Bain Ramps Up Japan Property Deals After Amassing $5 Billion in Value
The investment firm has about five deals under discussion that leverage a strategy to unlock value from real estate assets held by Japanese companies, said Man Kinoshita, a partner in the special situations team.
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Yahoo
4 minutes ago
- Yahoo
China Evergrande to be delisted from Hong Kong stock exchange following debt woes
HONG KONG (AP) — China Evergrande on Tuesday said it will be delisted from Hong Kong's stock exchange on Aug. 25, more than a year and a half after the city's court ordered the heavily indebted real estate developer to be liquidated in another setback to mainland China's property sector. Evergrande was the world's most heavily indebted real estate developer, with $300 billion owed to banks and bondholders, when the court handed down a liquidation order in January 2024. The court ruled the company had failed to provide a viable restructuring plan for its debts, which fueled fears about China's rising debt burden, and trading of its shares has been halted since the ruling. The city's listing rules stipulate the listing of companies may be cancelled if trading in their securities has remained suspended for 18 months consecutively. China Evergrande Group received a letter Aug. 8 from the city's stock exchange notifying the firm of its decision to cancel the listing as trading had not resumed by Jul. 28. The last day of the listing will be Aug. 22 and Evergrande will not apply for a review of the decision, the company said in a statement. 'All shareholders, investors and potential investors of the company should note that after the last listing date, whilst the share certificates of the shares will remain valid, the shares will not be listed on, and will not be tradeable on the Stock Exchange," the statement said. Evergrande is among scores of developers that defaulted on debts after Chinese regulators cracked down on excessive borrowing in the property industry in 2020. Unable to obtain financing, their vast obligations to creditors and customers became unsustainable. The crackdown also tipped the property industry into crisis, dragging down the world's second-largest economy and rattling financial systems in and outside China. Once among the nation's strongest growth engines, the industry is struggling to exit a prolonged downturn. Home prices in China have continued to fall even after the introduction of supportive measures by policymakers. The Hong Kong court system has been dealing with liquidation petitions against some Chinese property developers, including Country Garden, which is expected to have another hearing in January. Evergrande, founded in the mid-1990s by Hui Ka Yan, also known as Xu Jiayin, had over 90% of its assets on the Chinese mainland, according to the 2024 judgement. The firm was listed in Hong Kong in 2009 as 'Evergrande Real Estate Group' and suspended its share trading on Jan. 29, 2024, closing at 0.16 Hong Kong dollars ($0.02). Hui was detained in China in September 2023 on suspicion of committing crimes, adding to the company's woes. In 2024, the China Securities Regulatory Commission issued a fine of 4.2 billion yuan (about $584 million) against the firm's subsidiary, Hengda Real Estate Group Company, over violations including falsifying financial records. Hui was fined 47 million yuan ($6.5 million) and barred from China's securities markets for life. Some other executives were also penalised Chinese authorities in September 2024 banned the accounting firm PwC for six months and fined the company more than 400 million yuan ($56.4 million) over its involvement in the audit of the collapsed property developer. Kanis Leung, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 minutes ago
- Yahoo
AST SpaceMobile Stock Jumps on Massive Satellite Launch Ambition
Aug 12 - AST SpaceMobile (NASDAQ:ASTS) is shooting for the stars, literally, and investors are taking notice. Shares jumped more than 12% in premarket trading Tuesday after the satellite company laid out a bold plan to launch between 45 and 60 satellites over 2025 and 2026. The roadmap calls for at least five orbital launches by Q1 2026, with liftoffs scheduled roughly every one to two months. Warning! GuruFocus has detected 6 Warning Signs with ASTS. We are confirming our fully funded plan to deploy 45 to 60 satellites into orbit by 2026, said founder and CEO Abel Avellan, adding that these will serve markets across the U.S., Europe, Japan, and other strategic regions, including government contracts. In fact, AST SpaceMobile has already secured eight contracts with the U.S. Government as an end customer. The ambitious update comes despite a soft Q2, where ASTS reported a $0.41 per-share loss on $1.16 million in revenue, still up nearly 29% year-over-year. Operating expenses rose to $74 million. Management still expects $50 million to $75 million in revenue in the second half of 2025, fueled by both government and commercial clients. Is ASTS Stock a Buy Now? Based on the one year price targets offered by 8 analysts, the average target price for AST SpaceMobile Inc is $47.24 with a high estimate of $64.00 and a low estimate of $30.00. The average target implies a upside of +2.87% from the current price of $45.92. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
7 minutes ago
- Washington Post
China Evergrande to be delisted from Hong Kong stock exchange following debt woes
HONG KONG — China Evergrande on Tuesday said it will be delisted from Hong Kong's stock exchange on Aug. 25, more than a year and a half after the city's court ordered the heavily indebted real estate developer to be liquidated in another setback to mainland China's property sector. Evergrande was the world's most heavily indebted real estate developer , with $300 billion owed to banks and bondholders, when the court handed down a liquidation order in January 2024.
