LeEco’s Jia Yueting could turn to clothing sales after that tech stuff proved tougher than expected
China’s 2017 credit crunch may already be paying dividends for its real estate heavyweights as distressed asset enthusiast Sun Hongbin of Sunac moves onto the board of a struggling mainland tech giant on the same day that its chairman exits. Also in the news today, China Vanke follows through on its RMB 55 billion deal in Guangzhou and GuocoLand launches a new luxury project in Singapore. Read on for all these stories and more.
Sunac Boss Sun Hongbin Joins Board of Flailing LeEco
LeEco Chairman Jia Yueting asked for more time to repay debt and realize his ambitions of disrupting the automobile industry, days after a Chinese court froze billions of dollars in assets he controlled.
The increasingly beleaguered tycoon, who built his sprawling tech conglomerate on a Netflix-like streaming service and smart TVs, on Thursday resigned as chairman of his main listed company in favor of leading LeEco’s fledgling automobiles division. Read more>>
China Vanke Completes RMB 55B Guangzhou Acquisition
China Vanke Co Ltd said on Friday it had entered into an asset transfer agreement to buy the equity interests and creditors’ rights of companies with assets, including land, for 55.1 billion yuan (S$11.2 billion).
China’s second-largest property developer by sales said it had signed the agreement with the liquidation team of bankrupt Guangdong International Trust Investment Corporation. Read more>>
China Aoyuan Buys into Sports Facility Builder for RMB 3.3 Bil
China Aoyuan Property said it has offered to pay 3.3 billion yuan (US$485 million) for an estimated 22 per cent stake of China Sports Industry Group , in a bid to tap into the country’s booming sports facility construction business.
The Guangzhou-based homebuilder said it has submitted the tender on Wednesday, at a price of no less than 17.53 yuan per share, according to a filing to the Hong Kong stock exchange. Read more>>
GuocoLand Launching 450 Unit Luxury Project in Singapore
GuocoLand will release its new luxury Martin Modern condominium project on July 22 – the first large-scale launch in the Robertson Quay neighbourhood in eight years.
The plum site at the corner of Martin Place and River Valley Close, which will yield 450 apartments, was one of the most highly contested land plots last year. Read more>>
Singapore’s Sabana REIT Drops Plans to Buy Eunos Property
THE manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) said on Thursday it has terminated the put and call option agreement for the proposed acquisition of the property at 107 Eunos Avenue 3.
This followed feedback from unitholders, Sabana Reit and vendor General Cars Fleet Management, it said. Read more>>
Macau Junket Operator Bets on Central Vietnam Casino
A multibillion U.S. dollar casino project on Vietnam’s central coast, backed by entities linked to Macau junket investor Suncity Group, is being positioned to appeal to local Vietnamese gamblers, a Suncity Group executive told GGRAsia in an interview.
Andrew Lo Kai Bong (pictured), the privately held group’s chief investment officer, also confirmed that group-related entities would also be involved in managing another new casino resort project planned for the north of that country. Read more>>
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