Ever­grande in talks Li: Bi­lat­eral ties im­prov­ing, but more work is re­quired to buy Bri­tish Cala

China Daily (Canada) - - LIFE - By REUTERS

China Ever­grande Group, China’s se­cond-largest prop­erty de­vel­oper, is in “early stage” talks to buy Cala Homes, a per­son fa­mil­iar with the up­mar­ket Bri­tish house­builder said.

Ed­in­burgh, Scot­land-based Cala Homes, which is owned by in­surer Le­gal & Gen­eral and real es­tate man­agers Pa­tron Cap­i­tal, was be­ing ad­vised on the of­fer by in­vest­ment bank Lazard, its longterm ad­vi­sor, the per­son said.

Sky News, which first re­ported on the ap­proach, said Ever­grande’s of­fer could be worth close to 700 mil­lion pounds ($856 mil­lion).

Cala, which builds large, high-end homes across af­flu­ent ar­eas of Bri­tain such as around the M25 mo­tor­way which cir­cles Lon­don, in the Mid­lands and Scot­land, re­ported rev­enue of 587.1 mil­lion pounds for the year ended June 30, 15 per­cent higher than a year ear­lier. Net bank China Ever­grande Group, debt stood at 123.9 mil­lion China’s se­cond-largest prop­erty pounds at end-June. de­vel­oper, is in “early

In its re­sults state­ment in stage” talks to buy Cala Oc­to­ber, Cala said that it had a Homes, a per­son fa­mil­iar with con­tracted land bank with the up­mar­ket Bri­tish house­builder gross de­vel­op­ment value of 4.7 said. bil­lion pounds as of end of Ed­in­burgh, Scot­land-based June and that en­quiry lev­els Cala Homes, which is owned and reser­va­tion rates had risen by in­surer Le­gal & Gen­eral in the 13 weeks after Bri­tain and real es­tate man­agers voted to leave the Euro­pean Pa­tron Cap­i­tal, was be­ing Union on June 23. ad­vised on the of­fer by in­vest­ment

“From time to time we may bank Lazard, its longterm find our­selves the sub­ject of ad­vi­sor, the per­son said. spec­u­la­tion but from our per­spec­tive Sky News, which first it is very much busi­ness re­ported on the ap­proach, said as usual,” a Cala Ever­grande’s of­fer could be spokesper­son said. worth close to 700 mil­lion

The ap­proach comes as pounds ($856 mil­lion). re­cent mort­gage data and Cala, which builds large, state­ments from house­builders high-end homes across af­flu­ent have in­di­cated that the UK ar­eas of Bri­tain such as hous­ing mar­ket is re­cov­er­ing around the M25 mo­tor­way some­what from a sharp down­turn which cir­cles Lon­don, in the in ac­tiv­ity that fol­lowed Mid­lands and Scot­land, Bri­tain’s vote to leave the EU. re­ported rev­enue of 587.1 mil­lion

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