In today’s roundup of regional news headlines, warehouse giant GLP raises $850 million in a record-breaking green-bond sale, JD.com’s logistics offshoot sets sights on a $3.4 billion IPO, and Warburg Pincus reportedly exits a student housing venture in India.
GLP Raises $850M From Sale of Perpetual Green Bonds
Property investment firm GLP this month sold the world’s largest US-dollar green subordinated perpetual offering.
GLP priced an $850 million offering of green subordinated perpetual securities at a coupon of 4.5 percent. The offering was upsized from the initial target size of $500 million, with the orderbook more than six times subscribed. Read more>>
JD Logistics Launches Hong Kong IPO to Raise Up to $3.4B
JD Logistics will price its shares between HK$39.36 and HK$43.36 each as the company aims to raise up to $3.4 billion, according to the company’s filings, in one of Hong Kong’s largest share sales in 2021.
The logistics offshoot of JD.com will sell 609.1 million shares, which is 10 percent of the company’s total shares, the filings said. Read more>>
Warburg Pincus Ends India Student Housing JV With Lemon Tree Hotels
Warburg Pincus has ended a two-year-old joint venture with Lemon Tree Hotels for student housing and co-living spaces, said sources in the know.
“Apparently, Warburg was not happy with the way the JV had progressed in the last two-three years,” the sources said. Read more>>
Hong Kong Starts REIT Subsidy Plan to Take on Singapore, Japan
Hong Kong is trying to make up for a lost decade with incentives to promote the city as a hub for real estate investment trusts, after a stop-start history during which markets in Singapore and Japan flourished.
The government last week put into action a HK$270 million ($35 million) plan to encourage property owners to cobble their assets together under REITs to defray their listing expenses. The Securities and Futures Commission on 10 May announced the implementation details of the subsidy plan, first unveiled during the budget in February. Read more>>
China Urged to Push Ahead With Property Tax
China’s latest move to introduce a property tax represents a fresh crackdown on property speculation and a curb on runaway home prices, but analysts believe it is also an “inevitable” solution to help solve the nation’s debt crisis and ensure financial stability.
A new scheme would eventually cover ordinary Chinese households. At the moment, taxes and fees are mainly collected only at land auctions, or in the property development or trading process, with few additional costs for residential homeowners. Read more>>
Mong Kok URA Project All But Sells Out as HK Home Prices Rebound
A total of 108 units out of the 117 on offer at the L Living 23 project in Mong Kok were sold on Sunday.
The project has been developed by Hong Kong company Yau Lee Holdings and the Urban Renewal Authority. The 27-storey building is about a 10-minute walk from the Mong Kok MTR station. Read more>>
China’s Poly Real Estate Sees Sales Recover in First 4 Months
Key Chinese real estate developer Poly Developments and Holdings Group, also recognised as Poly Real Estate, registered expansion in sales during the January-April period.
The company noted in a report filed with the Shanghai Stock Exchange that its narrowed property sales climbed 61.57 percent annually to RMB 175.48 billion ($27.3 billion) in the first four months of the year. Read more>>
Cashed-Up Property Developers in India Snap Up Land Bargains
Indian property developer Kamal Khetan is in an unusual position. For the first time since the 2008-09 global financial crisis, he is being inundated with offers to acquire land in Mumbai from distressed sellers.
“We feel that this is the time to do acquisitions,” said Khetan, chairman and managing director of luxury residential property developer Sunteck Realty. Read more>>
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