In today’s roundup of regional news headlines, Shimao’s shares jump on reports that the troubled developer is selling all of its projects, the chairman of one of China’s biggest insurers is under investigation for corruption, and Joseph Lau’s Chinese Estates warns of its steepest annual loss in over a decade.
Shares of Shimao spiked more than 20 percent on Monday after Chinese business publication Caixin reported that the embattled developer is selling all of its real estate projects, both residential and commercial.
As debt worries within China’s real estate sector mount, cash-strapped developers have been attempting to sell off their assets to ease the cash crunch. Read more>>
China’s top anti-graft watchdog placed the chairman of China Life Insurance, one of the country’s largest insurers, under investigation, the most senior finance industry executive caught up in a mainland anti-corruption drive.
Wang Bin is “suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation”, the China Central Commission for Discipline Inspection said in a statement Saturday, without disclosing more details. Read more>>
Chinese Estates Holdings is expected to post its biggest loss in more than a decade, mainly due to losses arising from the sale of shares in struggling China Evergrande Group.
The company, which is 79 percent owned by the family of Hong Kong tycoon Joseph Lau, said it will post an annual loss of HK$1.5 billion ($192 million) for 2021, its biggest since it lost HK$8.85 billion in 2010. Read more>>
Under pressure from authorities, Chinese property firm Kaisa Group Holdings is working furiously to come up with a feasible plan to repay wealth product investors, two sources with direct knowledge of the matter said.
Kwok Ying Shing, chairman of the cash-strapped developer, has agreed to a request from the government of Shenzhen, where the company is based, to provide by the end of January a proposal to repay investors in its wealth management products, said one of the sources. Read more>>
Billionaire Mukesh Ambani’s Reliance Industries has announced the acquisition of New York’s premium luxury hotel Mandarin Oriental for $98.15 million.
Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to Central Park. Read more>>
Realty major DLF on Friday launched its luxury housing project, comprising 913 units, in India’s national capital with a starting price of INR 3 crore ($410,000).
The company has launched a project, One Midtown, comprising 913 luxury flats. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC. Read more>>
EC World REIT has received a notice of compulsory expropriation of Fu Zhuo Industrial, a port property located in Hangzhou, its manager said on Monday.
The local government served the trust with the notice on 6 January for the development of the Grand Canal National Cultural Park in Hangzhou. Read more>>