China’s debt threat is competing for investor attention with booming markets in Singapore and Australia today as a UK investor’s Asia fund picks up an office block in Brisbane and HNA’s partners around the world wait to see if their deals will ever close. Read on for all these stories and more.
British fund M&G Investments has made its first Brisbane acquisition with the $119 million purchase of a near city office tower.
M&G Real Estate Asia, its property and management arm, yesterday confirmed it had bought the seven-storey A-grade office HQ South in Fortitude Valley for $119.1m as part of its core Asia strategy. Read more>>
Chinese conglomerate HNA said it has been preparing for a general meeting of its shareholders to approve its S$1.4 billion offer for Singapore-listed logistics provider CWT. HNA needs to get their approval before it can proceed with its offer.
There have been concerns over whether the proposed takeover would carry on after China tightened its scrutiny of the debt-financed overseas acquisition spree of a handful of conglomerates like HNA, Dalian Wanda and Anbang. Read more>>
Hilton Worldwide Holdings Inc. Chief Executive Officer Christopher Nassetta said the hotel operator continues to work with China’s HNA Group Co., its largest shareholder, as planned and that he isn’t concerned about a potential change in ownership resulting from China’s crackdown on financial risk-taking.
“At the moment I don’t think there’s something to worry about,” Nassetta said on Hilton’s second-quarter earnings call Wednesday, seeking to allay what he said was investor concern. Read more>>
Guo Guangchang, the founder and chairman of one of China’s biggest asset buyers, has urged his company’s shareholders and investors to take action against rumourmongers whose falsehoods destroy stock market value and hurt their financial interests.
“While we’re been busy working, some people were busy spreading rumours, because that’s their occupation,” Guo said in a July 22 memo to staff, sent via the WeChat social network from Sao Paolo in Brazil. “They’re actively spreading rumours because the cost of doing so is very low, while the financial returns are very high.” Read more>>
Privatised HUDC estate Serangoon Ville in Serangoon North Avenue 1 has been sold to an Oxley Holdings-led consortium for $499 million, as collective sale fever grows even hotter.
The price is well above the $400 million to $430 million the owners had been expecting when the property was put on the market last month. Read more>>
Collective sales fever is spilling into the commercial sector as many City Plaza unit owners prepare for their first annual general meeting in years on Saturday, to discuss a sale with a possible price tag of as high as $1 billion.
The 18-storey freehold building near Paya Lebar MRT station was completed in 1972 and is known for its wholesale shops, which mainly sell apparel. Read more>>