A wholly owned subsidiary of Evergrande Real Estate Group Ltd (恆大地產集團) has agreed to buy 13.5 billion yuan (US$2.1 billion) of assets from a unit of New World China Land Ltd (新世界中國), capping a multibillion dollar shopping spree by the Chinese developer this year.
The Evergrande unit is to buy a project and loans in the provinces of Hainan, Guangdong and Hubei, according to statements from the developers to the Hong Kong stock exchange.
Evergrande, China’s third-largest developer, has been an aggressive investor, announcing US$6.8 billion worth of acquisitions this year, according to data compiled by Bloomberg.
The developer paid a record US$1.6 billion last month for Mass Mutual Tower in Hong Kong, and diversified into insurance with the purchase of a 50 percent stake for US$610 million in Great Eastern Life Assurance Co’s (大東方人壽) Chinese joint venture.
A recovery in China’s residential property market prompted Evergrande to raise its this year’s sales target 20 percent last month after sales jumped, becoming the first among domestic peers to do so.
The Evergrande unit is to buy a project and loans associated with it in Haikou, the capital of Hainan Province, for 8.6 billion yuan; a development and loans in Huiyang in Guangdong Province for 1.1 billion yuan and two projects and debt in Wuhan in Hubei Province for 3.8 billion yuan, according to statements from the developers to the Hong Kong stock exchange.
The existing properties and land in Haikou are “scarce resources,” located in a high-end residential area in Haikou City, while the Huiyang project is focused on the high-end consumer groups in Shenzhen, Evergrande said in its statement.
Property prices in Shenzhen, which borders Hong Kong, have led gains nationwide this year.
The two properties close to the Wuhan central business district are atop metro stations with good accessibility, Guangzhou, Guangdong-based Evergrande said.
New World China estimates it would make a net gain of HK$2.9 billion (US$374 million) from selling the Wuhan projects, HK$77 million from the Huiyang disposal and HK$3.6 billion from the Haikou deal, it said in its statement.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
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MAJOR CONTRIBUTOR: Revenue from AI servers made up more than 50 percent of Wistron’s total server revenue in the second quarter, the company said Wistron Corp (緯創) on Tuesday reported a 135.6 percent year-on-year surge in revenue for last month, driven by strong demand for artificial intelligence (AI) servers, with the momentum expected to extend into the third quarter. Revenue last month reached NT$209.18 billion (US$7.2 billion), a record high for June, bringing second-quarter revenue to NT$551.29 billion, a 129.47 percent annual increase, the company said. Revenue in the first half of the year totaled NT$897.77 billion, up 87.36 percent from a year earlier and also a record high for the period, it said. The company remains cautiously optimistic about AI server shipments in the third quarter,
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