Australia Banks Shower Investors in Buybacks Amid Mortgage Fight
Australia’s biggest banks plan to return more than A$5 billion ($3.3 billion) to shareholders just as fierce rivalry in the mortgage market shows few signs of easing.
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Australia’s biggest banks plan to return more than A$5 billion ($3.3 billion) to shareholders just as fierce rivalry in the mortgage market shows few signs of easing.
As the Chinese bond market undergoes a powerful rally, the nation’s so-called policy banks are turning away from the People’s Bank of China as a source of funding and rushing to raise debt instead.
Surging rents across many developed economies are proving to be a stubborn hurdle for central banks as they struggle to nail down inflation once and for all this tightening cycle.
Two of the world’s biggest property investors are split on the current state of the US commercial real estate cycle.
Rents in most major US metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
Jun 16, 2021
Bloomberg News
,(Bloomberg) -- Dalian Wanda Group Co.’s commercial property management unit has started preparations with banks for its Hong Kong initial public offering, which could raise about $3 billion, according to people familiar with the matter.
Citic Securities Co., Goldman Sachs Group Inc. and JPMorgan Chase & Co. are working with Wanda Light Asset Commercial Management Co. to prepare for the first-time share sale, the people said. The offering could happen as soon as this year, said the people, who asked not to be identified as the information is private.
A Hong Kong IPO would come after the commercial property management firm withdrew its A-share listing in March, adding it will restructure its “asset light” commercial operation and go public at home and abroad as soon as possible. Wanda Light Asset is looking to raise about 20 billion yuan ($3.1 billion) in a pre-IPO funding round, in which more than 20 investors have expressed interest, Bloomberg News reported last month.
Wanda Light Asset primarily operates and manages its parent’s Wanda Plaza commercial complexes, including 368 in operation and another 155 under construction. In March, the local government in Zhuhai, a city in Guangdong province, invested 3 billion yuan into the unit, according to a statement at that time. The company is now headquartered in Hengqin New Area of Zhuhai.
Deliberations are ongoing and more banks could be added, the people said. Representatives for Citic Securities, Goldman Sachs and JPMorgan declined to comment, while a representative for Wanda didn’t immediately respond to requests for comment.
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