Hong Kong Home Prices Rise for First Time in 11 Months After Curbs Scrapped
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
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Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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.
Nov 24, 2021
Bloomberg News
,(Bloomberg) -- Chinese Estates Holdings Ltd., a long-time supporter of China Evergrande Group, has further cut its stake in the embattled property developer.
The Hong Kong firm, led by Chief Executive Officer Chan Hoi-wan, sold about 270 million Evergrande shares since its last disclosure on Oct. 6, lowering its stake to 2.36% as of Friday, according to a company filing late Tuesday. It revised its expected loss if it got rid of all of its holding to HK$10.6 billion ($1.4 billion) from HK$10.4 billion last month.
Chinese Estates and Chan spent years helping Hui Ka Yan raise cash for his empire and at one point had an Evergrande stake of almost 9%. But as the developer’s woes worsened, Hui’s backers began heading for the exit and started offloading their holdings in August. Since then, the Hong Kong firm offered to go private after its shares slumped as much as 51% in about seven months.
Solar Bright, a British Virgin Islands company ultimately owned by Chan, is making the offer to take Chinese Estates private. The company will let investors cast their vote at a meeting on Dec. 17, and it expects a withdrawal from the Hong Kong stock exchange on Jan. 13 if the proposal goes through, according to the filing.
Separately, Chinese Estates said it saw a HK$1.4 billion loss from offloading its notes in another cash-strapped developer, Kaisa Group Holdings Ltd. Kaisa’s stock slumped 73% this year before trading was halted.
Chan, the wife of tycoon Joseph Lau and Chinese Estates’ CEO since February, controls 75% of the company with her family. The Lau clan has a net worth estimated at $6.8 billion, down 11% this year, according to the Bloomberg Billionaires Index.
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