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Chinese regulators are drafting a list of 50 developers eligible for a range of financing.
Chinese regulators are said to be drafting a list of 50 developers which will eligible for financing as part of a state-backed bailout, with that story leading Mingtiandi’s headline roundup today. Also in the news, McDonald’s agrees to buy Carlyle’s minority stake in the fast-food giant’s China unit and developer Sunac China says its ready for a restructuring.
China Said White-Listing 50 Real Estate Firms for Funding
Chinese regulators are drafting a list of 50 developers eligible for a range of financing, according to people familiar with the matter, the nation’s latest effort to put a floor under the property crisis.
China Vanke, Seazen Group and Longfor Group Holdings are among companies that have been named in a draft of the so-called white list, the people said, asking not to be named discussing private matters. Read more>>
McDonald’s Buys Back Carlyle’s Minority Stake in China Unit
McDonald’s Corp agreed to buy Carlyle Group’s minority stake in the partnership that runs the restaurant chain’s business in China, Hong Kong and Macau for an undisclosed price.
The Chicago-based company will increase its stake in the partnership to 48 percent from 20 percent as part of the deal, according to a statement Monday. The CITIC Consortium, a Chinese conglomerate, will continue to hold 52 percent of the business. Read more>>
Sunac China Says Restructuring Conditions Satisfied
Embattled developer Sunac China Holdings said Monday that each of its restructuring conditions have been met and its debt overhaul plan has become effective.
In early October, a Hong Kong court approved the company’s roughly $9 billion offshore restructuring proposal that is expected to be a template for cash-strapped peers in a key sector battered since mid-2021. Read more>>
China’s Seazen Raising $280M in Onshore Bonds
Seazen Holdings, a large private property developer in China, is raising up to RMB 2 billion ($280 million) via onshore bonds, according to a deal term sheet and two sources with knowledge of the matter.
The three-year notes are expected to have a coupon of 3.5 percent to 4.5 percent and will be guaranteed by state-owned China Bond Insurance Corp, the term sheet showed. CITIC Securities is the lead underwriter for the deal, which is expected to be completed by end of this month, according to the document. Read more>>
PropertyGuru Returns to the Black in Q3
PropertyGuru reported earnings of S$312,000 ($233,641) in the third quarter of its fiscal year ended 30 September, reversing a net loss of S$7.4 million a year earlier.
The NYSE-listed online real estate portal on Tuesday said its latest set of results brings the group out of its loss-making position with no income per share, as opposed to a per-share loss of S$0.05 in last year’s third quarter. Read more>>
Temasek’s Fullerton Sells Down Stake in CICT for $1.2M
Fullerton, an investment manager that is an indirect subsidiary of Temasek Holdings, has disposed of 906,400 units of CapitaLand Integrated Commercial Trust for more than S$1.6 million ($1.2 million) or S$1.798 each.
The disposal was done Monday via the market. Following the disposal, Fullerton’s stake in the REIT is now 0.4982 percent. Read more>>
Mirae Asset Maps REIT 1 to Raise $10.8M Through Stock Offering
Mirae Asset Maps REIT 1 on Monday announced that it would sell shares to raise KRW 14 billion ($10.8 million). The proceeds from the stock sale will be used mainly to finance stock acquisition.
According to a regulatory filing, the company will issue some 4.89 million common shares at a price of KRW 2,860 per share. The stock will be sold to the firm’s shareholders. Read more>>
Missouri Pension Board Rejects Push Treasurer for China Divestment
The board overseeing Missouri’s state employee pension plan voted down a proposal by state treasurer Vivek Malek to sell off any investments in Chinese stocks and other securities.
On a voice vote last week, the 11-member board of the Missouri State Employees Retirement System rejected Malek’s call to punish the Asian economic powerhouse for COVID-19, spy balloons and the fentanyl crisis by pulling its pension investments in the Asian economic powerhouse. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
