Mansoor Ebrahim Al-Mahmoud, chief executive officer of the Qatar Investment Authority
Qatar’s sovereign wealth fund has agreed to buy a 10 percent stake in China Asset Management, with that story leading Mingtiandi’s roundup of headlines from around the region. Singapore’s Oxley also makes the list as it is reported to be seeking a $120 million private loan and China Vanke says it has the cash to meet a Friday bond obligation.
Qatar’s Sovereign Wealth Fund Agrees to Buy 10% of ChinaAMC
Qatar’s sovereign wealth fund has agreed to buy a 10 percent stake in China Asset Management, one of the nation’s largest mutual fund firms, according to people familiar with the matter.
The stake will be sold by private equity company Primavera Capital. The Qatar Investment Authority’s proposal has been submitted to Chinese regulators for approval, the people said, requesting not to be named as the matter is private. The price of the deal remains unclear. Read more>>
Singapore Builder Oxley Seeks Up to $120M Private Loan
Oxley Holdings, the cash-strapped Singapore developer, is seeking a private credit loan of $100 million to $120 million, partly to help repay a Singapore dollar bond due next month, said people familiar with the matter.
Tenor of the loan would be two years, the people added, asking not to be identified discussing private matters. The borrowing is set to be backed by Oxley’s two property projects in Kuala Lumpur and London, the people said. The deal isn’t final and terms may change, the people added. Read more>>
China Vanke Set to Make $610M Offshore Bond Payment Friday
China Vanke said the real estate giant will pay a dollar bond due tomorrow, which will be its third and last offshore debt maturing this year. Vanke will pay the principal and interest on the medium-term notes, amounting to about $610 million, thanks to unobstructed financing channels, the Shenzhen-based developer said late yesterday.
Vanke received a RMB 20 billion ($2.8 billion) loan facility from a syndicate that includes China Merchants Bank on 23 May, one of the biggest single loans extended to a Chinese property developer since 2020. Read more>>
China Needs to Inject $276B Into Property Market to Stabilise Prices: Goldman
China needs to inject about RMB 2 trillion ($276 billion) into its crisis-hit property market to mop up some 10 percent of the housing inventory and stabilise property prices, Goldman Sachs said in a report.
The figure is based on the excess inventory of RMB 20 trillion the investment bank estimates exists in the 80 mainland Chinese cities it tracks. Read more>>
China Property Stocks Fall 20% From May High as Concerns Linger
China’s property stocks are on track to enter a technical bear market as doubts remain over Beijing’s efforts to bolster the sector.
A Bloomberg Intelligence gauge of Chinese developer shares dropped as much as 2.6 percent on Thursday, extending losses from a mid-May high to about 20 percent. Read more>>
Country Garden Looks to Sell Stake in Chipmaker as Winding-Up Adjourned
Defaulted Chinese developer Country Garden is looking to dispose of a stake in chip company ChangXin Memory Technologies via its venture capital arm, as it struggles to pare assets and work out its debts amid slumping home sales. The company also received seven weeks of breathing room on a liquidation hearing in a Hong Kong court.
Country Garden Venture Capital, an investment unit of Country Garden that was founded in 2019, is planning to dispose of its undisclosed stake in CXMT, according to people familiar with this matter, who did not disclose further details. Read more>>
Country Garden’s Home Sales Slump Persists as Aid Fails to Help
Country Garden’s home sales struggle dragged on last month, extending woes for a Chinese developer that’s already facing a wind-up petition.
Contracted sales for May plunged 76 percent from a year earlier to RMB 4.3 billion ($593 million), following an 83 percent slide in April, corporate filings by the Guangzhou-based company showed. There was a trend towards improvement, as May 2024 sales were 11 percent higher than a month earlier, though they were still at the third-lowest level in at least seven years. Read more>>
CK Asset Slashes Prices for Tuen Mun Flats
CK Asset has slashed prices for 28 flats at Phase 1 of the Grand Jete in Tuen Mun, with 23 of the homes being relaunched for sale.
The prices of the 28 flats have been reduced by 11 to 28 percent, leading to an average price of HK$12,176 ($1,559) per square foot after the discounts. The largest cut is for a one-bedroom apartment, with its price slashed from HK$5.4 million to HK$3.9 million. Read more>>
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