Tag Archives: Hong Kong

London Lures Billionaires as Mansions Seen as Safe Haven

According to Bloomberg,

“We’ve had offers of around 25 million pounds, but they aren’t quite high enough,” says Noel de Keyzer, a veteran broker for Savills Plc, a London-based real estate agency. We are standing in a surprisingly sunlit subterranean family room beneath the garden of 29 Brompton Square in Knightsbridge, on the market for 27.5 million pounds ($44.3 million). Damien Hirst butterfly prints hang on the earth-tone walls of the recently renovated, fully furnished 1820s house.

“I would say that eight out of 10 buyers will take a house like this lock, stock and barrel, including the contents, and do very little in terms of altering the design,” de Keyzer says. By “a house like this,” de Keyzer means super-prime — the designation given to properties asking in excess of 10 million pounds, Bloomberg Pursuits magazine will report in its Holiday 2013 issue.

Despite the global financial crisis — or, more accurately, because of it — prices in the London neighborhoods of Belgravia, Chelsea, Kensington, Knightsbridge and Mayfair have risen 23 percent from their previous peak in March 2008, according to real estate brokerage Knight Frank LLP.

Since 2009, more super-prime properties have traded hands in London than in any other city, including Hong Kong, New York and Singapore; last year, the city accounted for about a third of the approximately 300 super-prime sales globally, according to research from Savills.

Super-Prime Market

Noel de Keyzer (Bloomberg)

Fear as much as greed drives the super-prime market. Although a third of London’s super-prime buyers are British, safety-seeking internationals predominate. Oil sheiks want an Arab Spring insurance policy. Wealthy French have fled President Francois Hollande’s new tax regime.

Ultra-high-net-worth individuals from the periphery of the euro zone — Cyprus, Greece, Italy, Portugal — have sought to shift assets out of the besieged currency and into pounds. For Russians, de Keyzer says, “the Putin factor” — the fear of a sudden shift in political winds — cannot be underestimated. Russians and citizens of former Soviet republics indisputably drive the market among international buyers, says Tim Wright, a Knight Frank partner specializing in super-prime housing.

Read More…

Goldman Sachs Vice Chairman to Step Down at End of Year

Source: Bloomberg

Source: Bloomberg

According to Bloomberg, Goldman Sachs Group Inc. (GS) said J. Michael Evans, a vice chairman who ran emerging markets and was seen as a potential successor to Chief Executive Officer Lloyd C. Blankfein, is retiring after more than 20 years at the bank.

Evans, 56, will step down at the end of the year and become a senior director, the New York-based company said today in a statement.

Evans ran businesses including the securities division, equity trading and equity-capital markets in a career that featured positions in New YorkLondon and Hong Kong. In 2011, he was named to lead the emerging-markets units as part of Blankfein’s push to be “Goldman Sachs in more places.”

“Michael’s deep commitment to the firm, his unrelenting focus on our clients and his broad global market knowledge have left an extraordinary mark at Goldman Sachs,” Blankfein, 59, said in the statement.

Read more

How could Private-equity Firm Coller Capital manage Intellectual Property?

Source: New York Real Estate Journal

Source: New York Real Estate Journal

According to Bloomberg, Coller Capital, the private-equity firm founded by British financier Jeremy Coller, is in talks with multiple bidders to join in an offer for BlackBerry Ltd. (BBRY), a person familiar with the discussions said.

Coller will put up some financing as part of the bids, said the person, who asked not be identified because the talks are private. The firm, which buys and sells intellectual property, is seeking to acquire about 10 percent of BlackBerry’s patents if it makes a deal, the person said.

The patents of interest to Coller cover technologies ranging from push notifications to messaging, according to the person. BlackBerry’s intellectual property accounts for as much as 20 percent of the company’s total value, the person said.

BlackBerry, which announced in August that it was entertaining bids, has drawn a number of interested parties, though little in the way of concrete offers. Fairfax Financial Holdings Ltd. (FFH), BlackBerry’s largest investor, signed a tentative agreement to acquire the smartphone maker for $4.7 billion last month — without naming its buyout partners or showing that it has lined up financing. Cerberus Capital Management LP is looking at BlackBerry’s books, whileLenovo Group Ltd. (992) has also expressed interest in a BlackBerry deal, according to people familiar with the matter.

Coller, which has offices in London, New York and Hong Kong, is working with multiple parties to ensure that it’s part of a successful deal, the person with knowledge of the talks said. In addition to offering upfront financing, Coller may also share royalties from licensing the patents with the winning bidder, the person said.

BlackBerry co-founders Mike Lazaridis and Douglas Fregin, who walked away from management positions in the company in recent years, are also contemplating a bid. They said on Oct. 10 that they’re working with Goldman Sachs Group Inc. (GS) to explore the idea.

Read more

Club Med to Be Taken Over by AXA and Chinese Investor

Club Mediterranee's top shareholders plan to take over the French holiday firm in a bid that values it at around 541 million euros ($700 million), to accelerate its shift to fast-growing emerging markets.  Chinese investor Fosun International and AXA Private Equity said on Monday they would team up with management to offer 17 euros a share for the stock they do not already own - a 23 percent premium to Friday's closing price.

Chinese investor Fosun International and AXA Private Equity will team up with Club Med management to take over the company at $17euro per share.

Reuters reports that Club Mediterranee’s top shareholders plan to take over the French holiday firm in a bid that values it at around 541 million euros ($700 million), to accelerate its shift to fast-growing emerging markets.

Chinese investor Fosun International and AXA Private Equity said on Monday they would team up with management to offer 17 euros a share for the stock they do not already own – a 23 percent premium to Friday’s closing price.

Read more

Is Indonesia the Next Hot Emerging Market? Find Out at Private Equity Happy Hour, in New York City

Private Equity Happy Hour Will Bring Together Indonesian Executives and Professionals for an Evening of Networking and Cocktails in New York City, July 17, 6PM-9PM

(June 18, 2012, New York) As reported in IBTimes, Now that Fitch and Moody have upgraded Indonesia’s credit rating to an investment grade economy, the future is looking up for economic growth for Southeast Asia’s largest economy.

With a credit rating now matching India’s, Indonesia’s poor infrastructure, overloaded roads, government corruption and bureaucracy were among the problems Fitch and other economists pointed out as problems needing work. However, if Indonesia fixes the roads by investing in infrastructure, it may not be able to maintain the debt-to-gross domestic product ratio that led to Moody’s decision to upgrade their credit rating in the first place.

For this reason, attracting investors to build new infrastructure is one of the government’s top priorities. Recently, Indonesia passed a bill to speed up land acquisition and give a tax break to investors helping build roads, bridges and ports or invest in base metals and petrochemicals.

The credit upgrades will also decrease the country’s borrowing costs to build at a time when more developed economies have been downgraded because of their countries’ debt. Indonesia has steadily reduced its debt in the past decade to around 25 per cent of gross domestic product (GDP).

Golden Networking’s (http://www.goldennetworking.net/) Private Equity Happy Hour New York City (http://www.PEHappyHour.com), Tuesday July 17, will bring Edgar Perez, the distinguished expert who wrote the high-frequency trading global bestseller The Speed Traders, and author of the upcoming Beyond China and India: The Remarkable Indonesia Story, to help us Discover Indonesia, the World’ Sexiest Destination for Private Equity. Mr. Perez just returned from Indonesia after interviewing investors, businessmen, government officials and academics. He brings the fresh insights from the country of the 17,500 islands that no emerging markets’ investor, analyst or practitioner can’t afford to miss.

Private Equity Happy Hour receptions are great opportunities for them to speak with unprecedented candidness about their trade, both opportunities and challenges. Former attendees to Private Equity Happy Hour have included senior executives from firms such as AnEx Global Partners, LLC , ARCAP PArtners LLC, Blue Ox Capital, Deloitte Financial Advisory Services, Deutsche Bank, Fisher Enterprises, Hain Capital, Jameson Capital, KC Partners, LLC, Marc Bell Capital Partners, McKinsey & Co., Midsummer Capital, Morgan Stanley, Natixis, Perseus Telecom, RJW Capital Management, Seaport Capital, SteelRiver Infrastructure Partners, Terranova Capital, Ltd., and Veronis Ventures, among others.

Golden Networking (http://www.goldennetworking.net/) receptions have been known to attract executives and professionals not only from financial services but also from all areas of business; Private Equity Happy Hour won’t be the exception, as the country has been named the most attractive emerging markets destination in the world.

Golden Networking is the premier networking community for business executives, entrepreneurs and investors. Panelists, speakers and sponsors are invited to contact Golden Networking by sending an email to info@goldennetworking.net.

The World’ Sexiest Destination for Private Equity Investments

The World’ Sexiest Destination for Private Equity Investments

Indonesia: World’ Sexiest Destination for Private Equity Investments

Indonesia’s gross domestic product will increase 6.5 percent in 2012, the World Bank has said, compared with a global average of 2.5 percent. Indonesia’s growth has so far weathered the faltering global economy, helping it regain an investment grade rating for its sovereign debt at Fitch Ratings and Moody’s Investors Service for the first time since the Asian financial crisis. Standard & Poor’s rates Indonesia at BB+, the highest non- investment grade rating, with a positive outlook.

Therefore, it shouldn’t come as a surprise that new investors are pushing into Indonesia’s private-equity market; newcomers will compete for deals with global firms such as KKR & Co., Carlyle Group, TPG Capital and CVC Capital Partners Ltd., plus local firms such as Northstar Pacific Partners, Saratoga Capital, Yawadwipa and Falcon House. Firms are now shifting focus to companies that will benefit from growing consumption in the world’s fourth-most populous nation, 240 million people, away from natural resources investments.

Golden Networking’s Private Equity Happy Hour New York City (http://www.PEHappyHour.com), Tuesday April 17th, will bring Edgar Perez, the distinguished expert who wrote the high-frequency trading global bestseller The Speed Traders, and author of the upcoming Beyond China and India: The Remarkable Indonesia Story to Discover Indonesia, the World’ Sexiest Destination for Private Equity. Mr. Perez has interviewed Indonesian investors, businessmen, government officials and academics conducting research for his upcoming book. He brings the fresh insights from the country of the 17,500 islands that no emerging markets’ investor, analyst or practitioner can’t afford to miss.

Hutch to buy Orange Austria as Asia firms shop in Europe

As reported by Denny Thomas from Reuters , Hong Kong’s Hutchison 3G will buy Orange Austria from France Telecom and a private equity fund in a deal valued at 1.3 billion euros including debt, expanding the corporate footprint in Europe of one of Asia‘s richest men.

The deal by the unit of Hutchison Whampoa follows a cluster of outbound M&A transactions from Asia in early 2012 as firms with large cash piles and low debt buy assets in Europe, where economies are struggling with the debt crisis.

Hutchison said on Friday it would buy 100 percent of Orange Austria, confirming an earlier Reuters story. Hutchison shares rose as much as 3.8 percent to HK$76.20 on the news, bucking a flat overall market.

Hutchison, controlled by Hong Kong billionaire Li Ka-shing, has been shopping for regulated infrastructure and utility assets in developed countries, especially Britain, which is open to foreign ownership of its infrastructure assets.

“It is a good opportunity for those financially strong companies to buy assets in Europe, especially if they believe in the strong growth prospect,” said Conita Hung, head of equity research at Delta Asia Financial Group.

Read more