Kong’s largest land reclamation project, would eventually house up to 1.1 million residents over the next few decades. Read more>>
Singapore’s state investment firm, Temasek Holdings Pte, has held talks with Chinese authorities about acquiring a stake in Anbang Insurance Group Co. as well as some of its assets, according to people with knowledge of the matter.
Temasek has been examining a potential deal for several months, the people said, asking not to be identified because the discussions are private. The S$308 billion ($224 billion) investment firm isn’t currently in any active negotiations about an Anbang transaction, according to two people with knowledge of its deliberations. Read more>>
China’s HNA Group is exploring an outright sale and other options for its IT outsourcing unit Pactera and has held talks with investors including Ant Financial [ANTFIN.UL], people with knowledge of the situation said.
The discussions on Pactera, which HNA bought from Blackstone in 2016 for $675 million in cash, come amid a series of sales by the heavily indebted Chinese conglomerate and show the extent of its financial crunch following a $50 billion acquisition spree. Read more>>
Yang Huiyan, vice-chairwoman of Country Garden, ranked first on the list of richest Chinese women for the sixth consecutive year, according to Hurun Richest Woman in China 2018 released on Tuesday.
With 150 billion yuan ($21.7 billion) in wealth, Yang tops the list, followed by Wu Yajun (58.5 billion yuan), chairwoman of Longfor Properties and Chen Li Hua (50.5 billion yuan), chairwoman of Fu Wah International Group. Read more>>
Housing and Local Government minister Zuraida Kamaruddin said she is waiting for the developer of Forest City to brief her about their affordable housing plans that will purportedly cater to the needs and tastes of locals.
Zuraida, who was present at the Malaysia Property Expo (Mapex) organised by the Real Estate Housing Developers Association (Rehda) last Friday (Oct 12), told reporters after the launch of the event that it will not be fair for the locals, if Forest City only caters for foreigners, according to a Sin Chew Daily report. Read more>>
The scheme of arrangement for the merger of ESR-Reit (real estate investment trust) and Viva Industrial Trust (VIT) into Singapore’s fourth-largest industrial property trust became effective and binding on Monday (Oct 15), their managers announced separately before trading opened.
In accordance with the scheme’s terms, VIT’s stapled securities are expected to be delisted on Oct 22. The move follows the approval from ESR-Reit unitholders and VIT stapled securityholders at their respective meetings on Aug 31, the sanction of the scheme by Singapore’s High Court and the receipt of approval of Jurong Town Corporation. Read more>>