Country Garden Affiliate Offloads Stake in China’s Largest Mall Operator, Zhuhai Wanda, Raising US$447 Million
An associate of Country Garden has sold its shares in the biggest mall operator in China for a whopping US$447 million. The shares, approximately 108 million in Zhuhai Wanda, will be purchased by Dalian Wanda and a connected entity, Zhuhai Wanying.
Businesswoman Yang Huiyan has control over Country Garden and CGS.
In the last month of the year, Country Garden disposed of a 1.79% share in the identical firm to the same individuals for 3.07 billion yuan. After the most recent transaction, CGS will continue to possess approximately 22.11 million shares, equating to a 0.31% stake, in Zhuhai Wanda.
The earnings from the sale will be utilized for "routine operational expenses and other objectives sanctioned by the board," stated CGS on Wednesday.
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An Evening of Unsurpassable Artistry: Plácido Domingo and Rising Stars Mesmerize at Galaxy Macau’s Inaugural Opera Gala
An evening of art and culture to remember: "Galaxy Opera Gala with Plácido Domingo and Guests" showcased by Galaxy Macau
The renowned Spanish tenor marked a memorable night at the Galaxy International Convention Center (GICC), performing alongside three up-and-coming talents.
This grand tribute to the splendor of classical music has played a part in shaping Macau into a "City of Performing Arts."
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For the first time, Galaxy Macau's GICC held a premier opera gala, featuring Domingo's initial performance in Macau after a six-year hiatus. The event that took place on October 20 surpassed all anticipated standards.
The renowned Spanish opera star captivated fans of classical music and culture, who packed Macau's newest top-tier venue to its limits. The spirited and dynamic tenor gave his trademark flawless show, performing with Chinese soprano Bing Bing Wang, and Italo-German mezzo-soprano Anna-Doris Capitelli, complemented by the esteemed Shenzhen Symphony Orchestra led by Italian maestro Beatrice Venezi.
In a splendid climax, the solo performers were accompanied by the globally acclaimed Chinese tenor, Warren Mok from Hong Kong, who unexpectedly adorned the stage as a guest.
With a professional journey stretching across more than fifty years, Domingo, a 12-time Grammy Award recipient, is considered among the "top 10 opera singers of all time". Critics note that this tenor who transitioned into a baritone stands out as a unique example – a high-profile performer with an amazing voice who has managed to maintain warmth, dedication, refined taste, and sensitivity despite his fame. Domingo has made significant contributions to the contemporary era of opera through his emotionally-charged performances and powerful stage charisma. Boasting over 4,000 performances in 150 different roles, he is recognized as one of the most adaptable and respected artists in recent times.
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Swiss Climate-tech Unicorn Climeworks Courts Hong Kong Investors for Multibillion-dollar Carbon Capture Projects
Climeworks, a Swiss-based unicorn company, is on the hunt for investors in Hong Kong for its carbon capture initiatives. The firm, known for constructing the world's largest carbon capture facility, has plans for bold ventures worth billions of dollars.
Climeworks, a Swiss company that constructed the world's biggest carbon capture facility, is currently in talks with investors from Hong Kong. They are presenting these potential investors with opportunities to invest in potentially profitable projects which require a construction budget ranging from $2 billion to $3 billion.
Conversations are progressing significantly, but the substantial funding expenses and implementation of fairly recent technology on capital-heavy infrastructure suggest that only investors with long-term investment plans would be appropriate, stated Christoph Gebald, the co-founder and joint CEO.
"We require backers who are keen on establishing a substantial industry, targeting not just the next year, but the coming two decades," he stated in a conversation during his city tour last week.
Gebald stated that his main conversations were about possible investment opportunities with venture capital companies and major family businesses.
Climeworks constructs devices designed to remove carbon dioxide from the air and securely deposit it in subterranean storage areas indefinitely, or employ it in the creation of carbon-neutral fuels and substances.
The investors in the climate-tech unicorn include a venture capital company based in Zurich named Carbon Removal Partners, investment manager M&G, and the insurance firm Swiss Re.
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Mainland Chinese Buyers Fuel Hong Kong Property Market Surge Amid Low Prices and High Rents
Property buyers from mainland China are flocking to Hong Kong due to low prices and rates, coupled with high rents. The first three quarters of the year saw a 69% increase in home purchases by these buyers, making up close to a quarter of all transactions.
The disparity between house rents and home prices in Hong Kong is encouraging more tenants to become homeowners, particularly those recently relocated under the city's multiple talent programs. This could potentially alleviate the ongoing downturn in the real estate market.
Monica Li, a 36-year-old stay-at-home mom living in Beijing, has been actively hunting for a two-bedroom apartment in Kai Tak or Wong Chuk Hang that falls within a budget of HK$20 million (US$2.6 million). The elimination of stamp duties in February, including the Buyer's Stamp Duty aimed at non-permanent residents, has made purchasing property in Hong Kong more appealing for families like hers and other investors from the mainland, Li commented.
"Real estate is currently affordable since values have significantly decreased from their highest point," Li mentioned, "Though interest rates are also declining, rental returns are doing well. It's an ideal time to put money into suitable ventures."
Li, who initially relocated to Hong Kong for employment purposes, just like her spouse, isn't banking on making a substantial gain from escalating housing prices. Instead, she has made up her mind that her kids will pursue their education in Hong Kong. According to her, numerous families from the mainland are in the market for real estate with the identical motivation.
There's been a noticeable rise in property purchases in Hong Kong by buyers from mainland China since March. Recent developments such as the Cullinan Sky by Sun Hung Kai Properties in Kai Tak and the Blue Coast by CK Asset in Wong Chuk Hang have primarily focused on attracting these buyers, according to Norry Lee, who is the senior director of project strategy and consulting at JLL Hong Kong.
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Cathay Pacific Calls for Government Intervention to Boost Sustainable Aviation Fuel Adoption in Hong Kong
Cathay Pacific: Hong Kong government must promote eco-friendly aviation fuel
'Without government intervention, all companies will hold back, expecting others to take the lead,' states the airline's sustainability officer.
Cathay Pacific suggests that the Hong Kong aviation industry needs more governmental intervention to achieve its environmental objectives, despite the increased adoption of sustainable aviation fuel (SAF) from a previously low level, made possible due to business backing.
"Regulators are crucial in ensuring fairness, by making sure that all participants are acting in the best interest of society," said Grace Cheung, the principal airline's manager of sustainability, during her address at the Sustainable Finance Conference organized by the Asia Securities Industry and Financial Markets Association on Wednesday.
"If we rely solely on the market, every business will hold back, waiting for their rivals to take the first step."
The aviation sector faces challenges in reducing its carbon emissions due to lengthy innovation processes, the emphasis on safety, and the steep prices of essential technologies, as noted by McKinsey consulting firm last year. Sustainable Aviation Fuel (SAF) costs three to five times more than standard jet fuel, as reported by the industry news source, AvBuyer.
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BYD, Li Auto Spearhead Hong Kong Stock Surge Amid Record EV Sales and Anticipated Fiscal Stimulus
BYD and Li Auto are spearheading stock increases in Hong Kong due to unprecedented EV sales, as traders anticipate new stimulus measures. The supreme legislative institution in China might introduce a highly anticipated fiscal stimulus this week, while the Federal Reserve is expected to prolong its monetary relaxation.
On Monday, the Hang Seng Index saw an increase of 0.3 per cent, reaching 20,567.52, recovering from a 0.4 per cent drop last week. The Hang Seng Tech Index also experienced a boost, rising by 1.1 per cent. Domestic stocks exhibited growth too, with the CSI 300 benchmark surging 1.4 per cent and the Shanghai Composite Index rising by 1.2 per cent.
"Several car company shares showed improvement, due to the fairly strong sales figures in October," stated Jason Chan, the lead investment planner at Bank of East Asia. "In my opinion, the strategy of swapping older vehicles for newer ones has fueled this increase."
Three forty-nine
Xi's rallying call establishes economic objectives for Chinese authorities, pardoning them for any errors.
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Hong Kong’s Exchange Fund Sees Record 9-Month Gain of US$28.8 Billion Amid Market Rally: HKMA CEO Advocates for Existing Formula Despite Deficit Concerns
The Exchange Fund in Hong Kong reports an unprecedented increase of US$28.8 billion in nine months due to thriving markets. Legislators inquired if the fund could contribute more to counter the government's deficit. However, the CEO of the Hong Kong Monetary Authority (HKMA) advised adhering to the current strategy.
The Exchange Fund announced some of its most successful quarterly earnings due to the surge in stock markets in Hong Kong and the United States. The varied investment strategy contributed to a significant increase in the fund reserved for protecting the city's currency value.
"Given the enhanced market outlook, we aspire to maintain the progress and secure favorable returns for the Exchange Fund in the final quarter," said Eddie Yue Wai-man, the Chief Executive of HKMA, while addressing a committee of the city's Legislative Council.
Multiple legislators inquired if the Exchange Fund could contribute a larger portion of its earnings to the government in order to help resolve its budget shortfall. During the initial nine months, the government's fiscal reserve received HK$10 billion from the Exchange Fund, a sum less than the HK$14 billion it received during the same timeframe the previous year.
According to official statistics, the government had a budget shortfall of HK$183.9 billion in the initial five months of the current fiscal year that started in April.
Yue stated that the Exchange Fund has made a payment to the government, calculated by averaging the investment returns over the last six years. This method is effective as it ensures a more consistent yearly payment to the government, rather than fluctuating annually due to the Exchange Fund's unstable performance.
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Hong Kong’s Exchange Fund Records Historic 9-Month Gain Amid Market Rally: Lawmakers Debate Increased Contributions to Government Deficit
The Exchange Fund in Hong Kong reported an unprecedented increase of US$28.8 billion in nine months as markets surged. Legislators inquired if the fund could contribute more towards mitigating the government's deficit, but the CEO of HKMA advocated for adhering to the current strategy.
The Exchange Fund announced some of its highest quarterly earnings as stock markets surged in both Hong Kong and the United States. This boost in finances, attributed to a varied investment strategy, aids in strengthening the city's defense of its currency peg.
"Eddie Yue Wai-man, the chief executive of the HKMA, expressed to the city's Legislative Council panel that he is optimistic that the positive trends in market sentiments will help maintain the momentum and result in profitable returns for the Exchange Fund in the last quarter."
Numerous legislators have inquired if the Exchange Fund could allocate a larger portion of its earnings to the government to help manage its deficit. The Exchange Fund contributed HK$10 billion to the government's fiscal reserve in the initial nine months, which is less than the HK$14 billion it contributed during the equivalent period the previous year.
According to official data, the government's budget shortfall amounted to HK$183.9 billion in the initial five months of the current fiscal year, which commenced in April.
Yue explained that the Exchange Fund has made its disbursement to the government, calculated using a method that averages the return on investments over the previous six years. This approach is beneficial as it ensures a consistent yearly payout to the government, avoiding the fluctuations that are typically caused by the unpredictable performance of the Exchange Fund.
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DeepRoute.ai Secures US$100 Million Investment, Aims to Outpace Tesla with Advanced Autonomous Driving Systems in China
DeepRoute.ai, a Chinese company specializing in self-driving technology, has successfully secured $100 million in funding as its technology becomes increasingly adopted. The Shenzhen-headquartered startup forecasts that close to 200,000 vehicles will be fitted with its high-tech driver assistance system by the close of 2025.
DeepRoute.ai, a Chinese firm specializing in autonomous driving technology, has secured $100 million in funding from an automotive manufacturer, the company announced on Monday. This move aims to boost the widespread use of its systems in vehicles, positioning it ahead of Tesla in the Chinese market.
The start-up from Shenzhen anticipates that close to 200,000 vehicles will incorporate its high-level assisted driving technology on China's streets by the close of 2025, according to an interview with CEO Maxwell Zhou by Reuters. This is a significant increase from the current 20,000 vehicles.
The system is capable of maneuvering through city traffic, much like Tesla's Full Self-Driving (FSD), which the American auto manufacturer anticipates rolling out in China in the near future.
Zhou revealed that DeepRoute.ai intends to introduce over ten different models through its automaker partners in 2025. The first vehicle fitted with its system was launched in August, and two additional models are set to be released this year. One of these upcoming models is a collaborative effort between Geely and Mercedes-Benz under their shared smart brand, he added.
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DeepRoute.ai Raises $100M to Accelerate Autonomous Driving in China: Aims to Outpace Tesla with 200,000 Vehicles by 2025
The self-driving company from China, DeepRoute.ai, has secured a hefty investment of $100 million as its technology becomes increasingly popular. The start-up, which operates out of Shenzhen, anticipates that around 200,000 vehicles will be fitted with its sophisticated driver-assistance systems by the close of 2025.
DeepRoute.ai, a Chinese firm specializing in autonomous driving technology, announced on Monday that it has secured $100 million in funding from an automobile manufacturer. The company aims to enhance the widespread use of its systems on vehicles in China, positioning itself ahead of Tesla.
Maxwell Zhou, the CEO of the start-up based in Shenzhen, anticipates that approximately 200,000 vehicles will be fitted with their sophisticated assistive driving system on China's streets by the close of 2025. This is a significant increase from the current figure of around 20,000, he revealed in an interview with Reuters.
The system is capable of handling city traffic in a way comparable to Tesla's Full Self-Driving (FSD), which the American automaker anticipates releasing in China in the near future.
Zhou stated that DeepRoute.ai intends to roll out over ten variants with its automotive manufacturing partners in 2025. The first car featuring its system was unveiled in August and an additional two models, one of which is under the joint brand of Geely and Mercedes-Benz, are expected to reach customers within this year.
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GetYourGuide’s Strategic Push into Hong Kong: Catering to Changing Tourist Preferences and Anticipating Western Demand
GetYourGuide aims to promote engaging 'experiences' in Hong Kong in response to evolving tourist behaviors. The plan also looks forward to capitalizing on the expected increase in visits from Western tourists, who are known for higher per capita spending.
The online travel company, GetYourGuide, is expanding its operations into Hong Kong with the aim to provide unique local tours. This move is in response to the shifting preferences of tourists from mainland China, who have begun to spend less on material items and show more interest in genuine cultural experiences.
The company based in Berlin aims to lure more providers of experiential tours in the city to its platform, considering the potential for expansion and the chance to reestablish Hong Kong's prominence. At present, the company provides 200 of these tours within the city.
In addition to addressing the changing tastes of Chinese travelers, the plan also aims to leverage the expected increase in interest from Western tourists, stated Johannes Reck, the CEO and co-founder of the firm.
"He emphasized the importance of utilizing experiential content to establish Hong Kong's place. He firmly believes that there will be a significant increase in interest from Western consumers towards Asia in the upcoming years. The cost for these Western consumers is quite appealing."
Official data reveals that Hong Kong saw an influx of approximately 32.6 million tourists in the initial three quarters of the year, marking a 40 per cent surge from the same period the previous year. The majority of these tourists, over 75 per cent, hailed from mainland China.
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Unearthing Growth Potential: Mainland China and Hong Kong’s Undervalued Strength in Asian Real Estate Amidst Investment Lags
Perspective | Is it accurate to consider mainland China and Hong Kong as the most vulnerable spots in Asian property market?
Even with a slowdown in investment, real estate markets in mainland China and Hong Kong continue to present overlooked prospects for long-term expansion.
In the previous quarter, information from JLL demonstrated that the totals climbed to US$38.8 billion, marking the highest point since the significant increase in interest rates starting in early 2022.
Indeed, in the majority of key sectors, optimistic outlooks and increasingly promising investment opportunities are apparent. Certain markets have continuously improved, whereas others have remained consistently strong without any downturn.
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Unveiling the Hidden Potential: Mainland China and Hong Kong’s Real Estate Markets Amid Lagging Investments
Perspective | Is it accurate to label mainland China and Hong Kong as the weakest players in Asian property market?
Even though their investments are not at par, the real estate markets of mainland China and Hong Kong still hold unrecognized prospects for long-term expansion.
In the previous quarter, information from JLL indicates that the figures hit US$38.8 billion, marking the peak level since the onset of a sharp increase in interest rates in the beginning of 2022.
Indeed, in many significant markets, optimistic stories and more encouraging investment concepts are apparent. Some markets have continually improved, while others have maintained consistent performance without any disruption.
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