Ever­grande in talks to buy Bri­tish Cala

China Daily (USA) - - BUSINESS - By REUTERS By REUTERS

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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