Vanke boss Wang Shi may have something to smile about after a long takeover battle
China Vanke may be putting the finishing touches on a Shenzhen upstarts attempt to take over one of China’s leading developers, and Goldman Sachs sees 2017 as a good time to pick up mainland developer shares on the cheap. Also in the headlines today, Chinese developer Country Garden spent nearly $1.5 billion on land last month, and there’s much more if you just read on.
Vanke Sues to Kick Out Baoneng
China Vanke, which has been embroiled in a high-profile corporate power struggle for more than a year, filed a lawsuit to invalidate the shares held by its largest shareholder Baoneng Group.
Vanke alleges that insurance conglomerate Baoneng violated securities laws while it accumulated a 25.4 per cent holding in Vanke because it borrowed funds through shadow banks without proper disclosure. Read more>>
Goldman Turns Scavenger as Mainland Developer Shares Tank
China’s property developers are in far better shape than their rock-bottom stock valuations would have you believe. So say top analysts from firms including Goldman Sachs Group Inc. and Citigroup Inc.
As curbs to cool property prices have pushed equity values down near record lows, Goldman Sachs said the market is pricing in a “deep downturn” and that investors are too pessimistic on expected income, especially from some leading developers. Read more>>
Country Garden Spent RMB 10.2 Bil on Land in January
Country Garden spent more than any other Chinese developer on land acquisitions last month as it pursues faster sales growth in a bid to catch rivals China Evergrande Group and China Vanke.
The developer, which is based in Foshan city in Guangdong Province, is the mainland’s third biggest property developer by sales but is aiming to topple Evergrande and Vanke to take the top spot. Read more>>
For Chinese Homebuyers, Is Seattle the New Vancouver?
When Anna Riley, a Seattle-area real-estate agent, held an open house for a new $2.3 million listing in the tony city of Bellevue late last month, the pool of prospective buyers was different from the usual assortment of tech magnates, sports stars and chief executives.
Twenty groups of buyers visited the property in the Seattle metro area—and all of them were Chinese. Read more>>
Benz Dealer Flogs Wong Chuk Hang Workshop as HK Moves South
Zung Fu, the exclusive retailer of Mercedes-Benz automobiles in Hong Kong and Macau, has put its 10-storey industrial building in Wong Chuk Hang up for sale as office demand in the area grows after the opening of the South Island MTR Line.
The property at 38 Wong Chuk Hang Road, now known as Zung Fu Aberdeen Garage, covers a site area of 10,900 square feet. The tender closing date is March 8. Read more>>
Wanda Buyout of Dick Clark Productions Hits Pause
The sale of Golden Globes producer Dick Clark Productions for $1 billion to the Chinese conglomerate Dalian Wanda Group made big headlines in November, but the deal is still not complete, a company insider told TheWrap on Monday.
“The deal isn’t totally closed,” said the insider at Eldridge Industries, Todd Boehly’s parent company that owns Dick Clark and The Hollywood Reporter. “There is a scheduled series of payments, and the last one is expected at the end of this month. When the payment is done at end of month it will be done.” Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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