One of China’s biggest foreign investors is taking his acquisition streak to new levels as Wang Jianlin notched $16 billion in acquisitions so far this year, should the group’s latest proposal go through. China’s bureaucrats have been less successful in reaching their goals, however, as the finance ministry reports that a planned property tax may be a bit further away than previously thought. Read on for all these stories and more.
Billionaire Wang Jianlin is headed for a record year of mergers and acquisitions as the Chinese tycoon seeks to build an entertainment empire that could challenge Walt Disney Co. by the end of the decade.
Wang’s AMC Entertainment Holdings Inc. raised its offer for Carmike Cinemas Inc. on Monday, pushing the total amount of purchases completed or announced by the tycoon’s companies to over $16 billion this year. Read more>>
A bitter shareholder row at China’s largest property developer is a first big test for the country’s new securities chief, appointed earlier this year to heal the wounds of last year’s stock market meltdown and restore investor confidence.
A high-profile takeover tussle at China Vanke Co Ltd (000002.SZ) has shone a light on risky shadow lending products known as Asset Management Plans (AMPs) used by Vanke’s top investor Baoneng Group to finance its stakebuilding – fuelling investor concern over the more widespread use of such products. Read more>>
China’s move towards a property tax is in the news again this week as the country’s finance minister was forced to backtrack on earlier timeframes for the reform measure.
At the High-level Tax Symposium of the G20 Finance Ministers and Central Bank Governors Meeting held on July 23, Lou Jiwei said it is regret that reforms on real estate tax and individual income tax have not been introduced, due to weakness in information gathering and hindrance from interested parties. But he indicated that China will “proceed without hesitation on this issue”. Read more>>
New home sales rebounded in Shanghai last week, outstripping supply, while their average price also rose.
The area of new homes sold, excluding government-subsidized affordable housing, rose 15.5 percent to 319,000 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Co said in a report released yesterday. Read more>>
Home prices in Nanjing, the capital of east China’s Jiangsu province, have shot through the roof at an unprecedented speed amid the central government’s easing measures designed to reduce the inventory of unsold homes.
New home prices in the city surged 31.5 per cent in the past year, according to official data, catching up with the torrid real estate markets in Shanghai and Shenzhen and even surpassing Beijing. Prices in the city jumped 4 per cent in June, reflecting 16 straight months of appreciation. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.