Struggling developer Sunac China Holdings has agreed to sell its majority stake in a sprawling indoor ski resort project in Shenzhen for RMB 3.6 billion ($509 million), two years after teaming up with a government-backed builder to purchase the site.
Evergrande Shenzhen HQ Project Sold to State-Backed Group for $1B
A project once destined to become home base for China Evergrande Group in Shenzhen has been sold to a buyout group organised by the local government for RMB 7.54 billion ($1.05 billion) as the mainland builder continues to be stripped… Read More>>
CITIC Takes Over $9B in Kaisa Shenzhen Projects in Debt Restructuring
Kaisa Group, the second-largest US dollar bond issuer among Chinese property developers after China Evergrande, appears to have found its white knight.
State-run Chinese conglomerate CITIC, a main creditor of the cash-strapped developer, has taken over stakes in five Kaisa… Read More>>
Opportunities in the Greater Bay Area Sponsored feature
The Continuing Growth of the GBA
The Greater Bay Area (GBA) is the Chinese government’s scheme to connect Hong Kong, Macao, Guangzhou, Shenzhen and five other cities in South China. An overarching goal of linking up these cities is to… Read More>>
Evergrande Assets Frozen by Mainland Courts and More Asia Real Estate Headlines
Fresh trouble for flailing China Evergrande Group leads Mingtiandi’s headline roundup today as a construction firm controlled by the Shanghai government succeeds in having two sets of the developer’s assets frozen by courts.
Also in the news… Read More>>
China’s CFLD Seeks Police Help to Locate $313M Invested With Gangster Firm
China Fortune Land Development’s disclosure on Thursday that it had entrusted $313 million in late 2018 to a wealth management firm controlled by a convicted swindler adds another chapter to the drama of one of the mainland’s most troubled real… Read More>>
Blackstone Buys Melbourne Self-Storage for $297M and More Asia Real Estate Headlines
In today’s roundup of regional news headlines, private equity king Blackstone picks up a self-storage business in Melbourne, AirTrunk announces plans to build a massive data centre in Sydney, and China Evergrande’s electric car unit hopes to raise some cash… Read More>>
Evergrande Taps Financial Advisors After Unpaid Staff Storm Shenzhen HQ
China Evergrande Group on Tuesday morning said it was engaging outside advisors to assess its liquidity as it acknowledged that its already shaky finances have begun a downward spiral as buyers shun its available homes and creditors swarm.
“The Company… Read More>>
CDL Sells Stake in China’s Sincere for $1, Takes Over Shenzhen Tech Park
After investing $1.4 billion in Sincere Property Group (协信远创) over the past 17 months, City Developments Ltd has agreed to sell its majority stake in the Chongqing-based developer for $1.00 as it writes off the mainland joint venture.
“The consideration… Read More>>
Evergrande Weighs Sale of Stake in Auto Unit After $740M H1 Loss
After China Evergrande New Energy Vehicle Group issued a warning this week that its first-half net loss was expected to nearly double from a year earlier, the car maker’s parent firm — debt-saddled developer China Evergrande — has confirmed that… Read More>>
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