Evergrande boss Hui Ka Yan will have to run a bit faster to avoid his creditors
In today’s roundup of real estate headlines from around Asia, Hong Kong’s biggest bank has taken note of China Evergrande’s ongoing financial woes, as HSBC has reportedly stopped providing mortgages for the developer’s housing projects in Asia’s most expensive residential market.
Also, in the news, Asian logistics platform ESR has agreed to invest in the development of two Chennai industrial parks, Hong Kong tech firm PCCW is said to be contemplating the sale of some of its data centres, and Singapore’s CapitaLand moves to expand its data centre assets in India.
HSBC, Standard Chartered Said to Halt Mortgages for Evergrande Hong Kong Projects
Some banks in Hong Kong, including HSBC and Standard Chartered, are declining loans to buyers of Chinese property developer Evergrande Group’s two uncompleted residential projects in the city, three mortgage brokers said on Wednesday (Jul 21).
The steps highlight increasing worries over the indebted company’s liquidity among the financial industry. News emerged this week that a Chinese court had frozen a US$20 million bank deposit of Evergrande, and a Chinese city regulator briefly suspended the sales of two of its projects. Read more>>
ESR to Invest $73M in Chennai Industrial Parks
ESR India, an industrial and logistics real estate platform, has inked a deal with the Tamil Nadu government to launch two industrial parks for a potential investment of INR 550 crore ($73.7 million).
The parks are located in Kancheepuram and Krishnagiri districts and will be completed during the next five years. Once fully operational, the two projects have the potential to create over 4,400 jobs. Read more>>
Richard Li’s PCCW Reportedly Set to Sell Data Centres to DigitalBridge
DigitalBridge Group is in advanced talks to buy data centres from Hong Kong tech firm PCCW, according to reports.
The DigitalBridge data centre REIT, which formed from Colony Capital in June, already owns large data centre holdings and is now thought to be after PCCW’s data centre business, which includes nine facilities in Hong Kong, China and Malaysia. Read more>>
CapitaLand Signs MOU for $161M Chennai Data Centre
Singapore’s CapitaLand is moving to expand its data centre assets in India, according to a recent announcement by the government of Tamil Nadu province. The developer has signed a memorandum of understanding with the Tamil Nadu government to invest $160.7 million to build a server facility in the Ambattur area west of Chennai.
In January it was reported that CapitaLand would partner with Shapoorji Pallonji Investment Advisors, the private equity arm of Indian conglomerate Shapoorji Pallonji Group, to invest $5 billion in development of India data centres over the next five years. Read more>>
CapitaLand Investment to Bank on Multiple Engines for Growth
CapitaLand Investment will look at creating new products as it aims to achieve S$100 billion ($73 million) in funds under management by 2024 and grow its lodging business to 160,000 units under management by 2023.
In an update on a proposed restructuring, management said at a virtual briefing on Monday that the group is confident of meeting those targets, which represent an increase from S$78 billion FUM and 123,000 units in 2020. Read more>>
Mapletree Logistics Trust Net Property Income Climbs 21.3%
Mapletree Logistics Trust reported a 21.3 percent increase in its net property income for the first quarter of the financial year, growing to S$144.5 million ($105.6 million now) from S$118.8 million.
Amount distributable to unitholders grew by 19.1 percent to S$92.7 million from $77.8 million. Revenue was driven by existing projects, acquisitions completed in the financial year of 2020-21 and the completed redevelopment of Mapletree Ouluo Logistics Park Phase 2. Read more>>
CDL’s New Zealand Unit Acquires Development Land in Havelock North
CDL Investments New Zealand (CDI), the 66 percent-owned subsidiary of City Developments Ltd that is listed in New Zealand, has acquired 69.4 hectares (171.5 acres) of land in Havelock North, the company said Wednesday in a bourse filing.
CDI’s wholly owned subsidiary CDL Land New Zealand completed the North Island acquisition from the Lowe family. The purchase price remains confidential between the parties, CDI said. Read more>>
Ascott Boosts Growth in Units Managed by 40%
CapitaLand’s The Ascott residential division has secured over 8,300 units across more than 30 properties in the first seven months of 2021, marking 40 percent growth compared with the same period a year ago, the company announced in a regulatory filing on Wednesday.
With the latest figures in unit growth, the wholly owned lodging business unit of CapitaLand has achieved its fourth straight year of record unit growth despite the COVID-19 pandemic and delivered about a 20 percent compound annual growth rate since 2017. Read more>>
Office Floors on SG’s Anson Road on Market for S$51.6M
Two Grade A office floors in Springleaf Tower at 3 Anson Road have been put up for sale. The office space is on the eighth and ninth floors of the 37-storey office building, and each floor has a strata area of 10,333 square feet (960 square metres).
Each floor has a guide price of S$25.83 million ($18.9 million), which translates to about S$2,500 per square foot in the strata area. Read more>>
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