Anbang Insurance Group’s founder and former chairman Wu Xiaohui has been sentenced by a Chinese court to 18 years in prison for fraud and embezzlement, China’s official news agency Xinhua reported Thursday morning. The court also ruled that RMB 10.5… Read More>>
Fosun JV Gets $350M Loan for NYC Tower and More Asia Real Estate Headlines
Leading today’s news roundup, Chinese conglomerate Fosun International and its JV partner in New York have landed a construction loan for a 66-storey luxury condo tower they are building a few blocks away from the Empire State Building. Also in… Read More>>
WeWork Expanding India Co-Working JV to 22 Centres and More Asia Real Estate Headlines
Leading today’s roundup, WeWork’s joint venture in India is poised to lease 2.1 million square feet of space for up to 22 new centres in three cities, as the US-based flexible office giant seeks an edge over local rival CoWrks…. Read More>>
Chinese Government Announces $10B Bailout of Anbang Insurance
China’s government is injecting RMB 60.8 billion ($9.67 billion) into Anbang Insurance Group after the embattled insurer was taken over by the insurance regulator in February and its chairman put on trial on fraud charges last week.
The newly merged… Read More>>
HNA Misses $1.4B Payday as Airline Service IPO Scrapped and More Asia Real Estate Headlines
A trio of mainland conglomerates are claiming the attention of market watchers today, with HNA leading the news with a missed attempt at a $1.4 billion IPO in Switzerland. The troubled investment firm’s tech counterpart looks to be in worse… Read More>>
Anbang Moving Ahead with Waldorf Condo Conversion and More Asia Real Estate Headlines
Anbang’s days as a major player in global real estate markets may be over, but the hangover from its buying binge is being felt in New York, as news today confirms that the now government-controlled Chinese insurer is moving ahead… Read More>>
Chinese Government Seizes Control of Anbang as Boss Charged with Fraud
The Chinese government now has direct control of the Waldorf Astoria hotel in New York, as the country’s insurance regulator formally takes over the hotel’s embattled owner, Beijing-based Anbang Insurance Group.
Anbang, which had scooped up the famed Manhattan property… Read More>>
Blackstone May Buy Back $9.5B in Assets Sold to Anbang – At the Right Price
Blackstone Group was a primary supplier to Anbang Insurance Group’s headlong effort to become one of China’s biggest buyers of overseas assets. Stephen Schwarzman’s alternative investment giant sold no less than $9.5 billion in real estate and shares to the… Read More>>
Anbang Unit Buys Seoul Tower From Angelo, Gordon for $225M
An investment fund backed by Anbang Insurance’s Korean subsidiary has purchased the Metro Tower in Seoul from real estate fund manager Angelo, Gordon and Company and local partner Vestas Investment Management, according to accounts in the Korean media.
The fund… Read More>>
Former HNA Shareholder Says He Was a Proxy and More Asia Real Estate Headlines
As China’s HNA tries to impose some clarity onto its famously opaque ownership, the company’s former major shareholder has revealed this week that he only held the shares as a favor to the real owners. Meanwhile Wanda boss Wang Jianlin’s… Read More>>
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