Wanda boss Wang Jianlin has moved one step closer to getting his mall developer listed locally
Wang Jianlin will finally get his wish come September this year, after rounding up support to de-list Wanda Commercial Properties from the Hong Kong exchange, in favor of a mainland listing. Meanwhile, GLP teams up with a state-run manufacturer to gain access to more sites and many more stories if you just keep reading.
Wanda’s HK De-Listing Set For September
The property arm of Chinese conglomerate Dalian Wanda Group Co. said it will delist from the Hong Kong stock exchange on September 20, in a filing to the bourse on August 16, a day after shareholders voted in favor of a HK$ 34.5 billion (US$ 4.4 billion) buyout offer.
It was part of Dalian Wanda Commercial Properties Co. Ltd.’s plan, announced in March, to relist on the mainland A-shares market. The company went public in Hong Kong in December 2014. Read more>>
GLP Inks JV with Chinese SOE to Secure More Logistics Sites
Logistics property developer GLP has entered into a long-term agreement with box-maker China International Marine Containers (CIMC), the latest in a string of partnerships designed to boost its footprint in the fast-growing mainland market.
GLP and CIMC – the world’s biggest container manufacturer – will work together under the accord to develop integrated logistics facilities and solutions, the developer said in a statement. GLP will also look at redeveloping and managing CIMC’s existing logistics facilities. Read more>>
MGM Resorts Buys 5% of Macau Casino JV From Pansy Ho
MGM Resorts International announced that it has entered into a definitive agreement to acquire 188,100,000 ordinary shares of its subsidiary MGM China Holdings, from Grand Paradise Macau, an entity controlled by Ms. Pansy Ho. As a result of the transaction, the Company will acquire an additional 4.95% of the outstanding ordinary common shares of MGM China and will own approximately 56% of MGM China’s outstanding common shares.
“MGM Resorts is committed to the long term growth of Macau as a premier international tourism destination and we are pleased that we can build upon our longstanding relationship with Pansy to further work toward our mutual interests,” said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts. Read more>>
Can Evergrande Team Up with China Resources to Control Vanke?
Hui Ka-yan and his tycoon buddies from Hong Kong love to play “purge the landlord”, the Chinese version of the poker game. For years, it has been a monthly game. The challenge is in winning without holding the top cards.
The “gang” is probably experiencing the same thrill in their relatively small and late bet on China Vanke. Given China’s twisted economic conditions, they are holding an unbeatable hand. Read more>>
Swire Sees Little Hope for HK Retail Market as Core Earnings Fall 9.6%
Swire Properties says Hong Kong’s retail market shows no signs of a major turnaround as the owner of The Mall at Pacific Place and Cityplaza in Quarry Bay reported a 9.6 per cent year on year fall in core earnings for the first half this year.
Swire Properties chief executive Guy Bradley said it was hard to say at what stage the retail market was at the moment. “It is still tough. We have not seen any particular sign of a major turnaround,” he said after the firm’s interim results announcement. Read more>>
China Vows to Crack Down on Naughty Real Estate Agents
Chinese authorities have unveiled guidelines to improve regulations on real estate agencies, which have become a major source of customer complaints due to misleading information.
The guidelines, released by the Ministry of Housing and Urban-Rural Development and six other related government departments, ordered that housing information should be officially verified before being advertized by agencies. Read more>>
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