Foreign investors injected $1.98 billion into Vietnam’s property sector during the first five months of 2024
Foreign investors injected nearly $2 billion into Vietnam’s property sector during the first five months of the year, with that story leading Mingtiandi’s headline roundup today. Also in the news, the head of New China Asset Management has gone missing and China Evergrande’s liquidators are seeking investors for restructuring.
Foreign Investment in Vietnamese Real Estate Up 70% in 2024
Foreign investors poured $1.98 billion into the property sector in the first five months of 2024, up 70 percent year-on-year. It was the second-highest behind manufacturing, which received $7.43 billion, according to the Ministry of Planning and Investment.
The rising investment comes as analysts expect a recovery by the property sector this year and next with inflation remaining under control, bank credit interest rates falling and surging public investment and infrastructure development. Read more>>
Head of New China Asset Management Disappears
The general manager of New China Life Insurance’s onshore asset management subsidiary is missing and has likely been detained by graft-busters, sources with knowledge of the issue told Caixin.
People close to the state-owned insurer said Zhang Chi has been removed from his positions at New China Asset Management. Multiple attempts by Caixin to reach out to either Zhang or NCL were unsuccessful. Read more>>
Evergrande Liquidators Looking for Investors as Restructuring Drags
China Evergrande said Tuesday that its liquidators have made only “modest realisations” of the company’s assets and were now seeking investors for restructuring. The embattled developer’s “liquidity and other internal resources remain limited”, a filing by the company showed.
“In view of the company’s level of indebtedness and the challenges faced by the group’s business and operations, in the absence of substantial new investment into the company, the liquidators do not currently see a path to a restructuring that would enable the company to satisfy the resumption guidance,” the liquidators said in the filing. Read more>>
SGX-Listed OUE REIT Makes Interest Rate Swap
OUE REIT has completed an interest rate swap with a set of voluntary carbon credits through a transaction with OCBC, the trust’s manager said Monday.
OUE REIT Management said the S$75 million ($55.5 million) structured derivative transaction enables the REIT to hedge against interest rate risk. It is the first transaction of its kind completed by OUE REIT. Read more>>
China’s Wanxiang Now Shunned in the US
For most of his 30 years running a Chinese-owned company in the US, Ni Pin felt welcomed.
He set up auto parts maker Wanxiang America Corp — a unit of a Chinese conglomerate founded by his late father-in-law — in Chicago back in 1994 when he was studying for a PhD. The company came to supply parts for half of all cars made in America and employ around 10,000 people. In 2002, Illinois named 12 August “Wanxiang Day” in recognition of its contribution to the local economy. Read more>>
India’s Brigade Reports Three-Fold Jump in Profit
Indian developer Brigade Enterprises reported a nearly three-fold surge in fourth-quarter profit on Tuesday, easily beating analysts’ expectations, due to strong real estate demand.
Its consolidated profit attributable to shareholders surged to INR 2.06 billion ($24.8 million) in the quarter from a year-earlier INR 692.5 million, which included a pandemic-related impairment loss of INR 170 million. Read more>>
China Real Estate Rescue to Boost GDP
China’s most forceful attempt to shore up its beleaguered property market is expected to improve growth prospects modestly this year, according to economists surveyed by Bloomberg.
Seven out of 12 respondents to a flash survey said the rescue package unveiled on 17 May will give a boost of between 0.1 and 0.3 percentage points to GDP this year. Four economists expect a contribution of less than 0.1 percentage points, while one saw no impact from the policies. The median forecast for growth in 2024 edged up to 4.9 percent. Read more>>
Chinese Investors Rush to Sell Off Australian Homes
Only a few years ago, there was a fortune to be made selling one- or two-bedroom off-the-plan Australian apartments to aspirational buyers in China.
Mike Zhang, a Gold Coast-based agent who specialises in trading real estate for clients in China, says right now many are desperate to offload their slices of Queensland. A property “landslide” is underway as distressed Chinese sellers are frantically trying to return money to China to rescue struggling businesses. Read more>>
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