The world’s digital future leads Mingtiandi’s headline review today, with Blackstone announcing a $7 billion data centre JV with Digital Realty. Also in the news, Shimao fails to sway investors with its announcement of a debt restructuring plan and China’s Wanda is said to be in talks to sell some of its already highly leveraged mall assets to mainland insurers.
Blackstone is expanding its bet on data centres through a new venture with Digital Realty Trust. The two companies will seek to develop four data-centre campuses located in Frankfurt, Paris and Northern Virginia, with an estimated cost of $7 billion spread over the next several years, according to a statement Thursday.
Blackstone will have an 80 percent stake and contribute $700 million in capital initially, while Digital Realty will own 20 percent and manage development and day-to-day operations. Read more>>
Dalian Wanda Group, a debt-laden Chinese real estate giant, is reportedly in discussions with an insurance company with a view to raising cash by unloading its Wanda Plaza shopping malls in first and second-tier cities.
Zhuhai Wanda Commercial Management Group, a commercial property management unit of the Beijing-based developer, told investors about the existence of the talks, The Paper reported today, though it did not name the insurer. Read more>>
Shares in Chinese developer Shimao Group were flat on Friday after it issued a restructuring plan to reduce up to $7 billion in offshore debt, becoming the latest developer in China to try to revamp its debt.
The developer, with around $11.7 billion in offshore notes, bonds and other credit facilities has been pushing forward plans to revamp its debts over the past few months, Shimao said in a filing to the Hong Kong Stock Exchange late on Thursday. Read more>>
The Bangalore-based real estate developer, Brigade Group, on Wednesday announced it will be developing an office complex in Bangalore worth an estimated construction cost of INR 5 billion ($59 million). The real estate firm has formed a Joint Development Agreement for the same.
The proposed project envisages the development of a Premium ‘Grade A’ office complex on Sankey Road in the Central Business District of Bangalore covering approximately 200,000 square-foot. Read more>>
A Sasseur REIT wholly-owned subsidiary has extended an unsecured interest-bearing loan of RMB 308 million ($43 million) from its sponsor by a year, the REIT’s manager announced on Thursday.
In a filing to the Singapore Exchange, Sasseur Asset Management said that the loan from a wholly-owned subsidiary of sponsor Sasseur Cayman Holding has been extended by another year from March 2024 to March 2025. Read more>>
One of Washington’s biggest China critics travelled to New York in mid-September to meet with some of Wall Street’s best-known financiers. His mission was to persuade them to stop investing in China.
Wisconsin Republican Mike Gallagher, who chairs a House committee on China, was surprised to find they didn’t need much coaxing. They told him they already were ratcheting back their investments there. Read more>>
China Investment Corp (CIC), the nation’s sovereign wealth fund established to help diversify its foreign-exchange reserves, suffered investment losses in 2022 as the Covid-19 pandemic and geopolitical tensions roiled global markets and eroded its assets and long-term returns.
CIC’s total assets fell to $1.24 trillion by the end of last year from $1.35 trillion for the previous year, mainly due to a $51.4 billion impairment in the fair value of its holdings, according to its annual report. It was the first drop since the fallout from the US-China trade war in 2018. Read more>>
Yang Guang’s rise from a village farmer to an Audi-driving businessman with two properties hinged largely on one of the most coveted documents in China: an urban hukou, or residency permit.
The 45-year-old who lives in the central city of Zhengzhou likens the permit – which typically ties a person’s access to health, education, loans and other services to their birthplace – to a “cattle ear-tag the state clipped us with”. Read more>>