Inside the Great Wall:Future Land proposed for privatization at HK$3.30/share

China top news

    Future Land proposed for privatization at HKD3.30/share

    Privatization of Future Land (1030.HK) was proposed at HK$3.30/share (a 17.4%premium to its latest closing price). The Chairman and his concert parties hold73.05% of the outstanding shares, implying an aggregate value of aboutHK$5.1bn for privatization. The proposal is pending shareholder and courtapproval, and the company will be delisted from the HK Stock Exchange ifsuccessful. The stock will resume trading this morning. (Company, HKEx)

    Price growth slows in major cities on a y-y basis in June

    In June, average new home prices in 70major cities rose 10.2% y-y,decelerating from a 10.4% y-y rise in May, according to Reuters estimatesbased on data from the National Bureau of Statistics. On a m-m basis, first-tiercities dropped 0.1% on average, with Beijing and Shanghai declining 0.4% and0.2%, respectively. Among second-tier cities, Xi-an and Shenyang rose 1.7%and 1.6% m-m, respectively. Third/forth-tier cities recorded relatively highergrowth in new home prices, with Henan Luoyang rising 2.4% m-m. (HKET)

    Hong Kong top news

    1H2017primary sales registration at new high of HK$135bn

    The total consideration of registered primary private residential transactionsreached HK$135.6bn for 9,761cases in 1H2017, while 2Q2017recordedHK$88.1bn, a new quarterly high, according to Centaline Property. As thedevelopers responsible for the sales process, CK Property (1113.HK) and SHKP(0016.HK) reported registrations of HK$27.8bn and HK$22.1bn, respectively(for a total of HK$49.9bn, 94% of the total in 2015). (HKEJ)