Evergrande 1H Sales Hit RMB 41.95 Bil – and more of Today’s China Real Estate Links | August 28, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• Evergrande Now Biggest Developer in China as 1H Sales Hit RMB 41.95 Bil

  Leading mainland developer Evergrande Real Estate Group announced first-half revenue of 41.95 billion yuan (HK$53.16 billion) yesterday, topping the 40.63 billion yuan reported by China Vanke last month.

  Evergrande’s net profit grew 10.4 per cent year on year to 6.24 billion yuan, beating Vanke’s 4.56 billion yuan and second only to China Overseas Land & Investment’s 11.03 billion yuan.

• CapitaMalls Asia to Open 2 More Malls in China in 2014

  Singaporean real estate developer CapitaMalls Asia is set to open seven new malls by 2014 then 13 more in 2015 and beyond.

  CapitaMalls Asia revealed its pipeline projection of malls opening in the next 3 years in its presentation slides for the Macquarie Asean Conference it disclosed to the Singapore Exchange.

  Currently, the mall developer has 83 operational malls, consisiting of 17 in Singapore, 51 in China, 5 in Malaysia, 8 in Japan and 2 in India.

  In 2013, it targets to open just 3 malls — 2 in Singapore and 1 India.

• US Establishes American Style Retirement Home in China

  Cascade Healthcare, a Seattle-owned, China-based company, has opened a new 60,000-square-foot retirement home in Beijing. It’s the latest move in the company’s efforts to bring American-style senior living to Asia.

  The new 110-bed development opens the same month that the Chinese government said it would relax rules and make it less expensive for foreign companies to run homes for the elderly.

  Cascade Healthcare will run the new facility, called Senior Living L’Amore – Kaijian.

• China’s Xinyuan Real Estate Announces US$108 Mil Convertible Debt Sale

  “Xinyuan Real Estate Co., Ltd. (NYSE: XIN, “Xinyuan” or “the Company”), a real estate developer with a focus on high growth cities in China, announced today that the Company has entered into an agreement with TPG, one of the world’s leading private investment firms, under which TPG will invest US$108.6 million through the purchase of convertible notes and common shares.

  Under the agreement, TPG has agreed to purchase 1) convertible notes due 2018 in the aggregate principal amount of US$75.8 million, and 2) US$32.9 million worth of common shares. The convertible notes carry an annual cash coupon rate of 5.0% and will be convertible into Xinyuan’s common shares at an initial conversion price of US$6.00 per ADS. The common shares will be issued at US$5.48 per ADS.”

• China Confident of 7.5% Growth Rate For 2013

  China looks set to hit its full-year growth target of 7.5%. The government’s statistics office tried to calm investors and the public who think the Chinese economy is slowing down too rapidly by revealing that it would expand by 7.5% this year.

  “We are confident that the economy is sustaining the positive momentum in the second half and confident of meeting the economic growth target,” said Sheng Laiyun, the chief spokesman of the National Bureau of Statistics.

This list is updated daily, so tune in again tomorrow for more up to date information.

Digest powered by RSS Digest