Chinese Firms Are Investing Abroad at Fastest Pace in Eight Years
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
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China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Real estate brokerage stocks tumbled Thursday on waning expectations for Federal Reserve interest-rate cuts, and as a disappointing earnings release raised concern about the sector’s outlook.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Sep 9, 2021
Bloomberg News
,(Bloomberg) -- Sun Hung Kai Properties Ltd., Hong Kong’s largest developer, reported a 1.7% increase in annual profit as it began to recover from the pandemic and political tensions that weighed on business.
Underlying earnings, which exclude property revaluations, rose to HK$29.9 billion ($3.8 billion) in the year ended June 30, Sun Hung Kai said in a filing Thursday. That compared with the average estimate of HK$30.6 billion from 13 analysts surveyed by Bloomberg.
The pandemic has hurt Hong Kong’s property companies, particularly in retail and hospitality as tourism slumped. Still, Sun Hung Kai is set to benefit from the heated residential market in the city, where home prices hit a record high last month on limited supply, outsized demand and low borrowing costs.
New home sales have also picked up in recent months, with Sun Hung Kai’s Wetland Seasons Bay in the Tin Shui Wai area being one of the most popular projects. The developer sold all of the 285 units available for purchase on Saturday.
Shares of Sun Hung Kai have risen 9.6% this year, after dropping 16% in 2020.
©2021 Bloomberg L.P.