HONG KONG, July 10 Standard Chartered Bank said on Thursday its private equity arm led a $124 million investment to buy a 28 percent stake in a commercial real estate project in China even as real estate prices ease.
Standard Chartered said it invested $69.4 million, or just over half, of the total into the project, which is sponsored by Hong Kong-listed Longfor Properties Co Ltd and located in the western province of Chongqing.
Other investors included an unnamed Chinese institutional investor and an Asian family, the statement said.
The project, in one of Chongqing's main business centres, has a gross floor area of 312,310 square metres.
Longfor Properties has a market capitalisation of over $7 billion and a land bank of over 41 million square metres.
Economists say the cooling housing market may pose a significant risk to China's economy if conditions deteriorate sharply. Average home prices fell for the first time in May while new construction starts have tumbled.
Analysts believe the Beijing government may have to announce more stimulus measures in the coming months to offset the increasing drag from the cooling property sector, Reuters previously reported. (Reporting by Stephen Aldred; Editing by Miral Fahmy)
BRIEF-Abrams Bison Partners, L.P. reports 6 pct stake in Signet Jewelers Ltd - SEC Filing
* Abrams Bison Partners, L.P. reports stake of 6 pct in Signet Jewelers Ltd as of Sept 13 - SEC Filing Source text - http://bit.ly/2cr5lL7
UPDATE 1-Bain Capital's Intermédica to buy operations of Brazil's Unimed ABC
SAO PAULO, Sept 23 Brazil's NotreDame Intermédica Saúde SA, a healthcare provider owned by U.S. investment firm Bain Capital LP, has reached an agreement to buy the operations of rival Unimed ABC, the companies said on Friday in a statement to Reuters.