Chinese conglomerate Fosun Group, the aggressive dealmaker facing government scrutiny over its overseas acquisitions, has sold out of its first Sydney property investment.
A Fosun Property partnership sold an office tower for A$150 million ($115 million) to a joint venture involving Australia’s Property link Group, according to a Propertylink statement Monday. The purchase price in 2015 was A$116.5 million. Fosun characterized the disposal as part of its normal buying and selling of properties.
Citic Bank Corp. said a unit of HNA Group Co. is having difficulty repaying certain short-term debts, just over a week after the Chinese conglomerate said it won’t default in the coming year.
HNA Aviation Group Co. has had trouble paying bankers’ acceptances — debt instruments that mature in the short term – and Citic Bank is working with HNA Group to try to resolve the situation, the Chinese lender said in a statement sent exclusively to Bloomberg News this weekend. The group has several bonds and loans from multiple banks maturing at similar times, causing a “temporary liquidity” issue, Citic Bank said.
CapitaLand China, a wholly-owned unit of CapitaLand, has entered into a conditional agreement with an unrelated party to acquire a commercial site in Wujiaochang decentralised business district, Shanghai for 838 million yuan (S$171 million).
The site is next to CapitaLand’s Innov Center, an operational office with ancillary retail that was acquired in June 2017. The latest acquisition of the adjacent office site is CapitaLand’s second in nghai’s office market in six months.
Property firm Keppel Land has entered into two conditional sales and purchase agreements to acquire prime sites in Ho Chi Minh City that could yield about 1,550 homes in total.
The two sites will have a total development cost of US$297 million (S$407 million). One plot is in the city south with easy access to the central business district.
Kingboard Chemical Holdings has agreed to sell a stake in a Shenzhen commercial property project for 3.2 billion yuan (US$483 million), its second asset sale in a month and three days after it splashed out to buy a London office tower.
The Hong Kong-based industrial firm and property developer expects to book a 1.78 billion yuan gain from the sale of a 49 per cent stake in the project to its joint venture partner Shimao Property, which owns the remaining 51 per cent through Shanghai-listed subsidiary Shanghai Shimao.
Singapore-based real estate private equity firm SC Capital Partners has mopped up $383 million for the first close of its fifth Asia opportunistic fund Real Estate Capital Asia Partners V (RECAP V).
The fund was launched in August this year with a target to raise $1 billion. With the first close in the second week of December, the realty investor is looking to do a final close towards the end of second quarter of 2018, an executive aware of the development told Deal Street Asia.
By Courtesy of Mingtiandi