Corporate digest

IPC Corporation

IPC has signed a non-binding heads of agreement to sell to Xinyuan (China) Real Estate, a unit of New York-listed Xinyuan Real Estate, its hotel, Grand nest HOTEL zhuhai, for an indicative price of about RMB200 million (S$41 million).

It has also signed a non-binding heads of agreement with the same subsidiary to acquire a 51 per cent equity interest in Beijing iJourney Technology Development Co for U$5.1 million - likely to be satisfied through the issue of new shares at S$0.40 each.

The latter move marks its first foray into the artificial intelligence business, as the target company does research, development and marketing of robots that serve the needs of families.

Pavillon Holdings

PAVILLON Holdings' subsidiary Fengchi Real Estate has signed a conditional sale and purchase deal to buy units in a commercial complex and adjoining vacant lands in Malaysia for RM52 million (S$16.7 million). The properties comprise 107 lots in a high-rise commercial complex, and adjoining vacant lands known as "City Plaza, Johor Bahru".

The proposed deal was entered into with Hock Der Realty and Ascent Asia. Pavillon will issue 70 million new shares as part payment.

The Trendlines Group

THE incubator of medical-tech and agricultural-tech startups The Trendlines Group has entered into a partnership with China's Haier Hai Chuanghui Incubator and Ventures. The latter is a unit of Haier Group, a manufacturer of major household appliances. Under the Memorandum of Understanding (MOU), both parties will jointly invest in and develop new medtech and agritech solutions. The MOU will also support Trendlines' portfolio companies in China, and support Haier's entrepreneurs in Israel.

Rowsley

ROWSLEY has appointed a new chief executive officer with immediate effect. The developer said on Monday that Tan Wee Tuck will lead its existing portfolio of real estate businesses. It also announced new appointments that will come into effect from Dec 1, 2017.

Sunpower Group

CHINA-BASED renewable energy firm Sunpower Group on Monday announced two deals: an investment agreement with Xingjiang County Government to build and operate a cogeneration facility in the Xinjiang Circular Economy Demonstration Park for 490 million yuan (S$100.6 million), and the clinching of a contract worth 53 million yuan from Zhejiang Petrochemical.