The Capital Tower in Singapore may need some more desk space to squeeze in their new RMB fund unit
In today’s roundup of regional news headlines, Singapore’s CapitaLand registers in China to prepare for its first RMB-denominated fund, a Gaw Capital-backed Chinese digital freight platform lists in New York, and a Macau casino operator fans out into nearby Zhongshan with plans for a theme park.
CapitaLand to Launch First RMB Fund in Q4
CapitaLand on Thursday announced its registration as a private equity fund manager with the Asset Management Association of China.
In a bourse filing before markets opened, the property giant said it was “one of a select few” wholly foreign-owned enterprises to do so. Read more>>
Gaw Capital-Backed Digital Freight Platform Lists in New York
Full Truck Alliance, a digital freight platform backed by a Gaw Capital Partners fund, has joined the New York Stock Exchange and expects to raise up to $2 billion in its initial public offering.
The Chinese company, backed by Gaw Growth Equity Fund I, is the world’s largest digital freight platform by gross transaction value and has a $23 billion market capitalisation. The IPO, which has been priced, is expected to raise between $1 billion and $2 billion depending on purchase. Read more>>
Melco, Agile to Develop Theme Park, Mixed-Use Project in Zhongshan
Macau casino and entertainment operator Melco International Development is making its first foray into the Greater Bay Area’s Zhongshan and plans to build one of the city’s biggest mixed-use developments with mainland Chinese developer Agile Group Holdings.
The pair have won a mega site four times the size of Hong Kong’s Victoria Park for RMB 4 billion ($515 million), according to a filing made by Melco with the Hong Kong stock exchange on Wednesday. Read more>>
China Minsheng Bank Curbs Loans to Evergrande
China Evergrande’s top bank creditor has reduced its exposure to the nation’s most-indebted developer to assuage its own investors, a sign that local lenders have started to raise their guard against the risk of defaults.
China Minsheng Banking Group, a major commercial lender, said its loan exposure to Evergrande has been lowered since September last year following scrutiny of lending to the developer. Read more>>
Tokyo Century Takes Stake in NTT’s India Data Centre Business
NTT and Tokyo Century are to form a data centre partnership in India. Tokyo Century is a finance company that mainly provides leasing and instalments services for equipment and machinery, as well as investment in securities, silent partnerships and cash loans.
Under the new deal, NTT said Tokyo Century will be the first joint investor in its data centre business. Read more>>
New Territories Record Set as New World Flat Sells for HK$44M
New World Development sold a four-bedroom flat in the third phase of the Pavilia Farm in Tai Wai at HK$35,000 ($4,508) per square foot, setting a record for New Territories standard flats.
The 1,269 square foot (118 square metre) unit fetched a top price of HK$44.42 million. Three four-bedroom units were sold through tender yesterday for prices ranging down from that to HK$39 million. Read more>>
PIL Heirs Selling Singapore Bungalow to Daniel Teo-Led Club for S$43.8M
A group of investors led by veteran property developer Daniel Teo of Hong How Group is buying an old bungalow at 21 Mount Rosie Road, near Barker Road in Singapore, for S$43.8 million ($32.6 million) with a view to redeveloping it into several landed homes for sale.
The Business Times understands that the property is being sold by Teo Choon Seng and Teo Tiou Seng, who are sons of Pacific International Lines’ founding chairman, the late Teo Woon Tiong (alias Chang Yun Chung or YC Chang). Read more>>
Surbana Jurong to Deploy 3,000 Sensors on Temasek Poly Campus
Temasek Polytechnic is looking at a solution to ensure its temperatures are not too cool for school — it will deploy a platform with more than 3,000 sensors at its 30 hectare (74 acre) campus to monitor energy use, and also find avenues to reduce costs and carbon emissions.
Developed by Surbana Jurong, the digital integrated facilities management (IFM) services platform is part of the polytechnic’s digitalisation plans to improve work processes and operational efficiencies for its campus, Surbana Jurong said in a joint statement on Wednesday. Read more>>
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