Nineteen employees of Australia’s Crown Resorts were sentenced in a Shanghai court
Leading today’s news, Bloomberg spills on the complaints that forced Singapore’s GIC to complain about the GLP sale to the warehouse developer’s management. In other headlines, a group headed by Chinese President Xi Jinping announced it would step up scrutiny of overseas investment by mainland firms, calling such deals a matter of national interest, while Crown Resorts execs were sentenced to jail time in China for gambling-related crimes. Read on for all these stories and more.
Singapore’s GIC Said to Have Taken GLP to Task Over Buyout Concerns
The litany of complaints about the biggest Asian buyout deal became so bad that Singapore’s sovereign wealth fund decided to act.
A bidding process for Global Logistic Properties Ltd., the $9.6 billion warehouse developer, has been running since the start of the year. In May, representatives of GIC Pte, the company’s largest shareholder, called the GLP working team managing the sale into their offices, according to people familiar with the matter. The Singaporean fund instructed the assembled group to be more responsive to bidders’ questions and share information transparently in the auction, the people said. Read more>>
Xi Jinping’s A-Team Vows To Crack Down on Overseas Deals
A top decision-making group headed by President Xi Jinping decided on Monday that Beijing would enhance its monitoring and supervision of overseas investment deals to safeguard China’s economic interests and national security.
The latest order from the Central Leading Group for Comprehensive Reform, one of the many groups Xi has created to centralise decision-making around him, comes at a time the government is getting tough on the country’s big dealmakers, especially private enterprises that have borrowed heavily to finance overseas acquisitions. Read more>>
Crown Resorts Execs Sentenced for Gambling Crimes in Shanghai
A senior executive of Australian casino company Crown Resorts Ltd. pleaded guilty Monday to gambling crimes in China and was sentenced to 10 months in prison, capping an episode that has chilled efforts by casinos to lure Chinese high-rollers.
Jason O’Connor, Crown’s head of international VIP operations, was charged along with 18 other current and former Crown employees who also pleaded guilty during a three-hour trial before Criminal Court No. 1 in Shanghai’s Baoshan district. Read more>>
Shan Weijian Steers PAG to Forefront of Asian PE Boom
At this point in a career studded with TPG Capital, JPMorgan Chase & Co. and the World Bank, it’s easy to expect PAG Asia Capital chairman Shan Weijian,, to slow down. Yet he’s picking up his deal pace, putting PAG — with $18 billion under management — at the forefront of a private-equity boom encompassing China.
Private-equity transactions in the Asia-Pacific region exceeded $114 billion last year, according to Hong Kong-based Asian Venture Capital Journal, and are on track to eclipse that in 2017. Read more>>
Singapore’s Ascott To Manage 1,300 More China Apartments
Property giant CapitaLand’s serviced residence unit The Ascott Limited said that it has clinched seven new contracts to manage over 1,300 apartments across six cities in China.
The properties mark the firm’s first foray into Kunming and Yichang while deepening its presence in Chongqing, Dalian, Shenzhen and Xuzhou, Ascott said. Read more>>
Country Garden Makes First Foray into Thailand with Condo Project
Chinese property giant Country Garden Holdings has announced a partnership with Thai Factory Development PCL to jointly invest in a premium condominium project in the heart of Ratchada, Bangkok, worth 6,800 million Thai baht ($200.2 million), with an agreement to invest in other projects in the future. This exciting transaction marks Country Garden’s first investment in Thailand. Read more>>
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