An HK family office is said to have bought the Exchange Centre for A$340M
Leading the news after a long weekend is a record-setting Sydney purchase by an unnamed Hong Kong family office, while Goldman wins some big new business in Korea. Also in the headlines, China’s biggest construction firm may be getting a chilly reception near Brisbane’s beaches, and there’s much more if you just keep reading.
Malaysia’s KWAP Fund Sells Sydney Asset to HK Mystery Investor for A$340M
Kumpulan Wang Persaraan (KWAP), Malaysia’s second-largest pension fund, has sold a key asset in Sydney’s central business district for around AUD$340m, (€233m) setting a new record for A-grade office buildings in Australia.
Such was the competition for the building that it was sold to a Hong Kong-based purchaser before the deadline today for expressions of interest. Read more>>
Korean Fund Gives $70M Mandates to Goldman, Park Square
South Korea’s Construction Workers Mutual Aid Association (CWMAA) has selected Park Square Capital for 40 billion won ($35 million) private debt investment and picked Goldman Sachs to invest another 40 billion won in overseas real estate, in its first commitment to blind-pool funds for cross-border alternative investments.
As the $2.8 billion retirement fund aims to increase the share of alternative investments from 11% at end-2016 in its portfolios, it is planning to invest an undisclosed amount in an offshore infrastructure fund in the second half of this year, according to a CWMAA source on May 1. Read more>>
Queensland Declares Its Right to Dump Chinese Casino Consortium
Premier Annastacia Palaszczuk said the Queensland government had “no contractual obligations” to allow a China-backed company to develop a $3 billion Gold Coast casino resort.
ASF Consortium, an arm of small ASX company ASF Group, is in exclusive negotiations with the Queensland government to develop the mega-resort on the Southport Spit, with the backing of a Chinese government-owned construction company. Read more>>
Oceanwide Seeks More Time as $2.7B Genworth Hits US Regulatory Barriers
China Oceanwide Holdings Group Co said on Friday it had refiled its application for U.S. approval of its $2.7 billion acquisition of life insurance company Genworth Financial Inc (GNW.N), in a bid to add more time to the regulatory review.
The two companies said they withdrew and relaunched their submission to the Committee on Foreign Investment in the United States (CFIUS), a secretive U.S. government panel that scrutinizes acquisitions for national security concerns. Read more>>
Hong Kong Home Sales Reached a Record HK$37.5B in April
Sales of new flats in Hong Kong surged to a 22-year high to HK$37.5 billion (US$4.82 billion) in April, driven by a rising number of big-ticket transactions and accelerated market launches by developers, according to property agents.
Centaline Property Agency forecast that there would have been 2,700 registered transactions in the primary market last month, 90 per cent more than the 1,412 deals recorded for March. The estimated value of transactions would correspondingly have increased 81.8 per cent to HK$37.5 billion in April, the highest since July 1995. Read more>>
CapitaLand Mall Trust Ready to Relaunch Funan Mall in SG
A 380-seat theatre by local company Wi!d Rice, supermarket chain FairPrice Finest and a flagship store by local designer Carolyn Kan. These are some of the latest anchor tenants at Funan, announced by its owner CapitaLand Mall Trust yesterday.
The mall, previously known for being a hub for IT products, will have an entire floor dedicated to technology. The retail mall will have 200 shops over six storeys, and is targeted for completion in the fourth quarter of 2019. Read more>>
Far East Consortium Plans 10,000 Manchester Homes
Far East Consortium International, the medium-sized Hong Kong developer, has revealed plans to build 10,000 housing units in Manchester worth £1 billion (US$1.3 billion) over the next decade.
The company will work directly with Manchester City Council in Britain to deliver what is being dubbed the “Northern Gateway” in the northeastern part of Greater Manchester, which will be the largest development ever undertaken in the city when completed, covering 120 hectares of land, according to a company statement on Thursday. Read more>>
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