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Anonymous ID: 86292d Nov. 22, 2020, 7:29 a.m. No.13822   🗄️.is đź”—kun

Blackstone Seeking at Least $5 Billion for Second Asia Fund

 

Blackstone Group Inc. is seeking to raise at least $5 billion for its second Asian private equity fund, people familiar with the matter said.

 

The U.S. investment firm has started marketing the new vehicle, which is more than double the size of its first Asia fund, according to the people. The size of the fund could increase depending on the level of investor demand in the coming months, the people said, asking not to be identified because the information is private.

 

A representative for Blackstone couldn’t immediately be reached for comment.

https://www.bnnbloomberg.ca/blackstone-seeking-at-least-5-billion-for-second-asia-fund-1.1526239

Anonymous ID: 86292d Nov. 22, 2020, 6:56 p.m. No.13895   🗄️.is đź”—kun   >>3907 >>3916 >>3964

SAM091 USAF C-32A KANSAS on final approach for Shannon, Ireland ground stop for refuel/crew change-departed Saudi Arabia after meeting with MbS at NEOM from an Abu Dhabi depart earlier

https://twitter.com/SecPompeo

 

Saudi Arabia's Crown Prince discusses latest Middle East developments with US' Pompeo

Saudi Arabia's Crown Prince Mohammed bin Salman discussed the latest developments in the Middle East with US Secretary of State Mike Pompeo, state news agency SPA reported on Sunday. The Crown Prince met with Pompeo in NEOM, the planned smart megacity on the Red Sea in northwestern Saudi Arabia. "During the meeting, they reviewed friendship ties, areas of bilateral cooperation and ways to enhance them, and discussed developments in the Middle East region and relevant efforts," SPA reported. Upon arrival in the Kingdom, Pompeo said he will discuss American-Saudi efforts in counter terrorism, deterring Iran's "malign influence" and expanding bilateral trade relationship. Prior to Pompeo's arrival in the Kingdom, the US State Department said the Secretary plans "to discuss the strong bilateral security and economic partnership between the United States and Saudi Arabia, progress made under the US-Saudi Arabia Strategic Dialogue held last month in Washington, and issues related to Iran’s malign influence in the region."

https://english.alarabiya.net/en/News/gulf/2020/11/23/Saudi-Arabia-s-Crown-Prince-discusses-latest-Middle-East-developments-with-US-Pompeo

moar on NEOM

https://www.neom.com/en-us/

>open it in a different tab

Anonymous ID: 86292d Nov. 22, 2020, 7:58 p.m. No.13901   🗄️.is đź”—kun   >>3916 >>3964

Evergrande Gets $4.6 Billion From State Firms as Debt Fears Ease

 

China Evergrande Group took two more steps toward restoring confidence in its finances, securing a $4.6 billion investment from state-linked companies and lining up 23 cornerstone investors for the spinoff of its property services arm.

 

Companies backed by city governments in Guangdong province Evergrande’s home base will buy equity worth 30 billion yuan ($4.6 billion) from existing investors in Hengda Real Estate, a unit that holds Evergrande’s main property assets in China, a person familiar with the matter said over the weekend, asking not to be identified as the information isn’t public.

 

Evergrande also announced that cornerstone investors had agreed to buy a roughly 7% stake in Evergrande Property Services Group Ltd. The investors include SenseTime Group and a subsidiary of China Gas Holdings Ltd., according to terms obtained by Bloomberg News. The unit is seeking about $2 billion in a Hong Kong initial public offering that will help Evergrande pare debt. The deals will ease short-term liquidity strains at the world’s most-indebted developer, though concerns remain about the firm’s long-term financial health. Evergrande has been raising money through asset sales, blitz promotions, and is seeking to list its electric vehicle unit after fears of a cash crunch earlier this year sent the developer’s shares and bonds plunging.

 

The support from state-linked firms “marks a critical step in restoring confidence in the company’s liquidity,” said Bloomberg Intelligence analyst Kristy Hung, adding that Evergrande may still cut its dividend and seek spinoffs and equity placements to meet China’s “three red lines” rules for limiting debt at developers. Evergrande shares rose 1.6% at 9:56 a.m. in Hong Kong. Its 8.25% 2022 dollar bond increased 1.3 cents on the dollar to 87.3 cents, the biggest gain in more than two weeks. While the developer is working to address its liquidity challenges, it’s still in a “very tight cash position,” said Chuanyi Zhou, a credit analyst at Lucror Analytics in Singapore.

 

A particular sticking point for Evergrande has been its ability to reach deals with strategic investors who had the right to demand repayment of as much as 130 billion yuan if Evergrande didn’t win approval for a backdoor listing in China by Jan. 31. The company scrapped those plans earlier this month after a majority of its strategic investors agreed not to ask for repayment. That prompted a consortium led by Shandong Hi-Speed Group Co., Hengda’s largest strategic investor, to sell stakes worth 23 billion yuan, according to a person familiar. About 20 billion yuan of that investment is being picked up by Shenzhen Talents Housing Group Co. while the remaining stake is being bought back by Evergrande, people familiar said. Strategic investors sold a further 10 billion yuan worth of equity to Guangzhou City Investment, one of the people said, without providing details about the investors.

 

Investors with equity interests of 125.7 billion yuan, including the two new state-owned firms, have entered into supplemental agreements to hold their stake as ordinary shares, the developer said in a filing. For investors holding 4.3 billion yuan of equity, where agreements haven’t been struck, Evergrande has repaid the principal in cash and repurchased shares.

 

Evergrande didn’t reply to questions seeking further comments about its plans to pare debt. Calls to the headquarters of Shandong Hi-Speed, Shenzhen Talents Housing and Guangzhou City Construction went unanswered on Sunday.

https://www.bnnbloomberg.ca/evergrande-gets-4-6-billion-from-state-firms-as-debt-fears-ease-1.1526313