(Bloomberg) — China urged India to revise new investment rules that seek to block companies from neighboring nations taking over local businesses, saying they’re in violation of principles laid down by the World Trade Organization.
The curbs seeking to cut the risk of opportunistic takeovers as the coronavirus outbreak drives down valuations of Indian companies “go against the general trend of liberalization and facilitation of trade and investment,” Ji Rong, spokeswoman of the Chinese Embassy in India, said in a statement on Monday.
India’s trade ministry spokesman didn’t immediately respond to an email seeking comment.
The new curbs will allow an existing foreign investor from any country that shares a land border with India to invest only after approval by the Indian government. Such restrictions were so far applied only to FDI from Bangladesh and Pakistan. India shares its land border with seven countries, including China.
As of December 2019, China’s cumulative investment in India’s industries including mobile phones, electrical appliances, infrastructure and automobiles exceeded $8 billion, according to the statement. Chinese enterprises actively made donations to help India fight the COVID-19 epidemic, it said.
The changes in Indian rules were made after the nation’s biggest mortgage lender Housing Development Finance Corp. said the People’s Bank of China raised its stake in the company to just over 1%, earlier this month. HDFC’s shares had plunged 25% last month amid the brutal sell-off in global markets on concerns about the spreading coronavirus pandemic.
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Australia shakes up foreign investment laws for national security – TheChronicleHerald.ca
By Kirsty Needham and Melanie Burton
SYDNEY (Reuters) – Australia announced the biggest shakeup of its foreign investment rules in almost half a century on Friday, including additional powers to force the divestment of a business if it creates a national security risk.
Citing the need to balance economic and national security, Treasurer Josh Frydenberg said all foreign investors will face greater scrutiny when bidding for sensitive assets, regardless of the size of the deal and whether the buyer is private or state-owned.
“Technology has been evolving and our geopolitical climate has become more complex,” Frydenberg said in Canberra. “In fact, the world over, governments are seeing foreign investment being used for strategic objectives not purely commercial ones.”
In one major change, the Treasurer will be given a last-resort power to vary or to impose conditions on a deal or force a divestment. A Treasury document said the power would not retrospective.
Frydenberg did not provide full details of which business sectors would be targeted under the changes, which will be made public in the next few weeks, but he did give some indication of areas of interest.
The definition of a national security business would likely cover telecommunication companies, energy and utilities businesses, the defence supply chain, and businesses that collect, store and own data deemed critical to Australia’s national security and defence, he said.
The changes, the biggest overhaul of foreign investment policy since the current framework was established in 1975, will effectively make permanent a temporary tightening of foreign investment regulations announced in March to prevent fire sales of distressed assets during the coronavirus crisis.
Under current laws, most private investments under A$275 million ($190.8 million) are not screened, while the threshold is A$1.2 billion for companies from countries such as China which have free trade agreements with Australia. The threshold is zero for state-owned enterprises.
Frydenberg did not single out China, or any other country, when announcing the overhaul but the Chinese government has in the past raised concerns with Australia about changes to foreign investment rules.
Chinese companies have been major investors in Australian resources, agriculture and property.
Public disquiet over the sale of the Port of Darwin in 2016 to Chinese company Landbridge prompted a rule change to require approval from the country’s Foreign Investment Review Board (FIRB) for critical infrastructure deals.
China dropped from second to fifth in the list of countries providing the largest sources of approved foreign investment in Australia for 2018-2019. The United States was first, followed by Canada, Singapore and Japan in 2018-2019. Chinese investment fell by almost 50% to $13.1 billion ($8.4 billion) in 2019.
The government plans to release a draft of the new rules by July for industry consultation before they are implemented on Jan. 1, 2021.
($1 = 1.4395 Australian dollars)
(Reporting by Kirsty Needham and Melanie Burton, additional reporting by Renju Jose; Editing by Stephen Coates and Jane Wardell)
SmartCentres Real Estate Investment Trust Announces $300 Million Series V and $300 Million Series W Senior Unsecured Debenture Issues – GlobeNewswire
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, June 04, 2020 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX:SRU.UN) announced today that it has agreed to issue $300 million aggregate principal amount of Series V senior unsecured debentures and $300 million aggregate principal amount of Series W senior unsecured debentures on an agency basis. The Series V debentures will carry a coupon of 3.192% and will mature on June 11, 2027 and the Series W debentures will carry a coupon of 3.648% and will mature on December 11, 2030. The debentures are being offered by a syndicate of agents with Scotia Capital as the lead left bookrunner, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, National Bank Financial, and TD Securities as joint bookrunners and co-leads, and Desjardins Securities, Canaccord Genuity, Raymond James, Casgrain, HSBC Securities (Canada), Industrial Alliance Securities and Stifel Nicolaus Canada as co-managers. The two offerings are expected to close on or about June 11, 2020. DBRS Limited has provided SmartCentres with a provisional credit rating of BBB (high) with a stable trend relating to the debentures.
The net proceeds to SmartCentres from the sale of the Series V debentures and Series W debentures will be used to repay existing indebtedness and for general trust purposes.
These offerings are being made by way of a private placement to certain accredited investors in each of the provinces of Canada.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 157 strategically located properties in communities across the country. SmartCentres has over $10 billion in assets and owns over 34 million square feet of income producing value-oriented retail space with 98% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed use communities on its existing retail properties. A publicly announced $12.1 billion intensification program ($5.5 billion at SmartCentres’ share) represents the REIT’s current major development focus. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.
SmartCentres’ intensification program is expected to produce an additional 27.9 million square feet of space; all construction commencing within the next five years, 12.4 million square feet of which is already underway.
From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape. For more information, visit www.smartcentres.com.
Certain statements in this press release are “forward-looking statements” that reflect management’s expectations regarding SmartCentres future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to the anticipated use of proceeds of the offering, the date the offering is expected to close and the anticipated size of the offering, SmartCentres expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics; and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting Unitholders and financial analysts to understand SmartCentres development potential and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises such as the COVID-19 pandemic, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in the SmartCentres most recent MD&A, as well as under the heading “Risk Factors” in SmartCentres ‘most recent annual information form. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, including those discussed under the heading “Outlook” and elsewhere in SmartCentres’ MD&A, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this press release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification, including residential development in urban markets and , continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
For more information, please contact:
Multi-million dollar internet investment announced for Puslinch – GuelphToday
PUSLINCH – Standard Broadband is making a major investment into high speed internet in Puslinch.
A press release announced $2.5 million in private funding from Standard Broadband to bring fibre optic infrastructure to the township.
Over 1,000 homes in Puslinch with limited access to quality internet will soon have fibre optic internet service available.
Mayor James Seeley said in a press release that he is thrilled that Standard Broadband chose to extend their network into Puslinch.
“This is a big deal for many Puslinch households,” Seeley said in a release. “It’s especially significant that the investment is being made now at a time when people are relying so much on their internet for work and study.”
Glenn James, chair of the Puslinch Highspeed Internet Initiative, has been advocating for better internet in Puslinch and said he sees this large investment as a big win for the town.
“The fact that it’s fibre optic and not wireless internet means that service will be much higher quality than almost all of the affected households currently have,” James said in the release. “The new fibre runs mean that there is opportunity for future expansion.”
Internet issues in Puslinch have been a topic of concern in the township for years. The town had recently partnered with Clearcable to consult on applying for government programs to improve their internet.
James said that the fact that this investment is privately funded means that the project will be start and finish much faster.
The project is set to begin in early August and service will become available as construction completes on a street by street basis. First connections will likely be available in mid-September.
For more details on Standard Broadband’s initial service area please see the map located on their website.
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