An Indian real estate developer that has partnered with the Trump Organization is accused of fraud.
Apparently not content with dominating US political news, the Trump Organization has oozed into Asia’s real estate headlines today, with the story that an India based partner of the US president’s company is accused of running off with at least $147 million of investor funds. In other news, Chinese authorities are now confirming the troubles plaguing energy tycoon and real estate investor Ye Jianming, who has officially left his corporate post, and onshore bond sales are back on again for mainland developers. All these stories and more await you below.
Fund Managers Accuse Trump India Partner of $147M Fraud
A real estate investment company that partnered with the Trump Organization on an office tower project in India has been accused of defrauding its foreign investors of at least $147 million, according to documents obtained by The Washington Post.
Two global investment companies based in New York and London that have invested nearly $300 million in the Indian real estate development company IREO filed a criminal complaint with New Delhi police last month alleging that the fund’s Indian managing director, Lalit Goyal, co-founder Anurag Bhargava and others engaged in “large-scale fraud” by “illegally siphoning off” at least $147 million of investor money, although the actual sum could approach $200 million, they allege. Read more>>
CEFC Chairman Ye Jianming Confirmed Stepping Down
Chinese officials have told a visiting Czech delegation that the chairman of Chinese conglomerate CEFC China Energy, Ye Jianming, is under investigation and is stepping down from his post, the Czech president’s office said on Monday.
A Czech subsidiary of CEFC also said there was a “planned change in the shareholder structure” of CEFC and Ye would “no longer be active as a shareholder nor in the company’s leadership.” Read more>>
China Vanke Signs Up Japan’s Prince Hotels for Hebei Ski Resort
China Vanke has enlisted Japanese hotel operator Prince Hotels to help design and develop a large ski resort north of Beijing as the Chinese government tries to boost winter sports.
The Chinese real estate group plans to open the Han Hai Liang ski resort in the Hebei Province city of Zhangjiakou around December 2019. Wholly owned Prince Hotels subsidiary Jilin Seibu Hotels & Resorts Consulting will provide consulting services to the China Vanke subsidiary developing the resort, the Japanese company announced Monday. Prince is part of Japan’s Seibu Holdings. Read more>>
China Reopens Path for Developers to Sell Bonds Onshore
CHINESE property developers have been ramping up onshore bond issues in the past two weeks in a sign that an unofficial freeze on domestic offerings from the sector is coming to an end.
Developers launched at least seven domestic bonds in the past two weeks, a pace unseen since regulators tightened scrutiny of this market segment in September 2016 against the backdrop of surging house prices. Read more>>
Country Garden to List Property Management Spin-Off in Hong Kong
One of China’s major property developers, Country Garden, announced it plans to list its business on the Hong Kong Stock Exchange, The Paper reported.
The company said it proposes to spin-off and list its Country Garden Service Holdings Co. Ltd., on the main board in Hong Kong independently. The spin-off part is mainly engaged in the provision of property management and related services. Read more>>
Hilton to Manage Pair of Embassy Group Hotels in Bangalore
Realty firm Embassy group today announced a tie up with global hospitality major Hilton to manage its two hotels in Bengaluru.
The 500-room dual-branded hotel that features a Hilton Hotels & Resorts and a Hilton Garden Inn hotel will be located within the 100-acre Embassy TechVillage Business Park in South Bengaluru, according to a statement. Read more>>
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