Latest news with #CITIC
CNA
28-07-2025
- Business
- CNA
McDonald's to sell 8 Hong Kong retail spaces valued at $153 million, JLL says
HONG KONG :McDonald's Corp is planning to sell eight prime retail properties in Hong Kong with a total market value of around HK$1.2 billion ($152.89 million), JLL, which has been appointed as the sole agent of the sale, said on Monday. The McDonald's outlets in the locations will remain operational, JLL executive director of capital markets Eunice Tang said in a statement. Hong Kong Economic Times reported earlier on Monday McDonald's planned to sell all of its 23 retail spaces - valued at nearly HK$3 billion in total - in batches, but it would continue operating in existing locations as tenants, and the sale would not affect its operations in the city. McDonald's has around 256 restaurants in Hong Kong, the report said, many in rented spaces. McDonald's Corp could not be immediately reached for comment. In 2017, Chicago-based McDonald's Corp sold an 80 per cent stake in its mainland Chinese and Hong Kong operations to a group that included CITIC Ltd, its investment arm CITIC Capital, and Carlyle Group for up to $2.1 billion. But the assets remain under McDonald's Corp. The sale of the eight retail properties is offered through a public tender that ends on September 16. JLL said it had already received significant interest from a wide pool of potential investors. All the properties are secured with long-term McDonald's leases, and they are available for purchase either individually or as a portfolio, it added. Overall prime street rents in the first quarter have fallen back to 2003 levels, as Hong Kong's retailers battle shifting consumer habits that have led to a wave of store closures.
Reuters
28-07-2025
- Business
- Reuters
McDonald's to sell 8 Hong Kong retail spaces valued at $153 million, JLL says
HONG KONG, July 28 (Reuters) - McDonald's Corp (MCD.N), opens new tab is planning to sell eight prime retail properties in Hong Kong with a total market value of around HK$1.2 billion ($152.89 million), JLL, which has been appointed as the sole agent of the sale, said on Monday. The McDonald's outlets in the locations will remain operational, JLL executive director of capital markets Eunice Tang said in a statement. Hong Kong Economic Times reported earlier on Monday McDonald's planned to sell all of its 23 retail spaces - valued at nearly HK$3 billion in total - in batches, but it would continue operating in existing locations as tenants, and the sale would not affect its operations in the city. McDonald's has around 256 restaurants in Hong Kong, the report said, many in rented spaces. McDonald's Corp could not be immediately reached for comment. In 2017, Chicago-based McDonald's Corp sold an 80% stake in its mainland Chinese and Hong Kong operations to a group that included CITIC Ltd ( opens new tab, its investment arm CITIC Capital, and Carlyle Group for up to $2.1 billion. But the assets remain under McDonald's Corp. The sale of the eight retail properties is offered through a public tender that ends on September 16. JLL said it had already received significant interest from a wide pool of potential investors. All the properties are secured with long-term McDonald's leases, and they are available for purchase either individually or as a portfolio, it added. Overall prime street rents in the first quarter have fallen back to 2003 levels, as Hong Kong's retailers battle shifting consumer habits that have led to a wave of store closures. ($1 = 7.8490 Hong Kong dollars)
West Australian
16-06-2025
- Business
- West Australian
CITIC Pacific fights Palmer's $1.8b-plus Queensland Nickel claim, blasting his ‘idiosyncratic' activities
CITIC Pacific has fired back in a $1.8 billion-plus legal battle with Clive Palmer, claiming the royalties billionaire expected the Pilbara miner to underwrite his 'idiosyncratic business activities' for three decades. Fighting Mr Palmer's attempts to recover alleged losses from the January 2016 collapse of Queensland Nickel, CITIC barrister Noel Hutley said an agreement for the Sino Iron project did not cover every Palmer investment. 'He wants some sort of guarantee for his commercial decisions,' Mr Hutley said. 'We underwrite it — no matter how significant and silly those investments and what he is choosing for 30 years.' Mr Palmer claims in the WA Supreme Court that CITIC's delays in paying disputed royalties from the Sino project caused Queensland Nickel's collapse and the permanent closure of its Yabulu refinery, near Townsville. CITIC and Mr Palmer's flagship Mineralogy struck a series of deals in the late 2000s that led to the Hong Kong-listed company developing the $20 billion Sino magnetite iron ore mining, processing and shipping operation around Cape Preston. Thanks to Mineralogy holding the Pilbara land under a State Agreement, billions of dollars in iron ore royalties have flowed to Mr Palmer since 2013 and made him one of Australia's richest men. While the major category of royalty was always uncontested, Mr Palmer and CITIC fought in the WA Supreme Court for four years over a smaller, more complex royalty originally based on a scrapped price benchmark. Mr Palmer won a Supreme Court judgment in 2017 to be paid upwards of $200m in this second royalty category. Opening Mr Palmer's action aimed at connecting delayed royalty payments to the Queensland Nickel collapse, the billionaire's barrister Peter Dunning said CITIC imagined it was somehow not in breach of its contractual obligations for four years. 'Their breach is a matter of record in this court,' Mr Dunning said. CITIC says its main agreement with Mineralogy was related to the Sino Iron project and not Mr Palmer's other business activities. And if Mr Palmer established he was covered by an indemnity under this agreement, CITIC says he had not provided evidence of what he lost on Queensland Nickel or that he had taken all reasonable steps to minimise these losses. Mr Hutley said the evidence would show that Mr Palmer did not comply with his obligations under the agreement through which he wants CITIC to pay for his purported Queensland Nickel losses. The barrister told Justice Michael Lundberg that Mr Palmer's 'obvious unwillingness to step into the witness box' should be assessed against evidence that the billionaires did not comply with his obligations. 'He declines to make himself available . . . to explain what he did, why he did it and what he believed or understood about these events,' Mr Hutley said. CITIC claims that Mr Palmer admitted in other proceeding he could have funded Queensland Nickel when it was distressed. Justice Lundberg earlier this month killed an expert report commissioned by Mr Palmer estimating the post-collapse value of Yabulu to be anything from zero to $227m after its collapse. The hearing continues on Monday.
West Australian
09-06-2025
- Business
- West Australian
Clive Palmer claims CITIC Pacific failed its obligations, hurt Queensland Nickel with $200m royalty delay
Royalties billionaire Clive Palmer has begun his fight to blame iron ore miner CITIC Pacific for his alleged $1 billion collapse of mineral processing play Queensland Nickel. Mr Palmer is trying to pin the Yabulu refinery's permanent closure on delays in the payment of royalties from the Cape Preston iron ore operation, 90km south-west of Karratha. Mr Palmer has become a billionaire thanks to hundreds of millions of dollars in big-ticket royalties paid by CITIC subsidiaries since it kicked off its $20 billion magnetite iron ore mining, processing and export operations early last decade. He blames Queensland Nickel's January 2016 collapse on delays in CITIC's alleged failure to pay his flagship Mineralogy a second category of royalties totalling more than $200 million from 2013 to late 2017. Starting a WA Supreme Court hearing on Monday, Mr Palmer's barrister Peter Dunning said CITIC's failure to pay so-called category B royalties had created a genuine risk for Queensland Nickel and Mineralogy. Contrary to claims by CITC that it did not have to pay the second category of royalties pending a judgment handed down in November 2017, Mr Dunning said the Hong Kong-listed group had breached a deal signed a decade earlier. 'The breach is a matter of record in this court,' Mr Dunning said, kicking off a fortnight of hearings. 'It had a flow-on effect to other companies in the Palmer group. Mineralogy was particularly vulnerable to CITIC's non-performance.' Mr Palmer's Yabulu nickel refinery has been closed since it fell into administration and then liquidation in early 2016. A Federal-funded special purposed liquidator was also appointed to protect workers claims of up to $80m. CITIC and Mr Palmer's interests have also been locked in an endless array of legal battles over royalties and the extension of the magnetite iron ore mining, processing and shipping operations on Pilbara land held by Mineralogy under a State Agreement. Mr Palmer won a WA Supreme Court judgment in November 2017 ruling he should get category B royalties that took into account iron ore grade and prevailing prices. The original deals between CITIC and Mineralogy had nominated a benchmark iron ore price that was scrapped in 2010.. The billionaire claims he would have been able to save Queensland Nickel in late 2015 if CITIC had paid the category B royalties payments to Mineralogy on time. CITIC is fighting Mr Palmer's attempts to blame the collapse on the alleged delays in royalty payments, arguing that legal arguments about the second-tier royalty payment were extremely complex. But Mr Dunning said there was no basis for CITIC delaying the payment of the category B royalties. In doing so, it was breaching its obligations under agreements with Mineralogy from the late 2000s. 'The CITIC parties were getting that benefit but not paying for that benefit to Mineralogy,' he said. The first stage of the case is set to run for a fortnight, but the argument over the post-collapse value of Yabulu may be heard in August. Justice Michael Lundberg last week rejected an expert report from BDO commissioned by Mr Palmer that estimated the value range for the Yabulu refinery of zero to $227m straight after Queensland Nickel collapsed in January 2016. But after legal arm wrestles, Justice Michael Lundberg ruled on Friday Mr Palmer could call for evidence from an accountant who filed an expert report that was used against the Mineralogy boss in a 2017 legal action. The Palmer and CITIC legal teams have agreed to hire former Supreme Court master Craig Sanderson to assist with working out the way forward based on the limited use of the 2017 valuation.
Korea Herald
31-05-2025
- Business
- Korea Herald
Open Cooperation and Development Conference of "Nanjing Tour of German Enterprises" Convenes
, May 31, 2025 /PRNewswire/ -- A news report from JSBC: On May 23, the Open Cooperation and Development Conference of "Nanjing Tour of German Enterprises" brought together C-suite executives from Germany's Fortune Global 500 corporations, niche market leaders ("hidden champions"), and industry leaders to explore collaborative opportunities. Zhang Wenwu, Vice Chairman and executive director of CITIC Group, and Dr. Clas Neumann, Chairperson of the Board of German Chamber of Commerce in China - East China addressed the conference. At the conference, Nanjing's high-quality business environment was presented under the theme "Transcending Boundaries through Shared Vision: Collaborative Pathways to Mutual Prosperity." Zhang Wenwu emphasized that the event exemplifies concrete support for German enterprises investing in China and Nanjing, reflecting CITIC's commitment to sustainable multi-stakeholder partnerships. He vowed to strengthen CITIC's role as a bridge, deepening Sino-German economic ties, enhancing Nanjing's development capacity, integrating industries with technology, and upgrading financial services. Dr. Clas Neumann noted that the event provides a vital platform for German-Nanjing collaboration. He praised Nanjing's robust industrial base, efficient transportation, abundant educational resources, and favorable business climate as ideal for investment. According to him, Nanjing has allocated substantial resources to new technologies and sustainable development technologies. Many German companies in the city are actively engaged in sustainability-focused sectors such as wind power, hydropower, and related industries, while numerous enterprises are also investing in digital transformation to drive sustainable practices. Meanwhile, traditional industries including automotive, chemical, and pharmaceutical sectors remain crucial in propelling economic growth. Expressing strong confidence in Nanjing's future, Neumann pledged the Chamber's commitment to guiding more German enterprises to explore opportunities and foster win-win partnerships. A panel discussion on "Sino-German Future Industrial Collaboration" was held. Dr. Xiao Song, Global Executive Vice President and President & CEO Siemens Greater China, delivered a keynote speech. Panelists included Armin Necker, CTO and COO of ThyssenKrupp Rothe Erde Group; Hua Ning, General Manager of DB Schenker; Huang Yixin, Chairman of Nanjing Iron & Steel Group; and Li Chao, Vice President of Estun Automation. The event featured the launch of the Nanjing-CITIC Global Investment and Trade Service Network and the CITIC-Nanjing Multinational Innovation Hub which are meant to assist European enterprises in investing in Nanjing while supporting local enterprises in expanding overseas through comprehensive services. A business license was awarded to Yangtze River Sci-Tech Development Co., Ltd. of Jiangbei New Area, followed by multiple project signings.
