Blackstone, Wei family seek $282 mln debt for Shanghai skyscraper space – and more of Today’s China Real Estate Links | August 29, 2012

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

• Blackstone, Wei family seek $282 mln debt for Shanghai skyscraper space-Basis Point

  Private equity firm Blackstone Group and Taiwan’s Wei family, the founders of instant noodle and MSG maker Ting Hsin International Group, are seeking to raise $282 million in five-year debt to back the purchase of a commercial property in Shanghai, Basis Point reported, citing unnamed sources. The sources said a joint venture of Blackstone and the Wei family is in the process of buying the office floors of the Huamin Imperial Tower, a new commercial building in Shanghai developed by the Huamin Group, for around 2.7 billion yuan ($425 million).

• Evergrande Profit Falls as Property Curbs Are Maintained

  Evergrande Real Estate Group Ltd. (3333), China’s biggest developer by sales volume, said first-half profit fell after the company sold fewer apartments in less affluent cities as the government maintained property curbs. Profit excluding the revaluation of investment properties dropped 21 percent to 3.8 billion yuan ($598 million) compared with an increase of 148 percent a year earlier, the company said in a Hong Kong stock exchange statement today. “

• Billionaire Hui Wing Mau’s Shimao Net Falls; Property Developer Aims To ‘Maximize Cash Collection’

  Shimao Property Holdings, one of China’s largest real estate developes and the flagship of billionaire Hui Wing Mau, said yesterday net profit in the first six months of 2012 fell by 5.5% from a year earlier to 3.11 billion yuan, or $485 million, amid government austerity measures. Overall, national sales rose by 12.4% to 13.7 billion yuan, according to an interim report posted yesterday at the Hong Kong Stock Exchange. Shimao’s contracted sales in the first half were 1.95 million square meters with an average selling price of 11,545 yuan.

• Greentown China H1 Net Doubled to CNY1.8bn

  Greentown China Holdings Limited on August 26 released its interim report, recording revenue of CNY 12.6 billion, rising 12.3% from CNY 11.216 billion a year ago. Net profit reached CNY 1.81 billion, swelling 103% from CNY 892 million a year earlier. Because Greentown China sold dozens of projects in the January-June period, its debt-to-net worth ratio lowered from 148.7% at the end of 2011 to 93.5%, still remaining high.

• China slowing for sure, profits drop most in July

  Chinese industrial companies’ profits fell in July by the most this year, a government report showed on Monday, adding to evidence the nation’s economic slowdown is deepening. Income dropped 5.4% last month from a year earlier to 366.8 billion yuan ($57.7 billion), the fourth straight decline, National Bureau of Statistics data showed on Monday. That compares with a 1.7% slide in June and a 5.3% drop in May. The data add pressure on the government to step up policy easing to reverse a slowdown that may extend into a seventh quarter.

This list is updated daily, so tune in again tomorrow for more up to date information, or subscribe to our daily email news digest to get this delivered to your mailbox.