JD Logistics shares are on their way
In today’s roundup of regional news headlines, JD Logistics is set to raise more than $3 billion from its Hong Kong IPO, Canada’s biggest pension fund praises investment opportunities in South Korea, and Shenzhen plans to tighten residency rules to curb a population boom.
JD Logistics to Raise Over $3B in Hong Kong IPO
JD Logistics will raise over $3 billion from an initial public offering in Hong Kong after pricing its shares at the lower half of an indicative range.
The logistics arm of JD.com set the IPO price at HK$40.36 ($5.20), the company said Thursday. Read more>>
CPPIB Eyes Long-Term Investing Opportunities in Korea
South Korea is brimming with long-term investment opportunities as sustainability-driven innovations crystallize in Asia’s fourth-largest economy, a high-ranking official of public pension scheme Canada Pension Plan Investment Board said Wednesday.
The pandemic has not only changed the way people live, but also prompted a technology-led transformation across the Asia Pacific region, Suyi Kim, head of APAC at CPP Investments, said during a virtual conference hosted by the Seoul-based Institute for Global Economics. Read more>>
Top Five Bids for New Territories Site All Exceeded HK$6B
Among the bid prices of developers who failed to secure a residential site in Kwu Tung, four exceeded HK$6 billion ($770 million), the upper limit of market estimates, according to the Lands Department.
Sun Hung Kai Properties won the tender last month for the first residential site in Kwu Tung North, which had been sold by government tender for HK$8.61 billion or HK$7,183 per buildable square foot — 44 percent higher than the market estimate. Surveyors valued the plot at HK$4.8 billion to HK$6 billion. Read more>>
Hong Kong Industrial Buildings Gain Favour With Funds
Hong Kong is experiencing a boom in transactions involving industrial buildings as rising demand for storage space from businesses and homeowners lures local and foreign funds.
US private equity giant Blackstone teamed up with StoreFriendly Self Storage Group to pick up an industrial building known as New Media Tower in Kwun Tong for HK$508 million ($65.43 million) in April. The seller was Emperor International Holdings. Read more>>
Link REIT Issues Maiden CNH Notes With 2.8% Coupon Rate
Link REIT has issued CNH 650 million ($102 million) worth of three-year offshore renminbi notes.
The annual coupon rate is 2.8 percent, which is the lowest coupon CNH debt issuance achieved among Hong Kong real estate companies, Link REIT said. The three-year issue, which will be due on 24 May 2024, is Link REIT’s maiden issuance of CNH notes. Read more>>
Shenzhen to Tighten Residency Rules to Curb Population Boom
In a rare tightening of residency rules, China’s tech hub of Shenzhen aims to make it harder for people from out of town to settle as its population balloons and resources and services come under pressure.
While the southern boomtown is far from being China’s most populous city, its population grew by 7.1 million in the past decade to 17.56 million in 2020, with the jump surpassing increases in entire provinces such as Jiangsu and Shandong over the same period. Read more>>
HDB Upgraders Fuelling Singapore Mass-Market Condominium Sales
Private non-landed homes in Singapore’s outside central region continued to be popular with owner-occupiers upgrading from Housing and Development Board (HDB) flats.
Robust deal volumes and prices of HDB resale flats islandwide helped spur condominium sales in the suburban areas, said Lee Nai Jia, deputy director of the Institute of Real Estate and Urban Studies at the National University of Singapore. Read more>>
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