Property

Loans and fancy flats play Hanoi’s consumer boom

19 Apr 2018

Vietnam's Techcombank and Vinhomes could raise $3 bln through share sales. The lender looks a tad pricey in a frothy market, and doesn’t boast the impressive market lead of the top luxury developer. Still, both can excite investors in Southeast Asia’s fastest-growing economy.

Beijing sets off careless Wanda fire sale

19 Apr 2018

Officials pushed the developer to shed assets to pay down debt, forcing it to scramble to stave off default. Buyers of its properties got discounts that let them book billions in quick profit. In retrospect, Beijing’s meddling looks more hapless than prudent.

Hammerson’s M&A fumble leaves defences down

18 Apr 2018

The shopping centre operator ditched a 3.4 bln pound plan to buy rival Intu after shareholder pressure. The group will now sell assets and focus on posh malls, but the U-turn makes it vulnerable. The UK’s strict takeover rules give rejected suitor Klepierre a narrow way back.

Savory European fare feeds China’s M&A cravings

18 Apr 2018

Property developer Kam Fung may buy Spanish meat producer Incarlopsa, valuing it at 1.2 bln euros. Combining bricks and ham offers no clear benefits, and the price looks rich. But Beijing isn't guiding against food investing, and the Trump era forces a change of deal direction.

Hammerson has walked away from wrong deal

13 Apr 2018

The mall operator’s aversion to Klepierre’s 5 billion pound offer has driven away the suitor. The UK company is now free to pursue the takeover of a smaller rival in its home market. But the drawbacks of the plan and its clumsy defence risk irking investors.

Leaving Intu at till is first step for Hammerson

5 Apr 2018

The UK shopping centre owner is waiting to see whether rival Klépierre makes a formal bid before it commits to buying smaller Intu Properties. Shareholders have already turned down their thumbs at the Intu deal. A sweeter offer from the French group would be a better outcome.

French bid puts Hammerson UK retail push in doubt

19 Mar 2018

The British shopping centre operator has rejected a 4.9 bln pound approach from European rival Klepierre. The 20 percent discount to Hammerson’s net assets looks opportunistic. But it also highlights investors’ doubts about the UK group’s punt on domestic peer Intu Properties.

Chinese vacancy casts shadow on Hong Kong property

28 Feb 2018

An obscure mainland group buying a $5 bln skyscraper from Li Ka-shing has pulled out. Locals are due to take its place. Similarly, HNA recently flipped land to a Hong Kong developer. If the southbound rush into commercial property abates, the market could regain a little sanity.

HNA sale sets stage for a great escape

13 Feb 2018

Selling half a marquee Hong Kong project for $2 bln should help offset a liquidity crunch. Plenty of other foreign assets could be sold without disrupting the Chinese outfit’s core businesses. Since deals were largely debt-funded, HNA needs good prices to make a difference.

Spain’s property party is looking bleary-eyed

6 Feb 2018

Ten years after the last crash, Spanish property deals and IPOs are seeing record volumes. A strong economy makes another bust unlikely. But investors can no longer rely on rising values to earn their crust. An interest rate jolt could bring the fiesta to an abrupt end.