In today’s roundup of regional news headlines, Swire Pacific takes a second step into the mainland hospitals sector with a Shenzhen investment, shares of Australian casino giant Crown Resorts close higher than the implied price of Blackstone’s takeover bid, and Sun Hung Kai Properties goes back to the drafting board after a panel rejects a project over height concerns.
Hong Kong-based conglomerate Swire Pacific has acquired a stake in Shenzhen New Frontier United Family Hospital for an undisclosed amount, it said on Friday.
Swire Pacific’s investment — its second in the mainland hospitals sector — comes as part of a strategy to identify new and diversified investment opportunities that increase its exposure to the robust growth in consumer spending in China, the company said. It had made an “associate” investment, which typically means a 20 to 50 percent stake, it added without providing further details. Read more>>
Investors have dismissed private equity giant Blackstone’s A$8 billion ($6.2 billion) takeover bid for James Packer’s Crown Resorts as merely the opening gambit in a potential bidding war for the troubled casino giant.
Crown’s shares closed 21 percent higher at A$11.97 on Monday — higher than the A$11.85 per share Blackstone offered Crown chairman Helen Coonan for the group on Sunday, with investors rushing to close out short positions and some betting a better deal will be forthcoming from either Blackstone or a rival bidder. Read more>>
Chinese retailer Suning.com disclosed on Monday that through a wholly-owned subsidiary it will contribute RMB 760 million ($117 million) to set up a firm to “revitalise its logistics assets and improve profitability”, according to a filing with the Shenzhen Stock Exchange.
CLH HK Limited, which is fully controlled by logistics giant GLP, will contribute about RMB 3.04 billion to the firm called Zhuhai Puyi Logistics Industry Investment Partnership Ltd, along with two general partners, which come up with RMB 10,000 each. Read more>>
Sun Hung Kai Properties will amend the plan for its HK$60 billion ($7.7 billion) West Kowloon project in accordance with requirements of the Town Planning Board, which rejected the developer’s application.
The Town Planning Board said SHKP’s application, submitted in September, failed to “demonstrate that there are outstanding planning or design merits to justify the proposed relaxation of building height restrictions, which would breach the ridge line from strategic viewpoint”, according to the minutes of a meeting on 22 January. Read more>>
Ares SSG is scouting for more deals in the real estate space in India, where it could acquire only the stressed assets without any regulatory or judicial intervention instead of taking over an entire company.
The Hong Kong-based fund along with Assets Care and Reconstruction Enterprise Ltd purchased the assets of debt-ridden real estate financier Altico Capital India Ltd for INR 2,800 crore last week. Altico will transfer its performing assets to SSG’s private trust and the stressed assets to the ARC. Read more>>
Mainland developer Yuzhou expects net profit for 2020 to drop significantly due to the pandemic and tightened regulation in the property sector.
The decrease was mainly attributable to delay in the development of certain projects and the delivery of properties due to the COVID-19 outbreak and decrease in the gross profit margin because of certain real-estate-related regulatory control measures causing the selling price of the property projects to be lower than expected. Read more>>
One of Hong Kong’s most senior officers has promised investors that the territory’s status as a “tax haven” is secure regardless of political and financial turmoil as the town fends off rivals to its regional monetary hub position.
Matthew Cheung additionally stated that Hong Kong’s revered judges wouldn’t need to swear a brand new oath to China as the federal government cracks down on dissent within the metropolis’s civil service. Read more>>
Like countless parents throughout China, those of 34-year-old Yuan Yin want to do everything they can to support him and his future wife as they prepare to get married.
But the weakened property market in Sheyang county, Jiangsu province, is making it difficult to pull together a wedding dowry — marriage expenses traditionally offered by the groom’s family in the country. Read more>>