Vanke to Sell $67 Million Stakes in Banyan Tree China Units Amid Real Estate Market Downturn

Vanke to Sell $67 Million Stakes in Banyan Tree China Units Amid Real Estate Market Downturn

By Author

Published on January 2, 2024

China Vanke, a prominent real estate firm, is set to divest its interests in the China units of luxury hotel chain Banyan Tree Holdings for a sum of 480 million yuan ($67 million), according to reports from Bloomberg. This strategic move by Vanke is aimed at navigating challenges arising from the downturn in China's property market.

As part of the divestment, Vanke will relinquish its stakes in two hotel management joint ventures, namely Banyan Tree Services (China) and Banyan Tree Hotel Management (China). The valuation of these interests was estimated to be between 440 million yuan and 486 million yuan as of September 30, 2023.

Facing increased pressure due to debt obligations, Vanke, a leading developer in China, is grappling with issues such as sluggish sales, declining revenue, and total liabilities amounting to 1.28 trillion yuan. Although partly state-owned, Vanke has received more government support compared to its counterparts, as reported by the news agency.

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Vanke has three notes maturing in the upcoming year, with deadlines in March, May, and June. Forecasts from investment banks and securities houses, including Goldman Sachs Group and Morgan Stanley, suggest that the slump in China's real estate sector is likely to persist into the next year. In response to these market conditions, Vanke's decision to divest its stake aligns with its efforts to adapt to evolving circumstances.

Simultaneously, Vanke has agreed to acquire Banyan Tree's shares in a hotel business named Banyan Tree Assets (China) Holdings for 30 million yuan. This strategic move reflects Vanke's ongoing efforts to streamline its portfolio and adapt to market dynamics.

In September, Banyan Tree Group and Ennismore, subsidiaries of the Accor Group, partnered with Dubai Holding to inaugurate the Banyan Tree Dubai resort at Dubai’s Bluewaters in November. The resort, featuring 179 rooms, including 30 suites, replaces the existing Caesars Palace Dubai, marking a significant development in Banyan Tree's global expansion efforts.


Introducing Saif Ali Khan & Kareena Kapoor Khan as TREVOC Brand Ambassadors

Introducing Saif Ali Khan & Kareena Kapoor Khan as TREVOC Brand Ambassadors

By Nithyakala Neelakandan

Published on April 10, 2024

TREVOC, a prominent name in Gurugram's luxury real estate scene, has achieved a significant milestone by announcing Bollywood icons Saif Ali Khan and Kareena Kapoor Khan as their brand ambassadors. This strategic move solidifies TREVOC's reputation for blending heritage with opulence.

The collaboration with Saif Ali Khan and Kareena Kapoor Khan, renowned for their association with legacy and luxury, aims to reinforce TREVOC's position as the ultimate choice for those seeking sophistication and comfort in their homes. By aligning with these esteemed personalities, TREVOC underscores its commitment to offering innovative designs, cutting-edge amenities, and sustainable living solutions, reshaping the landscape of luxury real estate.

Gurpal Singh Chawla, Managing Director at TREVOC, expressed excitement about the partnership, stating, "We are thrilled to welcome Saif Ali Khan and Kareena Kapoor Khan to the TREVOC family. Their iconic status and shared values resonate deeply with our brand ethos of blending legacy with luxury. With their association, we aim to elevate the living experience and continue our legacy of excellence in the real estate domain."

Sehaj Chawla, Managing Director at TREVOC, echoed this sentiment, emphasizing the brand's commitment to crafting unique projects that epitomize luxury and comfort. He stated, "Collaborating with celebrities has not only reinforced our vision but also broadened our reach to a wider audience seeking luxury developments. Both Saif Ali Khan and Kareena Kapoor Khan exemplify luxury and align perfectly with our Group's vision."

TREVOC, guided by the principles of 'Imagine, Innovate, and Inspire,' stands at the forefront of redefining high-end residential infrastructure. With a legacy spanning over 75 years, the brand remains dedicated to integrating upscale amenities into its luxury projects, enhancing residents' lifestyles. Focused on prime locations such as Golf Course Road, Southern Peripheral Road, and Dwarka Expressway, TREVOC continues to set new standards in the sector, offering unparalleled quality and sophistication.


India ITME Society Launches Multicultural Facility Center in Mumbai

India ITME Society Launches Multicultural Facility Center in Mumbai

By Nishang Narayan

Published on April 10, 2024

India International Textile Machinery Exhibitions Society (India ITME Society), a non-profit organisation, has announced the launch of its Multicultural Facility Center in Mumbai. This facility centre represents a significant milestone in ITME's commitment to creating inclusive spaces where people from all backgrounds can come together to share their traditions, stories, and experiences.

The Multicultural Center, inaugurated by eminent Bollywood actress Ms. Smita Jayakar, accompanied by Mr. Darasing Khurana (Mr. India International 2017) and stand-up comedian Mr. Rohan Gujral, is envisioned as a hub for cultural appreciation and understanding. It will serve as a vibrant venue for a wide range of activities and initiatives aimed at promoting multiculturalism.

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Ms. Seema Srivastava, Executive Director of ITME, expressed her excitement about opening the doors of the centre to the community, welcoming individuals and organisations to utilise the premises for their cultural and professional endeavours. She emphasised that by providing a dynamic space for both cultural and professional gatherings, ITME aims to contribute to the enrichment of the local community and foster meaningful connections among diverse groups of people.

Equipped with state-of-the-art facilities and customizable layouts, the ITME premises offer a seamless experience for event organisers and attendees alike. Whether hosting an intimate gathering or a large-scale event, organisers can leverage ITME's resources to bring their vision to life.

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Ms. Smita Jayakar, a veteran actress, expressed her enthusiasm for the ITME centre, stating that it would bring an extra sparkle to South Mumbai. She highlighted the centre's potential to create a more supportive ambiance for art, culture, theatrical showcases, workshops, book launches, and other cultural events in this dynamic part of Mumbai.

During the launch event, notable authors including Mr. Gopinath Chandra Das, Dr. Shefali Batra, and Ms. Mukta Wankhede showcased their books, further enriching the cultural atmosphere of the occasion.

Established in 1980, India ITME Society is a non-profit apex industry body dedicated to supporting and serving the Textile Engineering Industry through exhibitions, events, trade promotion services, education scholarships, student placements, consultancy, and more. The society plays a pivotal role in strengthening both the domestic and international Textile Industry by facilitating the exchange of knowledge, technology transfer, and encouraging foreign direct investments and joint ventures.


Indian Hospitality Sector Witnesses Surge in Investments, Records Significant Growth

Indian Hospitality Sector Witnesses Surge in Investments, Records Significant Growth

By Nishang Narayan

Published on April 4, 2024

In a positive turn of events for the Indian hospitality sector, investments surged to USD 401 million in FY23, marking a remarkable four-fold increase from the previous year. This notable growth, as reported by JLL, signals promising opportunities and a robust outlook for the industry.

The 'Hotel Investment Trends - India 2023' report by JLL unveiled encouraging trends and insights into the hospitality sector's performance. Notably, the sector witnessed a significant uptick in hotel transactions, with a record number of 22 transactions recorded, the highest in a decade. Furthermore, three hotel companies made their debut on the stock market through IPOs, indicating growing investor interest and confidence in the sector.

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High net worth individuals (HNIs) and institutional capital emerged as major contributors to hotel investments, accounting for 73% of the total investments. Real estate developers also played a significant role, constituting 27% of investments, followed by owner-operators at 11%.

One of the noteworthy findings of the report was the increasing focus on Tier-2 cities for hotel development activities, which accounted for 54% of total signings. This shift underscores the expanding opportunities and untapped potential in non-metro areas, reflecting a broader trend of decentralisation and diversification within the hospitality sector.

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Overall, the hospitality sector's performance in FY23 reflects resilience, adaptability, and a promising trajectory of growth. With record hotel signings, openings, and a surge in investments, the industry is poised for continued expansion and success in the coming years.

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