Evergrande in talks to buy British Cala
The recent growth in exchanges between China and Japan shows that bilateral ties are improving, but “the basis remains unstable”, Premier Li Keqiang said on Tuesday.
Lots of work still need to be done to bring the relationship between Beijing and Tokyo back to a normal footing, Li told representatives of Chinese and Japanese entrepreneurs and former senior officials including Japan’s former prime minister Yasuo Fukuda and China’s former vice-premier Zeng Peiyan.
The premier called for the sustainable improvement and stable development of bilateral ties based on the spirit of “using history as a mirror and facing the future”.
Li spoke positively about the efforts made by businesspeople and former officials to promote China-Japan communication and cooperation, saying that such a dialog mechanism is expected to decrease any element of uncertainty in bilateral ties and strengthen the public will to improve ties.
The Japanese representatives said that Li pointed out the direction which needs to be taken to improve and develop Japan-China ties.
The dialog between Chinese and Japanese entrepreneurs and former officials is of great significance as government-to-government communications have encountered difficulties due to a lack of mutual political trust, said Zhang Jifeng, director of the Japanese economy department at the Institute of Japan Studies, the Chinese Academy of Social Sciences.
“Dialog through non-governmental channels is expected to play a key role in bilateral ties in current situation,” he said.
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 Subscription: pounds for the year ended
Advertising: June 30, 15 percent higher than a year earlier. Net bank China
Follow Evergrandeus on: Group, debt stood at 123.9 millionChina’s second-largest property pounds at end-June. developer, is in “early In its results statement instage”
Website: talks to buy Cala October, Cala said that it had aHomes, a person familiar with contracted land bank withthe upmarket British housebuilder gross development value of 4.7housebuilder said. billion pounds as of end of Edinburgh, Scotland-based June and that enquiry levelsCala Homes, which is owned and reservation rates had risen by insurer Legal & General in the 13 weeks after Britainand real estate managers voted to leave the EuropeanPatron Capital, was being Union on June 23. advised on the offer by investment
“From time to time we mayinvestment bank Lazard, its longterm find ourselves the subject oflongterm 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 CalaEvergrande’s offer could be spokesperson said. worth close to 700 million
The approach comes aspounds ($856 million). recent mortgage data and Cala, which builds large, statements from housebuilders high-end homes across affluent have indicated that the UKaffluent areas of Britain such as housing market is recoveringaround the M25 motorway somewhat from a sharp downturn which circles London, in the in activity that followedMidlands and Scotland, Britain’s vote to leave the EU. reported revenue of 587.1 million © 2016 China Daily All Rights Reserved Vol. 36 — No. 11007
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