Tag Archives: Chinese

UPDATE 1-AIG offering up to $1 bln stake in Chinese insurer PICC P&C

HONG KONG American International Group (AIG.N) (AIG) is selling a stake in PICC House and Casualty Co Ltd (2328.HK) worth up to $ 1 billion to institutional investors by way of a block deal, cutting its shareholding in the Chinese state-owned insurer for the second time this year.

The U.S. insurer acquired a stake in PICC Home and Casualty as a cornerstone investor in 2003, ahead of the Chinese insurer’s flotation. The deal launched on Monday comes soon after AIG raised $ 500 million by selling down its PICC P&C stake in March.

The planned sale also comes as AIG faces pressure from billionaire activist investor Carl Icahn to split the business into 3..

AIG is providing amongst 355 million and 365 million PICC P&C shares in a variety of HK$ 16.08-HK$ 16.38 every, a term sheet of the deal showed. The simple provide is worth about $ 750 million, with a $ 250 million up-size option taking the total deal value to $ 1 billion, the terms showed.

The value range represents a discount of 4.three-6.1 percent to PICC Property’s last traded value.

AIG traces its roots to 1919 when Cornelius Vander Starr established a basic insurance coverage enterprise in Shanghai. Following the global economic crisis, AIG sold component of its Asian life insurance coverage enterprise AIA Group Ltd (1299.HK) by means of a $ 20.1 billion Hong Kong initial public offering (IPO) in 2010 to assist repay the U.S. government bail-out. More than a period of time, AIG fully exited from AIA.

But in 2013, AIG invested about $ 500 million in People Insurance Group of China Co Ltd (1339.HK) IPO, reaffirming its commitment to the Asia Pacific region. Prior to Monday’s sell-down, AIG held 1.two billion PICC P&C shares, or about 26.4 percent stake of the firm, generating it the Chinese insurer’s biggest shareholder.

An AIG spokesman declined to comment.

Citigroup (C.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are managing the sale, the terms showed.

(Reporting by Fiona Lau at IFR and Denny Thomas Further reporting by Umesh Desai and Lawrence White Editing by Gopakumar Warrier and Louise Heavens)

Discretion pays for Vietnam casino raking in wealthy Chinese

DANANG, Vietnam A small beachfront Vietnamese casino is providing Macau’s VIP gambling scene a run for its income, drawing in much more wealthy Chinese via its columned facade than many Southeast Asian rivals with the allure of sun, sand and discretion.

Few outdoors Danang have heard of the Crown International Games Club, a privately owned casino situated along this quickly building city’s primary resort strip and which over the previous year has emerged as the most exciting location for wealthy Chinese to drop bets worth at least HK$ 1 million ($ 129,030).

The reputation of this low-profile casino among the world’s most prolific gamblers coincides with the waning fortunes of bigger, far more popular rivals such as the opulent Wynn Macau and Grand Lisboa in Macau as a Chinese government crackdown on corruption and conspicuous spending batters the world’s greatest gambling industry.

“This is a test case of a casino going below the radar that is undertaking very properly,” stated Ben Lee, managing partner at Asian gaming consultancy IGamiX. “There is no other destination I know exactly where the junket and casino organize 25 charter flights a week from China.”

Crown’s lack of renown can be put down to the Vietnamese government’s reluctance to promote Danang as a location for gambling, an activity which remains restricted to foreigners in this conservative, Communist nation which maintains a rigid stance on social order.

Owned by Chinese businessman Hui Kong, Crown is one particular of seven licensed casinos in Vietnam, currently a well-liked location for several Chinese tourists.

Its principal gaming location – plushly decked out in beige and gold – and 13 VIP rooms are about a quarter the size of an typical Macau casino, but business executives estimate monthly VIP turnover has enhanced over the past year to $ 3 billion a month, a figure at least double what larger rivals such as Solaire in the Philippines, NagaCorp in Cambodia and Genting Highlands in Malaysia rake in.

Crown executives declined to give any economic particulars.

“Appropriate now numerous folks come here largely to gamble,” said James Yang, marketing and advertising director at the luxury Crowne Plaza which flanks the casino. The hotel, managed by the Intercontinental Hotels Group, caters to its primarily Chinese guests by providing a sauna, a karaoke parlor and Mandarin-speaking employees.

The resort complicated, currently Danang’s biggest, will also double the quantity of its rooms as element of a $ 600 million redevelopment program that contains opening a JW Marriott-branded hotel, a duty cost-free shopping mall and an expansion of the casino.

NOT JUST PUNTS

A number of companies are also betting on Vietnam, which analysts say could turn out to be a significant Southeast Asian casino hub if it allows locals to gamble. Augustine Ha Ton Vinh, a professor who advises the government on the gambling business, said this restriction is most likely to come up for debate subsequent year.

Hong Kong-primarily based Chow Tai Fook Enterprises and VinaCapital are creating an up to $ 4 billion casino resort in central Quang Nam province which is due to open by 2018, while the Ho Tram, a casino backed by U.S. hedge fund Harbinger Capital, is expanding its premises on a beach a two-hour drive from Ho Chi Minh City.

So far, Chinese are the largest client base for Vietnam’s casinos and Crown, like its peers in Macau, works with junket operators, normally organizations which loan credit to VIP gamblers and support them bypass China’s currency controls.

At least 10 of these junkets are now only focusing on Danang, industry executives say, as the slump in Macau’s gaming market pushes their organization model to the brink of collapse.

“Buyers like the atmosphere right here significantly better,” said junket operator Hugo Huang as he sipped fresh coconut juice inside a private dining space adjacent to the casino. “We have beautiful beaches, cultural internet sites and it is very simple for Chinese to really feel comfortable.”

Huang, who also runs VIP rooms in Macau and Cambodia, charters two flights a week from China to Danang. Final month, he flew in one hundred VIP gamblers from China for a golf tournament, capping off the trip with a gala dinner and pop music concert.

Playing up all the leisure activities Danang has to offer you fits in with the government’s drive to rebrand the former wartime outpost for U.S. soldiers into a tourist location for all.

“At the moment, we are positioning ourselves as a leisure, beach and meeting and conferencing location,” mentioned Nguyen Xuan Binh, director of Danang’s tourism promotion office.

Asked about Crown, with its not possible-to-miss glitzy facade and elaborate fountains, Binh said he had by no means heard of it.

(Editing by Miral Fahmy)

Agen Sabung Ayam

Chinese government adviser denounces fake living Buddhas: media

BEIJING A senior Chinese government official said fake living Buddhas were using donations to assistance pro-independence activities in Tibet and referred to as on local authorities to take action against them, according to state media.

Neighborhood governments in Tibet must cooperate with their counterparts in eastern and central China and “take joint action to include the phenomenon of fake living Buddhas”, Zhu Weiqun, chairman of the ethnic and religious affairs committee of the Chinese People’s Political Consultative Conference, told state tv on Saturday.

The government is developing a database of legal living Buddhas, and may ultimately make it public, the on-line edition of the official China Youth Everyday on Sunday quoted Zhu as saying.

Tibetan Buddhism holds that the soul of a senior lama, or monk, is reincarnated in the physique of a youngster who would then grow up to grow to be a so-called living Buddha.

As of 2007, there have been more than 100 living Buddhas in Tibet, according to the official China Daily.

The Chinese government has stated it need to approve the subsequent Dalai Lama, the exiled spiritual leader of Tibet.

The Dalai Lama fled to India in 1959 right after an abortive uprising against Chinese rule. He has stated the title of Dalai Lama could finish when he dies.

The search for a living Buddha such as the Dalai Lama is complex, involving divination, interpreting dreams, oracles and prayer, according to Tibetan Buddhist tradition.

On state television on Saturday, Zhu produced no mention of Baima Aose, a self-proclaimed living Buddha in Hong Kong who came under fire from practitioners right after he ordained Chinese actor Zhang Tielin as a living Buddha as an alternative of by means of the traditional search method.

China’s official Tibet site mentioned a Tibetan monastery has named Baima Aose a “fake”.

Fake living Buddhas swindle income from practitioners in eastern and central China and trick women into possessing sex with them, Zhu said, adding that they then return to Tibet and engage in illegal “splittist activities”.

The Dalai Lama has denied Chinese charges he wants Tibetan independence or that he promotes violence, saying he only desires genuine autonomy for his homeland.

(Reporting by Meng Meng and Benjamin Kang Lim Editing by Ryan Woo)

Agen Sabung Ayam

Canada deeply disappointed on Thai action on Chinese refugees

OTTAWA The Canadian government mentioned on Wednesday it had registered severe concern with Thailand and China over a selection by Bangkok to send back to China two Chinese refugees who were awaiting resettlement in Canada.

The two Chinese men have been under the protection of the U.N. High Commissioner for Refugees (UNHCR), mentioned Francois Lasalle, spokesman for Canada’s foreign ministry.

“We have expressed severe concerns with both countries, including our deep disappointment that the individuals had been sent by Thai authorities back to China ?despite getting in possession of UNHCR protection documents,” Lasalle said.

The Thai junta knew that two Chinese males it detained were refugees awaiting resettlement in Canada but nevertheless deported them to China, according to a United Nations letter seen by Reuters.

The letter, reported on by Reuters on Nov. 30 contradicts Thai Prime Minister Prayuth Chan-ocha’s statement final month that Thailand “did not know” that the men have been below UNHCR protection.

Military-ruled Thailand arrested the males, Jiang Yefei and Dong Guangping, on Oct. 28 and deported them at Beijing’s request in mid-November.

In the letter, dated Nov. 16, the UNHCR raised its objections to the deportations and reminded the Thai foreign ministry that it had informed the government in writing on Nov. 10 that the males had been refugees and had been accepted for fast resettlement by Canada.

(Reporting by Randall Palmer Editing by Sandra Maler)

Agen Sabung Ayam

Fitch: Chinese Life Insurers Face Greater Asset Dangers

(The following statement was released by the rating agency) Hyperlink to Fitch Ratings’ Report: 2016 Outlook: China Life Insurers right here HONG KONG, December 02 (Fitch) Chinese life insurers are taking on larger asset dangers due to higher equity exposures and surging option investments such as debt investment plans, trust schemes and wealth management items, Fitch Ratings says in a new report. Elevated alternative investments make Chinese life insurers’ credit profiles a lot more vulnerable to an financial downturn as these varieties of investments are normally less liquid than straight bonds, and are focused on the infrastructure and genuine-estate sectors. Alternative investments accounted for about five%-17% of surveyed insurers’ assets as of finish-1H15. Greater equity exposures also indicate greater vulnerability of their capitalisation to unfavourable stock industry movements. However, the effect of China’s stock marketplace correction in 2H15 must be manageable provided their stronger solvency positions following the stock market’s rally since mid-2014. Flexibility to decrease policyholders’ dividends can also mitigate the influence of poor investment yields. The far more granular capital regime under the China Risk Oriented Solvency Program is spurring Chinese life insurers to problem a lot more equity-like hybrid securities. China Life Insurance Company Restricted issued the first Core Tier II instruments beneath the new regime in June 2015. Subordinated debts stay the primary supplementary capital the key life insurers’ economic leverage stayed at 19%-28% at finish-2014. Fitch expects Chinese life insurers to price tag their policies far more aggressively following the regulator’s removal of the two.five% cap on assured returns for policyholders. However, the cap (three% for participating, three.five% for universal life and 3.five%-four.025% for non-participating products) on the discount price utilized to decide statutory insurance coverage reserves will avert excessive competition. The two.5% cap on guaranteed returns on insurance coverage policies was fully removed in October 2015. Fitch is preserving its Rating and Sector Outlooks at Steady for the Chinese life insurance coverage sector as it believes that the rated insurers’ resilient market positions, and adequate capitalisation and external funding capabilities will keep supporting their credit strength. Continued earnings volatility and fierce competitors among homogenous goods are key rating constraints. The report, “2016 Outlook: China Life Insurers”, is available at www.fitchratings.com or by clicking on the hyperlink in this media release. Contacts: Joyce Huang Director +852 2263 9595 Fitch (Hong Kong) Restricted 19/F Man Yee Developing 68 Des Voeux Road Central, Hong Kong Terrence Wong Director +852 2263 9920 Jeffrey Liew Senior Director +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, E mail: wailun.wan@fitchratings.com. Additional data is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE Subject TO Particular LIMITATIONS AND DISCLAIMERS. PLEASE Study THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS Link: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE Offered ON THE AGENCY’S PUBLIC Internet site ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE Available FROM THIS Internet site AT ALL Times. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO Offered FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS Internet site. FITCH May possibly HAVE Supplied An additional PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS Connected THIRD PARTIES. Details OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS Based IN AN EU-REGISTERED ENTITY CAN BE Located ON THE ENTITY SUMMARY Web page FOR THIS ISSUER ON THE FITCH Web site.

Man City group sells 13% to Chinese

Aleksander Kolarov scores for Man City against SouthamptonImage copyright Getty Photos
Image caption Man City are currently leading of the Premier League on goal difference

Manchester City’s parent organization has been valued at $ 3bn (£2bn) following promoting a 13% stake, worth £265m, to a consortium of Chinese investors.

City Football Group (CFG) has sold the stake to CMC (China Media Capital) and investment firm Citic Capital.

It comes following six months of talks and is aimed at expanding CFG’s interests in the Chinese football business.

New shares will be issued in CFG in addition to these held by its owner, Abu Dhabi United Group (ADUG).

Chinese state visit

CFG is an investment and development business which is privately owned by Sheikh Mansour of the Abu Dhabi royal household. It also contains New York City FC, Melbourne City FC and Yokohama Marinos.

The move will provide the chance for Man City and the other group clubs to grow a fan base in East Asia, where there is large competition between prime clubs in Europe, and beyond, to build up supporter numbers.

The ultimate aim is to turn these football fans into customers of club items and services as well.

The move follows a pay a visit to to Manchester in October by the President of China, Xi Jinping.

Ruigang Li, who founded and chairs each the Chinese firms, will represent their consortium by becoming the seventh CFG board member.

Evaluation: Simon Stone, BBC Sport football writer

This deal is huge news for Manchester City, but I am told it is totally not the begin of an exit method from the current owners. China has extended been viewed as getting huge prospective for growth commercially.

In China, an region exactly where only Actual Madrid of the established European heavyweights has a important presence, CMC Holdings will offer contacts to open the proper doors to the appropriate possibilities.

If their Abu Dhabi ownership is any guide, City’s presence in China will expand rapidly.

It is also worth noting that via this deal, like satellite clubs New York City FC, Melbourne City and Yokohama Marinos, City are now worth roughly ten times more than Sheikh Mansour purchased the club for in 2008.

‘Growth path’

“Football is the most loved, played and watched sport in the globe and in China, the exponential growth pathway for the game is both distinctive and hugely thrilling,” mentioned Khaldoon al-Mubarak, chairman of CFG.

Image copyright MCFC/PA
Image caption President Xi Jinping visited Man City football academy on the final day of his UK trip in October

“We have for that reason worked challenging to locate the proper partners and to develop the right deal structure to leverage the amazing possible that exists in China, both for CFG and for football at huge.”

CMC owns a quantity of exclusive significant sports media rights including the Chinese Super League, China Football Association national teams and the China University Football League. CMC is also involved in sports production and media operations.

Citic Capital manages $ 5bn of capital for international and Chinese institutional investors, with offices in Hong Kong, Shanghai, Beijing, Tokyo and New York.

Future outposts?

Professor Chris Brady, director for Sports Enterprise at the University of Salford, stated it was not just Man City who would advantage, as the move would also aid China in its goal of becoming a power in football, a sport where it has underperformed.

“It is no coincidence that the Chinese President, Xi Jinping, incorporated a visit to the Etihad on his recent state pay a visit to,” he added. “President Xi Jinping is a self confessed football fan and is recognized to be willing to prioritise football across China to construct the domestic game there.

“Although the investment probably overvalued City it fits completely with the Chinese method. City already have New York and Melbourne outposts and it is not unreasonable to assume that a Shanghai City or Beijing City could be the next stops.

“This would, in turn, open up the chance to develop a China-wide academy system. There is currently robust Chinese investment in Italy’s Serie A and additional European investment must be expected.”

Chinese rights activist jailed for six years

HONG KONG A prominent Chinese rights activist, Guo Feixiong, was sentenced to six years imprisonment on Friday by a court in southern China, amid a continuing crackdown on human rights advocates across the country, his lawyer said on Friday.

Two other activists, Liu Yuandong and Sun Desheng, had been sentenced to 3 years and two-and-a-half years respectively, according to Guo’s lawyer, Zhang Lei.

Guo and Sun had been accused of “gathering crowds to disturb social order” throughout a practically week-lengthy peaceful demonstration outside the gates of a newspaper, the Southern Weekly, in January 2013. The protest known as on authorities to respect media freedoms amid a censorship row.

“He wasn’t guilty of anything at all. This sentence is unacceptable and unfair,” Zhang told Reuters by phone after attending the court on Friday. Guo had previously been jailed for nearly five years for his grassroots activism.

Guo, 48, whose real name is Yang Maodong, had been detained by Chinese authorities for over two years before sentencing, with his trial stuck in limbo due to delays and a boycott by his lawyers last year to protest what they known as procedural violations.

As with preceding hearings for Guo, and other rights activists in Guanghzou, the region around the court was blocked off and heavily policed.

Guo had been held in a crowded cell, and barred from working out outdoors in violation of international requirements on the therapy of prisoners, according to rights groups. His lawyer mentioned Guo’s wellness had deteriorated and that two police officers had handled Guo roughly in court, injuring his arms.

Amnesty International stated Sun Desheng had been forced to wear handcuffs and leg cuffs for extended periods in detention.

Court officials did not respond to telephone calls looking for comment. The Chinese Foreign Ministry has previously named on other nations to “respect China’s judicial sovereignty” in similar situations.

Human rights groups and Western nations have expressed repeated concern about a widening campaign by President Xi Jinping to quash dissent amongst academics, journalists and social activists.

A Chinese court on Thursday upheld a conviction against a prominent journalist, Gao Yu, 71, who was accused of leaking an internal Communist Celebration document to a foreign web site but reduced her seven-year jail term by two years.

Gao has been released on healthcare parole, her lawyer, Shang Baojun, told Reuters. Shang mentioned he did not know where Gao had been released to, though he mentioned that he hoped she could serve the rest of her sentence at house.

“Beijing’s assault on civil society appears to know no bounds as peaceful activists are increasingly subject to criminal prosecutions,” mentioned Sophie Richardson, China Director at Human Rights Watch in New York.

“The Chinese government must quickly drop all charges against Guangzhou activists Guo Feixiong and Sun Desheng and release them.”

(Reporting by James Pomfret, extra reporting by Teenie Ho and Sui-Lee Wee in BEIJING Editing by Simon Cameron-Moore)

Bandar Sabung Ayam

Agen Sabung Ayam – 3 Chinese Executives Killed in Mali Attack, Organization Says

Agen Sabung Ayam

BEIJING — Three senior executives of a Chinese state-owned rail construction organization had been killed by gunmen at the start off of the deadly hotel siege in the capital of the West African nation of Mali, the organization mentioned on Saturday.

The three males have been all described as knowledgeable negotiators, seasoned in developing infrastructure in some of the toughest and most remote components of the world.

One particular of them, Chang Xuehui, the regional basic manager in West Africa for the China Railway Building Corporation, had written recently on the firm site that arduous travel in Africa typically left him exhausted and that a bout of malaria even though he was in Gabon, also in West Africa, had depleted his power. But “my job can’t stop,” he wrote.

The other two executives had been Zhou Tianxiang, 49, the common manager of the company’s international group, and Wang Xuanshang, deputy common manager of the international group, according to the site. The Chinese Embassy in the Malian capital, Bamako, stated that seven Chinese citizens, all of them on organization trips, have been inside the Radisson Blu Hotel at the time of the attack on Friday. Four had been rescued with the aid of French specific forces, the embassy stated.

Interactive Feature | Today’s Headlines: Asia Edition Get news and analysis from Asia and about the world delivered to your inbox every single day in the Asian morning.

China Railway Building, a giant conglomerate with infrastructure projects in 17 nations, including in Latin America and Southeast Asia, announced a $ 1.five billion deal with the Malian government final fall to rehabilitate a strategic rail line from Bamako to Dakar, the capital of Senegal. The railway was made to bolster exports of Mali’s iron ore.

At the exact same time, yet another Chinese company, China Railway Engineering Corporation, signed an $ 8 billion deal to construct a new rail line from Bamako to the port of Conakry in Guinea. That was also intended to carry iron ore out of the landlocked country to the sea.

Chinese investment in infrastructure in Africa fell last year, but some big offers were signed, and China Railway Building stated on its site that the initial design and pricing for the Malian project were due to be completed by April 2015.

A public affairs official for the organization told The Paper, a Shanghai-primarily based news portal, that the three executives had been in the lobby of the hotel greeting visitors when the heavily armed attackers burst in wielding machine guns.

Mr. Zhou, the most senior of the 3, had just been transferred to his job as manager of the international group from an additional major state-owned construction firm, the organization said. He had after worked in Tanzania, the African nation where China very first constructed railways in the 1960s, and had not too long ago finished an assignment in Russia.

Mr. Wang, the deputy for the international group, had previously worked in Luanda, the capital of Angola, the business said.

Describing his perform in an write-up on the organization web site, Mr. Chang mentioned that as a member of the Communist Celebration, he was determined to do his best in spite of the rough situations in Africa.

“Because of my job, my colleagues and I require to often fly from nation to nation in Africa,” he wrote. “Sometimes the lengthy hours of traveling and the uncertainty of African airlines leave us without significantly sleep, and we have to turn up to meet government leaders as quickly as we get off the plane. But we all deeply understand our mission and duty that no matter how massive the pressure and how exhausted we are, we must finish our job on time and effectively.”

This entry passed by means of the Complete-Text RSS service – if this is your content material and you are reading it on a person else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Agen Sabung Ayam – Fire in Chinese Coal Mine Kills at Least 21, Officials Say

Agen Sabung Ayam

BEIJING â?? Authorities say a late-evening fire at a coal mine has killed 21 men and women and left one missing in the northeastern Chinese province of Heilongjiang.

The official Xinhua News Agency said Saturday that the fire at the Xinghua mine in the city of Jixi was brought below control and that 21 bodies have been recovered at the mine, owned by the Heilongjiang Longmay Mining Holding Group.

The provincial function security administration confirmed the death toll on Saturday.

A work security employee who only gave his family members name of Xing says rescuers are searching the missing person.

Xinhua says 38 miners had been operating underground when an angle belt caught fire on Friday night and that 16 folks have been pulled out to security.

Xinhua does not say what brought on the fire.

Loading…