Wang Jianlin just gave the go-ahead to buy 68 Nordic theatres
Wang Jianlin once again leads today’s headlines as China’s richest man indulges his theatre lust with a $929 million deal to buy 68 theatres in the frozen north. And for China’s real estate elite who choose not to buy Scandinavian cinemas at $1.3 million a pop you might find them joining the crowd bidding for an MTR-connected site on south Hong Kong island. So if you haven’t yet headed off for the holiday, or even if you have, please read on for all these stories and more.
Wanda Adds to Global Cinema Empire with $929M Nordic Deal
AMC, the U.S. theater chain controlled by China’s Dalian Wanda group, is to pay $929 million for Nordic Cinema Group. The company is the largest cinema operator in seven countries in the Nordic and Baltic regions.
The deal follows AMC’s acquisition last year of Odeon-UCI, the largest cinema operator in Western Europe. AMC said that the two European chains will be operated together. Read More>>
39 Developers Battle for Site in Southern Hong Kong
MTR Corp says there have been 39 expressions of interest by developers bidding for a plot of MTR Corp land next to Wong Chuk Hang station.
The site, which could potentially accommodate 800 flats totalling 576,950 square feet, is valued at HK$8 billion to HK$9.8 billion, or HK$14,000 to HK$17,000 per square foot. Read More>>
HNA in Final Talks to Buy Frankfurt’s Hahn Airport
Acquisitive Chinese conglomerate HNA is in final talks over the purchase of Hahn airport in western Germany, the airport’s state owners said on Monday.
HNA, the owner of Hainan Airlines Co (600221.SS), has been active in the travel industry, buying caterers Gate Group (GATE.S) and a stake in Servair, plus hotels group Hilton (HLT.N) and a stake in Brazilian airline Azul, among some of its recent deals. Read More>>
UOL Buys Amber Road Site in Singapore for S$156M
UOL Group has clinched an option to purchase a freehold 69,858-square-foot site at 45 Amber Road for S$156 million. The site, which currently holds a horticultural and gardening retail centre, has a plot ratio of 2.0 and is being sold by Sin Lian Huat Co.
The District 15 site is within walking distance of the upcoming Marine Parade and Tanjong Katong MRT stations, which are estimated to be completed in 2023. Read More>>
China, Philippines Agree on $3.7 Bil in Deals
China has agreed to cooperate with the Philippines on 30 projects worth $3.7 billion focusing on poverty reduction, the two countries said after a meeting in Beijing on Monday.
Chinese Commerce Minister Gao Hucheng announced the deals without giving details, saying it was an “initial batch” of projects that still needed to be finalised and paperwork still needed to be processed by the banks involved. Read More>>
Will Chinese Developer Bond Boom Become Another Bust?
Steps to cool China’s property market are stoking speculation the good times are about to end for developer bonds offshore.
The hangover would be big. Yield-starved fund managers around the world have piled into the $65 billion market for dollar-denominated notes sold by Chinese builders. There is plenty of scope for pain after yield premiums for lower-rated U.S.-currency securities from the nation, the majority of which are from real estate borrowers, dropped to the lowest level since 2007 this month, according to a Bank of America Merrill Lynch index. 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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