Dalian Wanda’s China mall business is raising some pre-IPO cash
In today’s roundup of regional news headlines, investors flock to the pre-IPO funding round for Wanda’s commercial property management unit, China’s first nine REITs are oversubscribed on the initial day of offering, and banking giant HSBC seeks to expand its wealth businesses in Singapore and Southeast Asia.
Wanda Unit Draws 20 Investors in $3B Pre-IPO Round
More than 20 investors have expressed interest in a funding round for Dalian Wanda Group’s commercial property management unit, which could raise about RMB 20 billion ($3.1 billion), according to people familiar with the matter.
Sovereign wealth funds, Chinese tech companies and private equity funds are among those that have shown preliminary interest in the fundraising, said the people, who asked not to be identified as the discussions are private. Read more>>
Mirae, NH Face Lawsuit Over Drew Las Vegas Loan Loss
Mirae Asset Securities and NH Investment & Securities have been sued by South Korean institutional investors over the loss of their combined KRW 300 billion ($271 million) investment in the shelved Drew Las Vegas development.
On 31 May, a group of unidentified Korean institutions, including pension and savings funds, filed a class-action lawsuit with the Seoul Central District Court against Mirae and NH, according to investment banking sources. Domestic law firm LIN is acting on their behalf. Read more>>
HSBC to Expand Wealth Businesses in Singapore, SE Asia
HSBC is building on Singapore’s growing stature as a hub for the well-heeled by expanding its wealth businesses there and in the region.
The bank plans to hire about 5,000 customer-facing staff in the next five years in Hong Kong, Singapore and mainland China to serve clients in the coveted sector. Read more>>
China’s 9 Pilot REITs Are Oversubscribed on First Day
China’s first nine real estate investment trusts, launched as a pilot scheme, were greeted with enthusiasm by investors on Monday.
The tranches offered to the general public were all oversubscribed on the first day of the offering, according to sources close to the Shanghai and Shenzhen stock exchanges. The subscription is expected to end on Wednesday. Read more>>
Hong Kong Developers Add More F&B Venues to Win Office Tenants
Hong Kong property developers and landlords are welcoming more restaurants and bars to their office buildings, as they look to offer more entertainment options to their tenants in an otherwise soft office market.
More than five new food and beverage outlets are set to open in and around Taikoo Place this year. These include trendy Australian seafood restaurant Catch, boutique cafe HAVN, dessert shop Lady M and Japanese sushi and sake bar TMK. Read more>>
Henderson Land to Bid for New Central Harbourfront Site
Henderson Land Development co-chairman Martin Lee said the developer will submit a tender for a commercial site in New Central Harbourfront.
He believes that Grade A office rents in the core area will be stable, as some tenants filled up vacancies after some companies left the International Finance Centre. Read more>>
Growth in China Home Prices to Sustain Momentum in 2021: Reuters Poll
China’s home prices are expected to grow faster this year than anticipated a few months earlier, fuelled by hot demand in major cities and easy liquidity, despite Beijing’s heightened cooling measures, a Reuters poll showed.
As China’s economy recovers from the COVID-19 shock, authorities have stepped up curbs on the property sector to guard against financial risks as concerns mount over speculative behaviour in some parts of the market. Home prices, however, extended a rising streak in recent months with heat spilling over into some smaller towns from metropolises. Read more>>
Residential Rentals Still High in Chennai, Suburbs
Despite the lockdown and closure of businesses, residential rentals in Chennai and its suburbs remain high. This is in contrast to 2020, when rentals plunged due to an exodus, sparking landlords to offer discounts to woo tenants.
A year on, apartment complexes have largely not been vacated, and with housing demand rising from January to April, residential rentals have climbed to pre-COVID levels. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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