Slimmed-down share sale darkens outlook for China Evergrande’s cash dash

HONG KONG (Reuters) – China Evergrande Group, the country’s most indebted property developer, on Wednesday said it has raised $555 million in a secondary share sale, settling for half its initial target and sparking a 16% drop in its share price.

FILE PHOTO: The logo of China Evergrande Group is seen in an exterior view of the China Evergrande Centre in Hong Kong, China, March 26, 2018. REUTERS/Bobby Yip/File Photo

To help pay debt, the firm sold 260.65 million shares at HK$16.50 ($2.13) each – the low end of a price range flagged by its bankers in a term sheet when the deal launched on Tuesday.

Evergrande has been scrambling to raise cash as China’s government tackles what it considers excessive borrowing in the real estate development sector with new debt-ratio caps.

Since August, the developer has raised $3 billion in pre-IPO funding for a

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2 lawyers charged in alleged scheme to steal nearly $750K in surplus foreclosure cash

Criminal Justice

Two Florida lawyers have been charged in an alleged foreclosure fraud scheme that cost victims nearly $750,000.

Rashida Overby and Ria Sankar-Balram were arrested Oct. 5, according to a press release and stories by the South Florida Sun-Sentinel (here and here) and Law360.

The lawyers allegedly filed fraudulent court documents in which they claimed to represent elderly property owners or heirs of deceased property owners who were owed surplus funds from foreclosure sales. After judges granted the pleadings, the lawyers allegedly kept part of the money and wired the rest to two co-conspirators.

The alleged co-conspirators, Illya and Patricia Tinker, are already in jail following a conviction in a different fraud scheme that took ownership of 44 homes through forged documents. Sankar-Balram helped represent them in their

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South Florida’s luxury market is rebounding. The majority of buyers are paying cash

Lockdown paralysis ended with a roar as luxury home buyers fled taxes elsewhere, creating a third-quarter surge in South Florida.

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After a whopping 55.6% drop in year-over-year luxury sales in the second quarter, third-quarter sales of existing homes skyrocketed by 65.2% for single-family houses and by 18.2% for condos when compared with the same period in 2020, according to the latest Keyes Luxury South Florida Market report. The firm based its findings on data from the Multiple Listing Service for residential sales priced over $1 million across Palm Beach, Broward, Miami-Dade and Martin counties.

“The opening after the shutdown created a surge of pent-up demand that exploded the luxury market. What happened is that the shutdown accelerated the decision-making of everyone that was thinking that they wanted a bigger home or a Florida home. When they were given the chance, they jumped on it,” said Mike Pappas, the

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South Florida’s luxury market is rebounding. Some pay in cash

Lockdown paralysis ended with a roar as luxury home buyers fled taxes elsewhere, creating a third-quarter surge in South Florida.

After a whopping 55.6% drop in year-over-year luxury sales in the second quarter, third-quarter sales of existing homes skyrocketed by 65.2% for single-family houses and by 18.2% for condos when compared with the same period in 2020, according to the latest Keyes Luxury South Florida Market report. The firm based its findings on data from the Multiple Listing Service for residential sales priced over $1 million across Palm Beach, Broward, Miami-Dade and Martin counties.

“The opening after the shutdown created a surge of pent-up demand that exploded the luxury market. What happened is that the shutdown accelerated the decision-making of everyone that was thinking that they wanted a bigger home or a Florida home. When they were given the chance, they jumped on it,” said Mike Pappas, the CEO and

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Anaheim City Council approves $150-million cash stadium sale to Angels owner

The Anaheim City Council voted early Wednesday to approve a revised deal with Angels owner Arte Moreno, selling Angel Stadium and the surrounding land for $150 million in cash in return for the team’s commitment to stay in Anaheim through 2050.



a sign above a store with Angel Stadium of Anaheim in the background: Angel Stadium in Anaheim. (Danny Moloshok / Associated Press)


© (Danny Moloshok / Associated Press)
Angel Stadium in Anaheim. (Danny Moloshok / Associated Press)

The council had voted last December to sell the 150-acre site to Moreno’s company, SRB Management, for $325 million. The city this month proposed to credit SRB for $170 million of that price, with the company agreeing to build almost 500 units of affordable housing and a seven-acre park within the community that will rise from the stadium parking lots.

After almost eight hours of debate — and after 1:30 a.m. Wednesday — the council approved the revised deal on a 5-2 vote, with Council Members Jose Moreno and Denise Barnes opposed. The council

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Portofino Receives Cash, Shares for Sale of HMW Lithium Interest; Amends Yergo Agreement

Vancouver, British Columbia--(Newsfile Corp. - September 24, 2020) - PORTOFINO
RESOURCES INC. (TSXV: POR)  (FSE: POTA) ("Portofino" or the "Company") is
pleased to report that it has now received full consideration, for the sale
and assignment of Portofino's right to earn a 100% interest in the Del Condor
and Pucara lithium brine salar properties ("HMW Lithium Project") in
Argentina. The consideration totaled C$100,000 in cash and 650,000 Galan
Lithium Limited ordinary shares, pursuant to its previously announced
transaction (NR February 25, 2020). GLN shares as traded on the Australian
Stock Exchange closed at a price of $0.14 AUD.

Yergo Lithium project, Argentina

Portofino also announces it has reached an agreement with the Yergo lithium
project Claim owner to amend the terms of its Option Agreement that enables
Portofino to earn 100% interest in the project. The original Agreement
required Portofino to make escalating payments totaling US$370,000 over a
48-month period 
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