Shares in Chinese property developer Soho China dropped as much as 40% on Monday, after a proposed $3 billion takeover by US private equity group Blackstone fell through, reports the Financial Times. Around $830 million was wiped from the company’s market value as its Hong Kong-listed shares plummeted when the exchange opened for trading. The […]
Category: Property
There were chaotic scenes at heavily debt-ridden property developer China Evergrande Group’s headquarters on Sunday, when around 100 disgruntled investors crowded its lobby to demand repayment of loans and financial products, reports Reuters. The incident prompted the company to announce a plan that offers retail investors the choice of three options for repayment from Evergrande’s […]
US Investment bank JPMorgan cut its price target for the debt-ridden property developer China Evergrande from $0.93 to $0.36 on Friday, with the expectation that there was likely to be more negative news about the companies finances, reports Reuters. The bank also changed its recommendation to underweight from overweight. Evergrande, which has around $20 billion […]
US private equity group Blackstone has scrapped its planned $3.3 billion acquisition of Chinese property developer Soho China, with Beijing’s antitrust authorities not yet giving the deal the green light, reports the Financial Times. The group had made its offer conditional on approval by the country’s competition authorities and in a joint statement on Friday, […]
If there is one market that cannot be allowed to even wobble, it is the property market. It is the heart of the Chinese economy, and the vast bulk of personal wealth in the country is held in the form of property ownership (even if the ownership is actually leasehold for a maximum of 70 […]