Latest news with #Citic
The National
28-05-2025
- Business
- The National
Mag Group and China's Citic to develop $6bn Keturah Ardh luxury project in Dubai
The UAE's Mag group and Chinese conglomerate Citic have signed an initial agreement to develop a $6 billion luxury real estate project in Dubai, amid continued property and construction boom in the emirate. Keturah Ardh will span 18.47 million square feet in Dubai's Al Rowaiyah First District, with completion timelines of the phased project between two and seven years, Mag Group Holding said in a statement on Wednesday. The first phase, launched under the Keturah Ardh Couture Art brand, will start in the fourth quarter of 2025. The second phase is expected in the first quarter of next year, with subsequent phases being carried out into 2027. "Keturah Ardh exemplifies what the future of living in Dubai should look like," said Moafaq Al Gaddah, founder and chairman of MAG Group Holding. "Our aim is to create a place where people feel deeply connected to their surroundings, with nature and community embedded into daily life." The companies will develop a mixed-use residential project that includes plots, villas, residences, educational institutes and hotels, Mr Gaddah told The National. Infrastructure works will start immediately, followed by launch of the first phase. More contracts will be given in the following months, he said. Mag is the latest company to launch a mega development in the Dubai, the commercial, tourism and financial hub of the Middle East, amid sustained momentum in the emirate's luxury property market. Both the off-plan and secondary segments of Dubai's real estate market have performed well, a report this month by Cavendish Maxwell said. In the first quarter of this year, nearly 590 transactions were recorded for properties priced at Dh20 million ($5.4 million) and above, highlighting robust demand from high-net-worth individuals (HNWIs) and cementing Dubai's reputation as a global destination for luxury property, Cavendish Maxwell said. "This demand is fuelled by favourable tax policies, long-term residency incentives and the city's exceptional global connectivity, all of which continue to attract HNWIs and contribute to the luxury market's sustained growth and resilience," the report said. The influx of wealthy people to the Emirates is also helping create the boom. Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said in a report. The number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the world's 14th-largest wealth market. Strong demand has resulted in a shortage of luxury homes in Dubai, with the number of homes available for sale for $10 million or higher falling 40 per cent to only 2,491 last year. The number of homes available for $25 million or more also fell 85 per cent, to 86 properties in 2024, Knight Frank said. Mag International Investment will be the master-developer of the luxury project, involving collaboration with leading architects, designers, fashion brands and artists from across the globe. Citic will undertake the procurement and construction of the development. Mag, established in 1978, has a portfolio valued at $3 billion, ongoing sales worth $5 billion and developments estimated at $17 billion. The group's portfolio includes real estate, contracting, engineering, industrial and commercial trading; freight services and hospitality. With the Keturah Ardh project, Chinese state-owned Citic, which manages total assets exceeding $1.67 trillion, marks its first entry into Dubai's luxury property sector, a statement said. "By leveraging Citic's wealth of expertise in advanced manufacturing, innovative materials, sustainable infrastructure and real estate, we want to shape a destination that welcomes all generations and sets new benchmarks for sustainability in the region," said Yang Jianqiang, chairman of Citic. Plot sizes within the development will range from 50,000 square feet to 200,000 square feet and the site will feature more than 100,000 trees, Mag said.
Bloomberg
28-05-2025
- Business
- Bloomberg
China's Citic, MAG Group to Work on $6 Billion Project in Dubai
Chinese state-owned conglomerate Citic Ltd. signed a memorandum of understanding to help finance the development of a planned 22 billion dirham ($6 billion) development in Dubai that's set to add thousands of homes to the city's booming market. Dubai's MAG Group and Citic will develop Keturah Ardh, which spans 18.47 million square feet in Dubai's Al Rowaiyah First District, according to a statement. The development will include low-rise towers, villas, offices, retail space as well as an AI university and a school, according to Talal Al Gaddah, senior executive vice chairman of MAG Lifestyle Development. He said the plan was for Citic to provide some of the construction financing.
South China Morning Post
05-05-2025
- Business
- South China Morning Post
Chinese sovereign wealth fund's private-equity investment head moves to Citic
Advertisement Bao Jianmin, a CIC veteran with experience in private equity, international investment and real asset investments, is now listed as part of the management team at Citic, where he serves as deputy general manager and a member of the Communist Party committee. The profile of the 57-year-old on Citic's website shows that Bao held multiple roles at CIC. He is still listed as a member of the executive committee and a director of the private-equity investment department at CIC, suggesting the move could be very recent. Personnel reshuffling among state-owned enterprises is a common practice. According to the limited public information about Bao, he has played a role in CIC's international expansion efforts. He attended an international investment conference held by CIC last September in Xiamen, according to the company website. In April 2023, he joined a meeting between then CIC president Peng Chun and Lim Chow Kiat, the CEO of Singapore sovereign fund GIC Private, to discuss the Chinese market, investment opportunities and collaboration among peer institutions. Advertisement In March 2023, he joined a meeting between Peng and Stephen Schwarzman, founder and chairman of Blackstone Group, to discuss cooperation amid complex and challenging market conditions. Bao was assigned to lead a team within CIC's direct-investment unit in 2020 to address troubled investments, according to a Bloomberg report. His role focused on recovering value and exploring potential exits from underperforming assets, primarily in the energy and mining sectors, which had experienced prolonged losses, the report said.
Mint
24-04-2025
- Business
- Mint
Tycoon Palmer Agrees to Iron Ore Mine Expansion by China's Citic
Australian billionaire Clive Palmer's Mineralogy Pty has agreed to an expansion of one of the country's biggest Chinese-run iron ore projects, the latest step in a decades-long spat with owners Citic Ltd. Mineralogy owns the legal permits where the Sino Iron project is located and has approved its expansion, according to a statement from the Australian company on Wednesday. The operation is run by Citic Pacific Mining Management Pty, which is a Perth-based unit of the Chinese conglomerate. The offer comes after Palmer's Mineralogy and Citic have been embroiled in a long-running legal dispute involving royalty payments. The iron ore project is considered one of the largest foreign mining investments by a Chinese company in Australia. Mineralogy lost a bid in Australia's Supreme Court to lodge a counterclaim for unpaid royalties, as part of one of its multiple lawsuits, according to a judgment published this week. A trial on the matter is due to take place from Monday. Citic's request to expand the project 'had been delayed due to their ongoing and persistent failure to provide necessary documents, which was in serious breach of the agreement,' Palmer said in the statement. 'Mineralogy looks forward to increased exports and an expanded workforce with the expansion of these operations.' A spokesperson for Citic Pacific, which has invested more than $12 billion to develop the project, said in a separate statement that for the past 20 months, Mineralogy had all the information needed to approve its proposals. 'Mr Palmer's attempts to blame the delays on Citic are inconsistent with the objective history of the matter,' the spokesperson said. 'Given that the trial of this matter is currently listed to commence next week, any further comment at this stage would not be appropriate.' This article was generated from an automated news agency feed without modifications to text. First Published: 24 Apr 2025, 02:38 PM IST
Yahoo
21-03-2025
- Business
- Yahoo
Ping An Profit Misses Estimates Dented by China Slowdown
(Bloomberg) -- Ping An Insurance (Group) Co. missed analyst estimates as China's economic slowdown and property market crisis weighed on value of assets. The shares dropped. Amtrak CEO Departs Amid Threats of a Transit Funding Pullback New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style NYC Plans for Flood Protection Without Federal Funds A Malibu Model for Residents on the Fire Frontlines Net income reached 126.6 billion yuan ($17.5 billion), compared with 85.7 billion yuan a year earlier, the Shenzhen-based company said in a filing to the Hong Kong stock exchange Wednesday. That trailed the 134.5 billion yuan average estimate of 22 analysts surveyed by Bloomberg. Operating profit, which the insurer says better reflects performance by stripping out short-term investment volatility and one-time items, rose 9%. That compared with a 20% slump in the previous year. Ping An fell 5% to close at HK$49.3 in Hong Kong, the most in about five months. The asset management business recorded an 11 billion yuan loss, as a prolonged property downturn and slower growth weighed on the value of investments. That said, its earnings stability is expected to improve significantly, according to Citic Securities Co. A 15% rally in the CSI 300 Index last year bolstered the value of Chinese insurers' equity holdings, helping competitor China Life Insurance Co. to more than double its profit. Investment income more than quadrupled to 161 billion yuan, according to the filing. Yet net impairment losses on financial assets climbed 10% to 85.6 billion yuan, while such losses on other assets jumped more than fivefold to 7.2 billion yuan. Ping An took 'very prudent' provisions and its asset quality has been improving 'significantly,' Co-CEO Michael Guo told Bloomberg TV. The industry's profit outlook will get brighter this year on higher equity allocations, and as more long-term bond purchases match assets with their liabilities, according to Bloomberg Intelligence analyst Steven Lam. The CSI 300 has gained 1.4% this year. Chinese insurance stocks are embarking on a slow bull run as their products become more attractive in a low interest rate environment and competition from smaller players weaken, Citic analysts wrote in a report this week. New business value, which measures the profitability of new life policies sold, grew 28.8%, slowing from a 34% gain in the first nine months. Top life insurers like Ping An are switching their focus to profit-sharing policies this year, which are 'the most competitive products' in the market with an estimated 3% actual return, Citic analysts led by Tong Chengdun wrote in the report. Ping An has reduced pressure from real estate and fintech losses, improved its position in the bancassurance channel and increased allocations to top banks, which promise to stabilize its profits going forward, they wrote. The insurer's property-related risk exposure has dropped to a 'very controllable range' after provisions and writedowns in the past few years, Guo said in an interview later. The company doesn't expect any further major impairments going forward, as the real estate market stabilizes amid growing government support, he added. 'The property market is already forming a bottom. What is uncertain is how long it will take to rebound,' he said. 'But from the perspective of provisions, we've basically covered any remainder' of the risk. The company's outstanding real estate investments stood at 203 billion yuan as of Dec. 31, or 3.5% of its insurance funds portfolio, according to the filing. That dropped from 4.3% a year earlier. The asset management business, which also includes units from securities to trust, swung to a 19.5 billion loss in 2023, the first in at least five years, before the loss shrank 43% last year. (Updates with Co-CEO comments on property exposure from 14th paragraph.) Tesla's Gamble on MAGA Customers Won't Work A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' The Future of Higher Ed Is in Austin ©2025 Bloomberg L.P.
