Latest news with #BlackRock-led
New Straits Times
10-07-2025
- Business
- New Straits Times
Richard Li's China insurance deal falters over port sale concerns
KUALA LUMPUR: Billionaire Richard Li's efforts to expand his insurance business into mainland China have been put on hold after Beijing reacted with fury to his father Li Ka-shing's plan to sell a suite of global ports to BlackRock, Bloomberg News reported on Thursday. Richard, business tycoon Li Ka-shing's younger son, was in advanced talks to secure an insurance license in China, the report said, citing people familiar with the matter. The discussions were suspended shortly after the port sale was announced in early March amid growing uncertainty over Beijing's stance on the deal, the report said. A deal would have given FWD Group, Li's insurance firm, long-sought access to the lucrative Chinese market, possibly through an acquisition or partnership with a mainland insurance firm, it said. Reuters could not immediately verify the report. FWD Group declined to comment. Bloomberg had reported in March that China has instructed state-owned firms to pause new deals with businesses linked to Li Ka-shing and his family after his plan to sell two ports in Panama to a BlackRock-led consortium. FWD Group raised US$442 million through an initial public offering in Hong Kong earlier this week.
Business Times
10-07-2025
- Business
- Business Times
Richard Li's China insurance expansion talks stall amid backlash to father's port sale plan
[HONG KONG] Billionaire Richard Li's efforts to expand his insurance business into mainland China have been put on hold after Beijing reacted with fury to his father Li Ka-shing's plan to sell a suite of global ports to US firm BlackRock, Bloomberg News reported on Thursday (Jul 10). Richard, business tycoon Li Ka-shing's younger son, was in advanced talks to secure an insurance licence in China, the report said, citing people familiar with the matter. The discussions were suspended shortly after the port sale was announced in early March amid growing uncertainty over Beijing's stance on the deal, the report said. A deal would have given FWD Group, Li's insurance firm, long-sought access to the lucrative Chinese market, possibly through an acquisition or partnership with a mainland insurance firm, it said. Reuters could not immediately verify the report. FWD Group did not immediately respond to a Reuters' request for comment. Bloomberg had reported in March that China has instructed state-owned firms to pause new deals with businesses linked to Li Ka-shing and his family after his plan to sell two ports in Panama to a BlackRock-led consortium. FWD Group raised US$442 million through an initial public offering in Hong Kong earlier this week. REUTERS
Business Times
21-05-2025
- Business
- Business Times
BlackRock buys Singapore serviced apartment asset
[SINGAPORE] A BlackRock-led consortium is buying the freehold Momentus Serviced Residences Novena at 12 Shan Road, for just over S$100 million, The Business Times understands. The 15-storey block is being sold by a joint venture comprising Roxy-Pacific Holdings, Macly Capital and LWH Holdings. The development's 78 serviced apartments comprise studio, one and two-bedroom apartments. Facilities include a swimming pool, a fitness room and a rooftop garden. The property is currently operated by SingHaiyi Group's hospitality arm, Momentus. However, this arrangement is expected to be terminated as part of the sale. BlackRock is said to have a local partner, believed to be an entity linked to Matthew Ong of SLB Development, for the purchase of 12 Shan Road. Formerly known as 12 On Shan, the building was completed in 2018 with a gross floor area of 68,048 sq ft. The property is about 550 metres from Novena MRT Station. It is also near Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital, and the Velocity@Novena Square and Square 2 malls. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Roxy-Pacific-led consortium acquired the serviced apartment building in 2022 from TA Corporation for S$86.5 million. Earlier this month, a tie-up between BlackRock and YTL entered into a purchase of the 299-unit Citadines Raffles Place for S$280 million. The serviced residence is within the CapitaSpring building, which is on a site in Market Street with a 99-year leasehold tenure that began on Feb 1, 1982; this leaves about 55 years and nine months on the lease. The serviced apartments are on levels nine to 16 of the 51-storey building which also has a food centre, offices and pockets of retail space. Citadines Raffles Place is being sold by a 45:45:10 joint venture involving CapitaLand Integrated Commercial Trust, CapitaLand Development and Mitsubishi Estate, respectively. CapitaLand Investments' lodging arm, The Ascott, continues to manage the property, comprising studios, one-bedders, two-bedders and lofts. The units range from about 215 square feet (sq ft) to 646 sq ft. Last year, BlackRock teamed up with Weave Leaving for the S$148 million purchase of the 154-unit Citadines Mount Sophia; the asset had a balance leasehold estate of about 81 years at the time. The property, which was sold by CapitaLand Ascott Trust, has since been refurbished and rebranded Weave Suites - Hillside, comprising 175 units.
Yahoo
28-04-2025
- Business
- Yahoo
China pushes for 'prudence' on CK Hutchison's ports deal, Xinhua reports
(Reuters) -China's foreign ministry has asked all parties involved in CK Hutchison's planned sale of most of its ports operations to a BlackRock-led consortium to "act prudently," state news agency Xinhua reported on Monday. The sale by the Hong Kong conglomerate, which contains two ports adjacent to the strategically important Panama Canal, has become highly politicised amid intensifying U.S.-Sino trade tensions. The Wall Street Journal, citing people familiar with the matter, reported on April 16 that the MSC shipping empire, a part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved. "We have taken note of relevant reports," foreign ministry spokesperson Guo Jiakun told a regular press briefing, according to Xinhua. The spokesperson also urged the parties to maintain full communications with the relevant Chinese departments, the report added. China's top market regulator had also responded to the Wall Street Journal report on Sunday, saying it was paying close attention to the deal, and that the parties should not try to avoid an antitrust review. Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries. The business has an enterprise value of $22.8 billion, including debt. CK Hutchison did not immediately respond to a Reuters request for comment.
Reuters
28-04-2025
- Business
- Reuters
China pushes for 'prudence' on CK Hutchison's ports deal, Xinhua reports
April 28 (Reuters) - China's foreign ministry has asked all parties involved in CK Hutchison's ( opens new tab planned sale of most of its ports operations to a BlackRock-led (BLK.N), opens new tab consortium to "act prudently," state news agency Xinhua reported on Monday. The sale by the Hong Kong conglomerate, which contains two ports adjacent to the strategically important Panama Canal, has become highly politicised amid intensifying U.S.-Sino trade tensions, opens new tab. The Wall Street Journal, citing people familiar with the matter, reported on April 16 that the MSC shipping empire, a part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved. "We have taken note of relevant reports," foreign ministry spokesperson Guo Jiakun told a regular press briefing, according to Xinhua. The spokesperson also urged the parties to maintain full communications with the relevant Chinese departments, the report added. China's top market regulator had also responded to the Wall Street Journal report on Sunday, saying it was paying close attention to the deal, and that the parties should not try to avoid an antitrust review. Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries. The business has an enterprise value of $22.8 billion, including debt. CK Hutchison did not immediately respond to a Reuters request for comment.
