Moody's Investors Service has lowered Country Garden Holdings from investment-grade territory, the latest sign of how sentiment has soured for private sector developers in China during the industry's cash crunch and sales slump.
The country's largest builder by sales was downgraded one notch to Ba1, and Moody's ratings outlook is negative. On Wednesday, the firm cited Country Garden's "declining property sales and deteriorating financial metrics", as well as weakened access to long-term funding.
Private market exchange ADDX has entered into a partnership with the Chongqing and Singapore branches of China Construction Bank to help Chinese domestic investors in participating in the country's official offshore investment scheme. In a statement yesterday, ADDX said both financial institutions had signed a memorandum of understanding that will enable them to work together on the custody and distribution of a US$200 million (S$278 million) quota allocation under the Qualified Domestic Limited Partnership scheme.
THE BUSINESS TIMES
Bidders for Toshiba are considering offering up to 7,000 yen per share to take the troubled Japanese conglomerate private, three people familiar with the situation told Reuters, valuing the deal at about US$22 billion (S$30.6 billion).
Toshiba, which is exploring strategic options, said this month it had received eight initial buyout proposals and two for capital alliances that would see it remain listed. The bidders are now discussing an offer price range of up to 7,000 yen a share with Toshiba's shareholders, the people said.