Chinese developers – walking away – from Australian projects amid lack of finance – ABC News (Australian Broadcasting Corporation), finance projects.#Finance #projects


Chinese developers walking away from Australian projects amid lack of finance

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The One Sydney development is underway, but its Chinese developer has faced funding challenges.

A landmark Sydney property at Circular Quay, bought by Chinese commercial property giant Dalian Wanda Group, is now flanked by blank hoardings.

At one point they proudly displayed signs of the company’s vision for its One Sydney project — a billion-dollar development consisting of two massive towers.

J Capital research managing partner Tim Murray said the party is now over for such China-backed megaprojects.

“Chinese developers that have been overpaying for properties in Australia are now struggling to find the finance to closing those deals and they’re actually walking away from large deals and large deposits,” he observed.

Chinese authorities, anxious to stem the outflow of money from China and stabilise the yuan, have tightened restrictions on foreign investment by their companies.

The concern is that China’s financial stability is threatened by the capital outflows, which are being exacerbated by property developers.

David Chin, the managing director of advisory firm Basis Point, said the Chinese Government regards the overseas property buying spree as irrational.

“Paying money for trophy investments or bragging rights, you know paying over the odds in the expectation that there is more capital coming through. Those days specifically are over,” he said.

Hong Kong developer Country Garden paid a record $400 million for a parcel of land on the outskirts of Melbourne, just a few months ago.

There is keen interest in whether any of the planned 4,000 homes will be built soon.

Property development frowned upon

The Chinese Government’s new directive encourages investment in resources, agriculture and technology.

But property investments such as hotels and residential, as well as sports and film investments, are now on the restricted list.

Dalian Wanda is one of the companies Chinese authorities are watching more closely, and the Sydney One site is clearly a project Chinese authorities would have considered restricted.

Mr Chin said the effect of the restrictions on individual projects will depend on how far advanced they are.

“Some developers who have perhaps not started projects yet might be looking to sell their sites, on sell, or just wait and see attitude and just hold it,” he said.

“Others that have already started, chances are they would have already got funding for it and it will go through the whole process and in that process they would have already presold a substantial amount of off-the-plan sales.”

Photo The One Sydney development formerly had glossy signage advertising the finished product.

If the developers have not yet lined up their funding, Mr Murray said it is unlikely that Australian banks will help them out of what could be a terrible bind.

“Right now, in order to get a construction loan from an Australian bank you really have to have presold a hundred per cent of the building and none of that can be to foreign buyers,” he said.

“Now, a Chinese property developer who may be in trouble has probably already sold 50 per cent to foreign buyers.

“So they don’t meet the criteria unless of course they unwind those transactions and then pre-sell it to Australian residents.”

That is why some Chinese developers are searching for non-bank funding.

Further restrictions may be added

Adding to the uncertainty is this month’s Communist Party congress where there could be major changes in the party’s leadership and the makeup of its top decision making body, the Politburo Standing Committee.

“There is a view that capital controls will be further tightened after the party congress. that it is a topic for discussion at the Party Congress,” Mr Murray said.

Tim Murray said the Yuan may come under pressure again as US interest rates and the dollar rise, and Chinese property prices soften after a strong run.

Chinese find Australia cheap

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It could also herald the return of some investors looking for a bargain.

“I think the capital restrictions are effective on property developers because that’s large loans through large banks and other equity controls that the Government can put in place,” Mr Murray said.

“However, for the smaller investor buying properties, it could well be that they’ll return to the market in 2018.”

Chinese property developers, which snapped up a massive 38 per cent of residential development sites last year, will not vanish completely either.

They may be forced to search some of Australia’s smaller, cheaper cities and regional tourist centres.

“On that basis it is still an investment in Australia but it’s at a lower price point. They may look at Cairns and Perth,” Mr Chin said.

Mr Murray said the tables have well and truly turned.

“Australian developers have been sitting on the sidelines, looking at the crazy prices that have been paid for development sites,” he said.

“Now they’re thinking the time for them to return to the market is coming back.”


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    • _Sep 2016: Mint- Institute for Competitiveness Strategy Award in the ‘Finance Banking and Insurance’ category for the year 2016.
    • _Aug 2016: Best Financial Reporting for FY16–Medium Business” by CMO Asia – Asia CFO Excellence Awards
    • _Nov 2015: ICRA has upgraded Vistaar’s Long Term Rating to A- from BBB+, with stable outlook
    • _Aug 2015: Best Financial Reporting for FY15–Medium Business” by CMO Asia – Asia CFO Excellence Awards
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    Our unique incentive program include certain scholarships, travel tickets, salary bonus and more

    Finance projects

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    Participate in nation building through Vistaar

    Bustling with life, and thriving on innovation, micro, small and medium business entrepreneurs in the heartlands of India are fueled with ambition to take the economy to its rightful place on the global map.

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  • Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance, finance projects.#Finance #projects


    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance

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    Islamic Finance For Dummies

    Istisna is a financial instrument in Islamic finance in which a manufacturer agrees to complete a construction project on a future date for a fixed, agreed-upon price and with product specifications that both parties agree to. If the project doesn t fit the contract specifications, the buyer has the right to withdraw from it.

    This financial instrument provides for payment flexibility between the manufacturer and the buyer. The contract doesn t demand that the buyer pay in advance or that the manufacturer receive only a lump sum at the time of delivery. Instead, both parties can set a schedule of payment.

    Istisna instruments are widely used in the construction industry or for project financing and trade financing. For example,

    Kuwait Finance House (KFH) uses the istisna contract for home financing (properties under construction) and project financing.

    Qatar Islamic Bank (QIB) signed an istisna agreement in late 2010 to finance a major residential complex in the north of Qatar.

    Minimizing uncertainty (gharar) in istisna

    Usually, a contract for a not-yet-manufactured product presents some uncertainty about the product. Islamic law prohibits finance institutions from being part of transactions that involve uncertainty (called gharar). To avoid uncertainty, the istisna contract is as detailed as possible regarding what the end product will be.

    In the istisna contract, the customer approaches the bank with the desired asset s specifications. Both the customer and the bank sign the istisna contract, and then the bank manufactures the product or the asset for the customer through its agent, such as a manufacturer.

    Opting for parallel istisna

    When the bank provides the customer with the istisna financial instrument, the customer signs the contract with the bank for the specified asset or project. Then the bank (via its manufacturing agent) manufactures the asset or project per the customer s specifications.

    However, in some circumstances the bank doesn t want to produce the item for the customer. In this case, the bank opts to use two mutually independent istisna contracts called parallel istisna.

    Here s how this system works: The customer who wants the project or asset enters an istisna contract with the bank per the customer s specifications. The bank then enters into a parallel istisna contract with a manufacturer (which is not the bank s agent; it is a separate third party) to meet those same specifications.

    In theory, when the manufacturer completes the asset or project, it delivers that product to the bank. (In practice, the manufacturer usually delivers the product directly to the customer.) The bank pays the manufacturer, and the customer pays the bank according to the agreed payment schedule. The bank marks up the manufacturer s price in the contract with the customer to secure a profit.

    Keep in mind that a separate istisna contract exists on both sides: between the customer and the bank, and between the bank and the manufacturer.

    Finance projects

    For example, fictional customer Acme, Inc., approaches the World s Best Islamic Bank to manufacture a housing scheme with specifications for $1 million. Then the bank enters an agreement with A Construction Company to build the houses with the same specifications for $800,000.

    When the construction project is complete, A Construction Company hands over the project to the bank, which verifies the specifications and delivers the product to Acme, Inc., on the payment basis agreed to in that part of the istisna.

    The bank goes for a parallel contract in this scenario because it can t produce the assets and doesn t want to hold the produced assets after their completion. In a parallel contract, the bank has both a buyer for its products and a manufacturer.


    Vistaar Finance – Index Page, finance projects.#Finance #projects


    finance projects

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  • Finance projects

    Forward Together

    Our vision is to be a catalyst to the underserved so that they will achieve greater economic and social well being. Specifically we offer a full range of financial services customized to fulfill their every business requirement and move them into the mainstream

    • _Aug 2015: Raised 250 crores in internal round
    • _July 2015: Awarded “Most influential CFO’s of India”
    • _Sep 2016: Mint- Institute for Competitiveness Strategy Award in the ‘Finance Banking and Insurance’ category for the year 2016.
    • _Aug 2016: Best Financial Reporting for FY16–Medium Business” by CMO Asia – Asia CFO Excellence Awards
    • _Nov 2015: ICRA has upgraded Vistaar’s Long Term Rating to A- from BBB+, with stable outlook
    • _Aug 2015: Best Financial Reporting for FY15–Medium Business” by CMO Asia – Asia CFO Excellence Awards
    • _Mar 2014: Raises 160 crores of fresh funding

    Finance projects

    Opportunity

    36 million enterprises in the MSME sector contribute to over 45% of India’s manufacturing output. Yet only 5% of the 36 million MSME enterprises have access to institutional finance. Vistaar is committed to nation building by unleashing fresh energy through the value chain.

    Read More Finance projects

    Method

    Vistaar studies the customer business /enterprise in depth and draws out the assessment nuances of that trade. Trade wise cash flow assessment templates are prepared based on the features of that business to maximize impact and convenience for the customer.

    Read More Finance projects

    Impact

    Vistaar’s portfolio is well diversified across sectors and geographies, offering unique products in line with the company’s long-term policy of de-risking, while meeting customer demands to a maximum. This hastens economic and social development within communities.

    Vistaar Culture
    Where growth never stops

    Training in mortgage and other financial products and other professional development tracks.

    Finance projects

    Rewards come in many packages

    Our unique incentive program include certain scholarships, travel tickets, salary bonus and more

    Finance projects

    Finance projects

    Participate in nation building through Vistaar

    Bustling with life, and thriving on innovation, micro, small and medium business entrepreneurs in the heartlands of India are fueled with ambition to take the economy to its rightful place on the global map.

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    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance, finance projects.#Finance #projects


    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance

    Finance projects

    Islamic Finance For Dummies

    Istisna is a financial instrument in Islamic finance in which a manufacturer agrees to complete a construction project on a future date for a fixed, agreed-upon price and with product specifications that both parties agree to. If the project doesn t fit the contract specifications, the buyer has the right to withdraw from it.

    This financial instrument provides for payment flexibility between the manufacturer and the buyer. The contract doesn t demand that the buyer pay in advance or that the manufacturer receive only a lump sum at the time of delivery. Instead, both parties can set a schedule of payment.

    Istisna instruments are widely used in the construction industry or for project financing and trade financing. For example,

    Kuwait Finance House (KFH) uses the istisna contract for home financing (properties under construction) and project financing.

    Qatar Islamic Bank (QIB) signed an istisna agreement in late 2010 to finance a major residential complex in the north of Qatar.

    Minimizing uncertainty (gharar) in istisna

    Usually, a contract for a not-yet-manufactured product presents some uncertainty about the product. Islamic law prohibits finance institutions from being part of transactions that involve uncertainty (called gharar). To avoid uncertainty, the istisna contract is as detailed as possible regarding what the end product will be.

    In the istisna contract, the customer approaches the bank with the desired asset s specifications. Both the customer and the bank sign the istisna contract, and then the bank manufactures the product or the asset for the customer through its agent, such as a manufacturer.

    Opting for parallel istisna

    When the bank provides the customer with the istisna financial instrument, the customer signs the contract with the bank for the specified asset or project. Then the bank (via its manufacturing agent) manufactures the asset or project per the customer s specifications.

    However, in some circumstances the bank doesn t want to produce the item for the customer. In this case, the bank opts to use two mutually independent istisna contracts called parallel istisna.

    Here s how this system works: The customer who wants the project or asset enters an istisna contract with the bank per the customer s specifications. The bank then enters into a parallel istisna contract with a manufacturer (which is not the bank s agent; it is a separate third party) to meet those same specifications.

    In theory, when the manufacturer completes the asset or project, it delivers that product to the bank. (In practice, the manufacturer usually delivers the product directly to the customer.) The bank pays the manufacturer, and the customer pays the bank according to the agreed payment schedule. The bank marks up the manufacturer s price in the contract with the customer to secure a profit.

    Keep in mind that a separate istisna contract exists on both sides: between the customer and the bank, and between the bank and the manufacturer.

    Finance projects

    For example, fictional customer Acme, Inc., approaches the World s Best Islamic Bank to manufacture a housing scheme with specifications for $1 million. Then the bank enters an agreement with A Construction Company to build the houses with the same specifications for $800,000.

    When the construction project is complete, A Construction Company hands over the project to the bank, which verifies the specifications and delivers the product to Acme, Inc., on the payment basis agreed to in that part of the istisna.

    The bank goes for a parallel contract in this scenario because it can t produce the assets and doesn t want to hold the produced assets after their completion. In a parallel contract, the bank has both a buyer for its products and a manufacturer.


    Commercial Finance, finance projects.#Finance #projects


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    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance, finance projects.#Finance #projects


    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance

    Finance projects

    Islamic Finance For Dummies

    Istisna is a financial instrument in Islamic finance in which a manufacturer agrees to complete a construction project on a future date for a fixed, agreed-upon price and with product specifications that both parties agree to. If the project doesn t fit the contract specifications, the buyer has the right to withdraw from it.

    This financial instrument provides for payment flexibility between the manufacturer and the buyer. The contract doesn t demand that the buyer pay in advance or that the manufacturer receive only a lump sum at the time of delivery. Instead, both parties can set a schedule of payment.

    Istisna instruments are widely used in the construction industry or for project financing and trade financing. For example,

    Kuwait Finance House (KFH) uses the istisna contract for home financing (properties under construction) and project financing.

    Qatar Islamic Bank (QIB) signed an istisna agreement in late 2010 to finance a major residential complex in the north of Qatar.

    Minimizing uncertainty (gharar) in istisna

    Usually, a contract for a not-yet-manufactured product presents some uncertainty about the product. Islamic law prohibits finance institutions from being part of transactions that involve uncertainty (called gharar). To avoid uncertainty, the istisna contract is as detailed as possible regarding what the end product will be.

    In the istisna contract, the customer approaches the bank with the desired asset s specifications. Both the customer and the bank sign the istisna contract, and then the bank manufactures the product or the asset for the customer through its agent, such as a manufacturer.

    Opting for parallel istisna

    When the bank provides the customer with the istisna financial instrument, the customer signs the contract with the bank for the specified asset or project. Then the bank (via its manufacturing agent) manufactures the asset or project per the customer s specifications.

    However, in some circumstances the bank doesn t want to produce the item for the customer. In this case, the bank opts to use two mutually independent istisna contracts called parallel istisna.

    Here s how this system works: The customer who wants the project or asset enters an istisna contract with the bank per the customer s specifications. The bank then enters into a parallel istisna contract with a manufacturer (which is not the bank s agent; it is a separate third party) to meet those same specifications.

    In theory, when the manufacturer completes the asset or project, it delivers that product to the bank. (In practice, the manufacturer usually delivers the product directly to the customer.) The bank pays the manufacturer, and the customer pays the bank according to the agreed payment schedule. The bank marks up the manufacturer s price in the contract with the customer to secure a profit.

    Keep in mind that a separate istisna contract exists on both sides: between the customer and the bank, and between the bank and the manufacturer.

    Finance projects

    For example, fictional customer Acme, Inc., approaches the World s Best Islamic Bank to manufacture a housing scheme with specifications for $1 million. Then the bank enters an agreement with A Construction Company to build the houses with the same specifications for $800,000.

    When the construction project is complete, A Construction Company hands over the project to the bank, which verifies the specifications and delivers the product to Acme, Inc., on the payment basis agreed to in that part of the istisna.

    The bank goes for a parallel contract in this scenario because it can t produce the assets and doesn t want to hold the produced assets after their completion. In a parallel contract, the bank has both a buyer for its products and a manufacturer.


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    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance, finance projects.#Finance #projects


    Financing Construction Projects or Purchase Orders (Istisna) in Islamic Finance

    Finance projects

    Islamic Finance For Dummies

    Istisna is a financial instrument in Islamic finance in which a manufacturer agrees to complete a construction project on a future date for a fixed, agreed-upon price and with product specifications that both parties agree to. If the project doesn t fit the contract specifications, the buyer has the right to withdraw from it.

    This financial instrument provides for payment flexibility between the manufacturer and the buyer. The contract doesn t demand that the buyer pay in advance or that the manufacturer receive only a lump sum at the time of delivery. Instead, both parties can set a schedule of payment.

    Istisna instruments are widely used in the construction industry or for project financing and trade financing. For example,

    Kuwait Finance House (KFH) uses the istisna contract for home financing (properties under construction) and project financing.

    Qatar Islamic Bank (QIB) signed an istisna agreement in late 2010 to finance a major residential complex in the north of Qatar.

    Minimizing uncertainty (gharar) in istisna

    Usually, a contract for a not-yet-manufactured product presents some uncertainty about the product. Islamic law prohibits finance institutions from being part of transactions that involve uncertainty (called gharar). To avoid uncertainty, the istisna contract is as detailed as possible regarding what the end product will be.

    In the istisna contract, the customer approaches the bank with the desired asset s specifications. Both the customer and the bank sign the istisna contract, and then the bank manufactures the product or the asset for the customer through its agent, such as a manufacturer.

    Opting for parallel istisna

    When the bank provides the customer with the istisna financial instrument, the customer signs the contract with the bank for the specified asset or project. Then the bank (via its manufacturing agent) manufactures the asset or project per the customer s specifications.

    However, in some circumstances the bank doesn t want to produce the item for the customer. In this case, the bank opts to use two mutually independent istisna contracts called parallel istisna.

    Here s how this system works: The customer who wants the project or asset enters an istisna contract with the bank per the customer s specifications. The bank then enters into a parallel istisna contract with a manufacturer (which is not the bank s agent; it is a separate third party) to meet those same specifications.

    In theory, when the manufacturer completes the asset or project, it delivers that product to the bank. (In practice, the manufacturer usually delivers the product directly to the customer.) The bank pays the manufacturer, and the customer pays the bank according to the agreed payment schedule. The bank marks up the manufacturer s price in the contract with the customer to secure a profit.

    Keep in mind that a separate istisna contract exists on both sides: between the customer and the bank, and between the bank and the manufacturer.

    Finance projects

    For example, fictional customer Acme, Inc., approaches the World s Best Islamic Bank to manufacture a housing scheme with specifications for $1 million. Then the bank enters an agreement with A Construction Company to build the houses with the same specifications for $800,000.

    When the construction project is complete, A Construction Company hands over the project to the bank, which verifies the specifications and delivers the product to Acme, Inc., on the payment basis agreed to in that part of the istisna.

    The bank goes for a parallel contract in this scenario because it can t produce the assets and doesn t want to hold the produced assets after their completion. In a parallel contract, the bank has both a buyer for its products and a manufacturer.