According to Bloomberg, JPMorgan Chase & Co. (JPM) has agreed to sell 1 Chase Manhattan Plaza, the tower built byDavid Rockefeller, to Fosun International Ltd., the investment arm of China’s biggest closely held industrial group, for $725 million.
Fosun, which invests in properties, pharmaceuticals and steel, is buying the 60-story, 2.2 million square-foot, lower Manhattan tower, according to a statement it filed to Hong Kong’s stock exchange.
China’s developers and companies are expanding in overseas property markets as the government maintains curbs on housing at home to cool prices. Greenland Holding Group Co., a Shanghai-based, state-owned developer, this month agreed to buy a 70 percent stake in a residential and commercial real estate project in Brooklyn.
“There’s a lot of excess capital in China that needs a way out at the moment,” Simon Lo, Hong Kong-based executive director for Asia research and advisory at property broker Colliers International, said in a phone interview today. “Also, by investing in markets like New York, they believe they can gain from the recovery of the U.S. economy and real estate market.”
Fosun (656), owned by Chinese billionaire Guo Guangchang, fell 0.3 percent to HK$6.79 at the midday trading break in Hong Kong. Shares in the Shanghai-based company have gained 37 percent this year, compared with the 2.6 percent increase in the benchmark Hang Seng Index.
Posted by camelliacamellia on October 22, 2013
Japan stocks stumble to lead broad Asian losses
HONG KONG (MarketWatch) — Japanese stocks ended at their lowest level in more than a month Monday as a strengthened yen weighed down exporters, while economic worries hurt mainland Chinese shares.
The Nikkei Stock Average JP:NIK -3.32% ended 3.3% down at 13,661.13 for its lowest finish since June 27, while the Shanghai Composite CN:SHCOMP -1.72% fell 1.7%. Both benchmarks had also dropped in the previous three sessions.
The losses in Tokyo came ahead of a busy week of earnings, with Toyota Motor Corp.JP:7203 -4.07% TM -3.29% , Honda Motor Co.JP:7267 -3.03% HMC -1.68% , Sony Corp.JP:6758 -3.56% SNE -1.25% and Softbank Corp. JP:9984 -4.29% SFTBF -3.21% due to announce their quarterly results and update their outlook.
Posted by admin on July 29, 2013
Free trade zone fits into Shanghai’s financial ambition
Woo Jun Jie says plans for a free trade zone in Shanghai will give a major boost to the city’s ambition to thrive as a global financial centre, because where trade goes, finance follows
Championed by Premier Li Keqiang, plans to establish a free trade zone in Shanghai have now been approved by the State Council. Combining three areas in the Pudong district, it will allow the Chinese government to experiment with economic liberalisation and renminbi convertibility.
More importantly, it will bring Shanghai closer to its goal of becoming a fully fledged international financial centre by 2020. Given the close linkages between trade and finance, Shanghai’s development as a financial centre hinges on its success as a port city. The free trade zone is thus one step along the path that Shanghai needs to follow to establish its credentials as a financial centre.
Posted by admin on July 22, 2013
Chinese Savers Flock to High-Yield Bank Offerings
Zhang Defa hurried into an Industrial & Commercial Bank of China branch in Shanghai on a sizzling July afternoon breathlessly looking for the manager. The day before, Zhang had received a text message saying the bank was selling a 37-day wealth-management product with a 5 percent expected annualized return, principal guaranteed. He was too late. The offer, requiring a minimum investment of 500,000 yuan ($81,500), had sold out in less than three hours. Zhang would have netted 2,534 yuan in only five weeks. “This is crazy, but where else can I put my money without losing sleep these days?” says Zhang, a retired engineer who has been moving cash out of his savings accounts into such investments for more than a year. “The return is fairly decent, and more importantly, I know my money is safe at a government-owned bank. Even if the bank runs out of the money, the government won’t.”
Posted by admin on July 19, 2013
Asia shares slip as focus turns to US jobs release
HONG KONG—Asian markets slipped Wednesday after taking a lead from Wall Street, with few catalysts driving action ahead of US jobs data, while the dollar eased after breaking 100 yen in New York.
Concerns about Greece returned as creditors pushed its leaders to implement huge cuts agreed as part of a bailout, fuelling fears Athens could be denied much-needed cash.
Tokyo fell 0.31 percent, or 43.18 points, to 14,055.56 with buying on the back of the weakening yen offset by profit-taking after the index posted gains of more than nine percent over the past four sessions.
Hong Kong tumbled 2.48 percent, or 511.34 points, to 20,147.31 and Shanghai was off 0.61 percent, or 12.29 points, at 1,994.27. Chinese and Hong Kong investors have become more nervous about the mainland economy after more manufacturing data showed it was slowing down.
Posted by admin on July 3, 2013
Asian shares mixed after weak China manufacturing data
HONG KONG—Asian markets were mixed on Monday as another set of weak manufacturing dataout of China offset a positive Japanese business confidence survey.
Tokyo rose 1.28 percent, or 175.18 points, to 13,852.50, thanks to a surge in the Bank of Japan’s quarterly Tankan report, which in turn boosted the dollar against the yen as dealers sought higher-risk investments.
Shanghai added 0.81 percent, or 16.04 points, to 1,995.24 despite the disappointing purchasing managers index (PMI) reports on the country’s factory activity.
Posted by admin on July 1, 2013
European shares rebound as China fears ease
Europe’s main stock markets rebounded on Tuesday after the recent slump sparked by concern over a Chinese credit crunch and the withdrawal of US economic stimulus, dealers said.
Asian shares mostly fell however on the back of growing concerns about a liquidity crisis in China, although the Shanghai market managed to claw back some ground after sinking more than five percent.
London’s FTSE 100 index of leading shares climbed 1.21 percent to close at 6,101.91 points, Frankfurt’s DAX 30 index jumped 1.55 percent to 7,811.30 points, while in Paris the CAC 40 gained 1.51 percent to 3,649.82 points.
Posted by admin on June 25, 2013
China’s Citic Capital Raises $683 Million Fund for Retail Property
Chinese asset management firm Citic Capital Holdings Ltd. has raised $683 million for a fund focusing on retail properties in China, underscoring continued investor enthusiasm for the country’s real estate sector.
Citic Capital has already invested $250 million of the new fund into three projects, including a shopping mall in Changsha in China’s Hunan province, another in Hefei in Anhui province and a third in Shanghai, according to its press release Monday. Construction on the latter two projects will start in the third quarter.
The firm said it plans to invest in up to five more projects in second-tier cities using its new real estate fund.
Posted by admin on June 17, 2013
Reuters/Carlos BarriaAccording to Blooberg’s news, China’s economic growth accelerated for the first time in two years as government efforts to revive demand drove a rebound in industrial output, retail sales and the housing market. Gross domestic product rose 7.9 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said in Beijing today. That compared with the 7.8 percent median estimate in a Bloomberg News survey and 7.4 percent in the previous period. Industrial output in December rose a more-than- expected 10.3 percent and fixed-asset investment for the year gained 20.6 percent.
China’s economic growth accelerated for the first time in two years as government efforts to revive demand drove a rebound in industrial output, retail sales and the housing market.
Gross domestic product rose 7.9 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said in Beijing today. That compared with the 7.8 percent median estimate in a Bloomberg News survey and 7.4 percent in the previous period. Industrial output in December rose a more-than- expected 10.3 percent and fixed-asset investment for the year gained 20.6 percent.
The recovery adds to evidence that the global economy is improving, after U.S. data yesterday showed housing starts at a four-year high, European bond yields receded from crisis levels and Japan announced a $116 billion stimulus. To sustain growth, China’s incoming premier, Li Keqiang, may need to confront the fading effects of government support, a likely pickup in inflation and rising risks from shadow banking.
“China’s recovery is in quite good shape,” Zhu Haibin, chief China economist at JPMorgan Chase & Co. in Hong Kong, said in a telephone interview. “Domestic pro-growth policies are likely to wane in mid-2013,” yet demand from abroad may pick up in the second half, he said.
Improving investor confidence in China’s outlook has lifted mainland stocks and the currency. The Shanghai Composite Index (SHCOMP), the nation’s benchmark gauge, has advanced 18 percent from an almost four-year low on Dec. 3, including a 1.4 percent rise today.
Posted by cbasdeo09 on January 22, 2013
Top UK traders and dealmakers bruised by intense banker bashing believe an Asian city will take over as the world’s dominant financial centre within 10 years, according to a survey.
They also relegated London to third place from second as their preferred location behind Singapore and New York, the poll by headhunters Astbury Marsden found.
Nearly two thirds of 450 British investment bankers surveyed said Hong Kong, Shanghai or Singapore would be the top global finance centre in 10 years.
One fifth felt London would be the world leader in 2022 and one sixth said New York would hold No.1 spot.
“A fast growing, low tax and bank friendly environment like Singapore stands as a perfect antidote to the comparatively high tax and anti-banker sentiment of London and New York,” said Mark Cameron, operations chief at Astbury Marsden.
The annual ‘Preferred Location Survey’ also found Singapore is the city where British bankers would most like to live, claiming 31 percent of the vote, up from 27 per cent last year.
Posted by byu2012 on August 28, 2012