Wang Jianlin expects to bring in 30% more cash this year from his cultural businesses
China’s richest man has high hopes for his company’s investments in cinema, sports and theme parks, with Wang Jianlin predicting that revenues from Dalian Wanda’s cultural division will rise 30 percent this year. One of Canada’s biggest investors, however, is raising its bet on India as mainland contractors say they are now paying developers to win project bids. Read on for all these stories and more.
Wanda Expects Culture Revenues to Rise 30% in 2016
Revenue from Wanda’s cultural division, which also includes a rapidly growing tourism business, theme parks and sports, is expected grow at least 30 per cent this year, and may reach 70 billion yuan (RM42.2 billion), Wang said.
Wanda aims to more than double that to 150 billion yuan by 2020, a target Wang says may be reached early. The company owns a stake in leading Spanish soccer club Atletico Madrid and Swiss sports marketing firm Infront Sports & Media AG, and is keen to add more sports events to its portfolio. Read more>>
Brookfield to Open India Office This Year in Mumbai
A global real estate facility will open its first office in India, a top company executive has said.
Brookfield Global Integrated Solutions (GIS), will establish their base in the fourth quarter of this year in Mumbai.
“Mumbai will be our Indian headquarter. We will have people on the ground in major cities,” said Mike Harrison, Brookfield GIS’s executive managing director for Asia, here. Read more>>
Chinese Contractors Paying Developers to Win Mainland Bids
Where is China’s property market heading? Land sales are notching up one record one after another in some Chinese cities. Not surprisingly most of the developers have rung in impressive half-yearly earnings numbers.
But beneath the impressive numbers lies a different story, especially when one factors in the views of less glamorous players in the sector like contractors. George is one of them. “We are paying more to win projects,” the veteran industry player said. Read more>>
HK Finds Citron Research Reckless in Evergrande Report
U.S. short-seller Andrew Left engaged in market misconduct by publishing false or misleading information about a Chinese property developer, a Hong Kong tribunal ruled today.
The Market Misconduct Tribunal said in its decision that Left was reckless and negligent when his firm Citron Research released its report on Evergrande Real Estate Group in June 2012. Read more>>
S&P Gets Negative About Swire Properties Over Debt
Swire Properties outlook has been revised today to negative from stable, S&P Global Ratings announced. It also affirmed the ‘A-‘ long-term corporate credit rating on Swire Properties and the ‘A-‘ long-term issue rating on the company’s guaranteed senior unsecured notes.
“We revised the outlook on Swire Properties following a similar action on the company’s parent Swire Pacific Ltd. to reflect our view that the company’s creditworthiness is capped by the group credit profile of the parent,” said S&P Global Ratings credit analyst Yane Yu. 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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