Country Garden agrees to sell its stake in a Guangzhou commercial building to a local SOE for $387 million
Country Garden has agreed to sell its stake in a Guangzhou commercial building to a government owned company in a $387 million deal, with that story leading Mingtiandi’s headline roundup today. South Korea’s second-biggest financial group also makes the list, as Shinhan plans to build an office tower in Seoul’s traditional central business district, and China Evergrande says it will withdraw its application for US Chapter 15 bankruptcy protection.
Country Garden Selling Guangdong Project Stake to Local SOE for $387M
Country Garden has agreed to sell its stake in a 64-storey commercial project in Guangzhou’s Baietan business district to a local state-owned company in a multi-phase deal which involves an equity commitment of RMB 2.8 billion ($387 million).
The financially troubled developer has signed a deal to sell the partially finished project to Guangdong Zhongwei after the project, which had been pledged as collateral for a RMB 1.7 billion loan due next year, had earlier been seized by a Guangdong court. Read more>>
Korea’s Shinhan to Build 40-Storey Central Seoul Office Tower
Shinhan Financial Group, South Korea’s second-biggest financial group, plans to build a new high-rise office tower in Seoul’s traditional central business district to house all its non-banking units.
According to sources in the Korean financial industry, the office of Jung-gu, one of Seoul’s 25 districts, is reviewing Shinhan’s plan to redevelop one of its main office buildings on Euljiro 2-ga. Read more>>
Evergrande Withdraws US Chapter 15 Bankruptcy Application
China Evergrande says it will withdraw the application for Chapter 15 bankruptcy protection that it filed with a US court last August.
The heavily indebted developer has been discussing with creditors how to repay its foreign-currency-denominated debts since it filed for the protection. Read more>>
CalPERS Doubling Down on Allocations to Private Market Assets
The California Public Employees’ Retirement System is increasing its investments in private market assets to maximize returns from its highest-performing asset classes.
The pension fund said it’s increasing its private market allocations from 33 percent to 40 percent, according to a press release, which noted CalPERS is increasing private equity allocations from 13 percent to 17 percent and its private debt allocations from five percent to eight percent. Read more>>
Fitch Downgrades Vanke Following Moody’s Action
Fitch downgraded the credit rating of major Chinese property developer Vanke on Friday, the second agency to do so in 10 days as the country’s property sector grapples with unprecedented challenges.
Some Chinese developers are on the verge of bankruptcy and lower property prices have deterred consumers from making investments. Read more>>
Blackstone Eyes $1.9B Sale of The Office Group
Blackstone has held informal talks with advisers over a £1.5 billion ($1.9 billion) sale of The Office Group amid a pickup in demand for flexible working space, according to a Telegraph report.
The private equity firm is aiming for a deal in the first quarter of 2025 with a sale or stock market listing among possible options, the Telegraph reported, citing sources it didn’t identify. A Blackstone spokesperson told the newspaper that the company has no plans to exit the business in the foreseeable future and hasn’t appointed any advisers. Read more>>
CPPIB and Ontario Teachers’ Reinvesting in India Infrastructure Fund
The Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan are reinvesting in an infrastructure trust sponsored by the National Highways Authority of India.
The CPPIB and the Ontario Teachers’ renewed their financial commitment to the infrastructure fund through a new capital raise, contributing $297 million and $298 million, respectively. The total respective investments from the CPPIB and the Ontario Teachers’ stand at $614 million and $606 million. Read more>>
TPG Will Halve China Investments in New $5B Asia Buyout Fund
TPG will soon close its eighth Asia buyout fund at around $5 billion, with the new portfolio set to slash its China allocation by more than half from prior regional funds, according to a person familiar with the matter.
The investment firm plans to put about 10 percent of its Asia VIII pool in China, down from around 25 percent of invested capital in previous funds, according to the person, who asked not to be identified because the information isn’t public. TPG will allocate more than 80 percent in Australia, India and Southeast Asia — up from 70 percent in the predecessor fund, the person said. The rest will go to South Korea. Read more>>
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