Princeton Digital Said Raising $400M Pre-IPO and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, data centre firm Princeton Digital is reportedly raising funds to the tune of a $2 billion valuation, Chindata Group inks its own server-hosting deal with tech giant Tencent, and the first residential project on the runway of Hong Kong’s old airport offers discounted units to spur sales.

Princeton Digital Reportedly Raising Pre-IPO Funds at $2B Valuation

Princeton Digital Group, an Asia-focused data centre operator backed by Warburg Pincus, is considering raising funds from investors in a deal that could boost its valuation to about $2 billion, according to people familiar with the matter.

The New York-based buyout firm is in talks with financial advisers as it seeks to raise about $400 million in a funding round for Princeton Digital, the people said. The fundraising plans would serve as a stepping stone ahead of a potential IPO in the coming quarters, they said. Read more>>

Chindata Group Inks Cloud Deal With Tencent

Chinese data centre operator Chindata Group has inked a deal with tech giant Tencent Holdings in a bid to develop new infrastructure and promote carbon neutrality.

Specifically, the two parties will integrate respective resources and cooperate in areas including governance, industry, culture and tourism, education, healthcare, energy and transport. The first phase of cooperation will centre on smart cities, industrial internet, smart culture and tourism, and smart healthcare. Read more>>

COLI Discounts Kai Tak Runway Residential Project by 13%

Hong Kong’s first residential project on the runway of the city’s former airport at Kai Tak has been priced about 13 percent lower than a development put on sale in the area in April.

China Overseas Land and Investment on Thursday set the prices of the first batch of 212 units at One Victoria at an average of HK$22,977 ($2,959) per square foot. Read more>>

China Evergrande Arranges HK$13.6B to Repay Offshore Bonds

China Evergrande, the country’s most indebted property developer, said it had arranged its own funds of HK$13.6 billion ($2.36 billion) to repay bonds due on Monday, as well as to pay interest on all other dollar bonds.

The funds are to be remitted into the bond repayment account, the company said Thursday, adding that it has no further bonds due before next March, whether onshore or offshore. Read more>>

Prime US REIT Private Placement Raises $80M; More Than 2x Subscribed

Prime US REIT’s manager on Friday announced that its private placement that raised $80 million was more than two times subscribed.

A total of 98.8 million new units will be issued at 81 US cents per new unit, and their listing is expected to commence at 9am on 5 July. Read more>>

World’s Highest Hotel Opens in Shanghai Tower

The world’s highest luxury hotel, boasting a restaurant on the 120th floor and 24-hour personal butler service, has opened in Shanghai to guests with deep pockets and a head for heights.

Elevators whizz guests up the intimidating spiral-like skyscraper at ear-popping speeds of 18 metres (59 feet) per second to the J Hotel’s 165 opulent rooms. Read more>>

Hong Kong a Desirable Data Centre Location Despite Troubles

Hong Kong’s data centre market remains strong despite political tensions and pandemic troubles around the world, making it the third most attractive data centre region in the entire Asia Pacific region.

Real estate firm Cushman & Wakefield says Hong Kong is a location that is highly sought after by data centre operators and investors. Read more>>

Asia Pacific Workers Likely to Return to the Office, Say Analysts

Remote working is unlikely to dampen office demand in Asia Pacific, say consultants. In a survey of 106 respondents in the region by CBRE, over 70 percent of management lean towards having their staff working from the office.

The findings are similar to those by Knight Frank, which found that occupiers in Asia Pacific are exhibiting more resilience against work-from-home arrangements. Read more>>

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