Adam Tan is now chairman of HNA International
HNA Group jumps back into the region’s real estate headlines today as the Chinese conglomerate tries to shake off its debt hangover with a potential $2 billion sale of Radisson Hotels to Shanghai’s Jin Jiang Group and appoints a new slate of executives. Meanwhile more developers report their first half results, with CK Asset notching a 20 percent jump in core profit. Read on for all these stories and more.
Jin Jiang Said Weighing Bid for HNA’s Radisson Hotels
Chinese hospitality provider Jin Jiang International Holdings Co. is weighing a bid for Radisson Hotel Group, the global chain owned by HNA Group Co., people with knowledge of the matter said.
Jin Jiang, which is controlled by the Shanghai government, is in the early stages of considering a potential offer, according to the people. HNA could fetch at least $2 billion from a sale of Minneapolis-based Radisson, which may also attract other bidders, the people said, asking not to be identified because the information is private. Read more>>
HNA Reshuffles Leadership After Co-Chairman’s Death
China’s HNA Group [HNAIRC.UL] announced a management reshuffle on Thursday, in its latest move to calm worries about leadership at the conglomerate after the sudden death of its co-chairman, Wang Jian, during a business trip last month.
Current HNA Group Chief Executive Adam Tan has been named chairman of HNA International, a position previously held by Wang. Tan will continue to be the vice chairman and CEO of the group, it said in a statement. Read more>>
Nanjing’s Sanpower Under Stress After Stake Sale Collapses
Chinese conglomerate Sanpower is facing liquidity pressures in the wake of a debt-fuelled global buying spree, adding to concerns over the future of the UK department store House of Fraser, which it bought in 2014.
The Nanjing-based real estate and department store group, controlled by chairman Yuan Yafei, began buying overseas assets four years ago, in a streak that included House of Fraser, Israeli healthcare group Natali and US pharmaceutical company Dendreon, backed by debt. Read more>>
Profit Falls 75% at Perennial Real Estate in 2018 1H
Perennial Real Estate Holdings’ (PREH) profits for the first half of 2018 crashed by 75.3% to $13.79m from $55.79m last year. Revenue also fell by 13.1% to $33.08m from $38.08m last year.
According to its financial statement, revenue and profits were down after the company sold its 20.2% stake in TripleOne Somerset on 31 March 2017. “The group will continue with its strategy of strata sales and asset enhancement for AXA Tower and TripleOne Somerset,” it said. Read more>>
CK Asset Announces 20% Jump in Core Profit
Victor Li Tzar-kuoi’s CK Asset Holdings announced a 20 per cent increase in core profit for the first half of the year, partly thanks to the world-record breaking sale of The Center in Central for HK$40.2 billion (US$5.15 billion).
The interim results, announced Thursday, were the first for Li since he took over as chairman of CK Asset in May upon the retirement of his dad, Li Ka-shing, Hong Kong’s richest man. Read more>>
India Leased 77% More Mall Space in 2018 1H
Net absorption of retail space in India has seen a rise of over 75 percent year–on–year recording a total absorption of 1.9 million square feet (msf) in the first half of 2018, according to a recent report by JLL.
In the same time new completions saw a decline of about 25 percent year–on–year with total completion of new mall space recorded at approximately 2.1 msf in H1 2018 over 2.8 msf in H1 2017. Read more>>
UOL Announces 21% Rise in Earnings During Q2
Higher profit from property development and property investment, as well as higher dividend income received and recognition of higher fair value gains on investment properties, gave a fillip to results for UOL in its second quarter.
Net profit rose 21 per cent to $132.7 million from the previous year. For the three months ended June 30, revenue surged 59 per cent to $635.4 million from the preceding year. Read more>>
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