GIC doubles stake in Chinese developer Franshion Properties

Visual from the Franshion website

Singapore sovereign fund GIC Pte has more than doubled its stake in Franshion Properties China Ltd, by investing HK$1.16 billion (S$202 million) in the developer that is controlled by Sinochem Corp.

The development comes as Franshion Properties is raising HK$4.37 billion ($564 million) by selling 1.6 billion shares at HK$2.73 apiece, a 9.9 per cent discount to its close on Monday, the company said in a Hong Kong exchange filing earlier this week.

Along with GIC, Walter Kwok, the former chairman of Hong Kong developer Sun Hung Kai Properties Ltd, and US private-equity firm Warburg Pincus, as well as New China Life Insurance also bought shares in the placement. New China Life Insurance, which bought about a billion shares has become the second largest shareholder in Franshion Properties China with 9.5 per cent.

The company, bulk of whose business is in mainland China, will use the proceeds from the placement for general working capital, potential investments and refinancing debt.

Morgan Stanley, CCB International Holdings Ltd. and HSBC Holdings Plc are arranging the sale.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.