Leading today’s roundup, distressed Chinese conglomerate HNA Group may get some mileage out of its new friendship with Temasek Holdings, as the Singaporean investment firm is said to be pondering deals for HNA-owned Swissport Group and Gategroup. Also in the headlines, luxury handbags are flying off the shelves in China, and Nanjing-based Sanpower wants to introduce Brits to Chinese brands, so read on for all the details.
Temasek Holdings is studying potential investments in Swissport Group and Gategroup Holding, both owned by HNA Group Co, as it considers deals with the indebted Chinese conglomerate, people with knowledge of the matter said.
Temasek, which inked a partnership with the Chinese group this week, is exploring buying stakes in a number of HNA affiliates that are complementary to its portfolio companies, the people said. It may reach agreements on some of the potential deals as soon as the third quarter depending on the pace of negotiations, one of the people said. Swissport offers ground and cargo handling services at airports, while Gategroup is an airline caterer. Read more>>
An escalation in Chinese demand has fuelled a double-digit increase in top-line sales for international luxury house LVMH. First quarter revenues increased by 10 percent to €10.9 billion ($13.4 billion) on a 21 percent increase in sales in Asia (excluding Japan), more than double the rate of growth in the US (up 10 percent) and Europe (up 6 percent).
Fashion & leather goods was by far the strongest category, booking a currency corrected 25 percent increase in revenue over the prior corresponding period to €4.27 billion ($5.3 billion). Read more>>
A Chinese firm doing a $1.4 billion reclamation project in the Sri Lankan capital Colombo has prepared building rules that now enables the new real estate to be sold to investors, an official said.
CHEC Port City Colombo (Pvt) Ltd., part of China Harbour Engineering Company (CHEC) which is a unit of China Communications Construction Company Limited (CCCC), said it has presented Development Control Regulations (DCR) for the Colombo Port City project. Read more>>
House of Fraser is due to start selling premium Chinese brands previously unavailable in the UK thanks to a new supply programme driven by its owner Sanpower. The department store’s trade orders will now be managed by the newly formed Sanpower Supply Chain and Branding Management Centre, significantly expanding the breadth of products available.
By awarding products “quality and credit endorsements” House of Fraser believes it can transform the traditional image of products “made in China” in the UK and across Europe. Read more>>
Cache Logistics Trust will convert its CWT Commodity Hub property in Singapore from a master lease to a multi-tenancy lease structure from Thursday, said the Reit’s manager.
The CWT Commodity Hub, located at 24 Penjuru Road within the Jurong Industrial Estate, is a ramp-up logistics warehouse with an average floor plate of approximately 448,000 square feet, ceiling height of up to 10 metres, and an average of 70 loading bays per floor. Read more>>