Jason Brown has a taste for Chinese debt
In today’s roundup of regional news headlines, a former Goldman Sachs hand launches a fund to invest in distressed China property debt, Australia’s Mirvac snaps up Sydney-area land from a little-known Chinese-backed developer, and casino giant Crown Resorts open its books to let potential acquirer Blackstone perform due diligence.
Ex-Goldman Manager Raises Fund Targetting China Real Estate Debt
A former Goldman Sachs special situations group head has raised an initial $245 million for a new fund that will invest in the loans and bonds of China’s beleaguered property industry.
Jason Brown’s Hong Kong-based Arkkan Capital has completed a first closing for the Arkkan China Real Estate Fund and plans to raise more money in the first half of next year, the firm said in an emailed statement dated Wednesday. It will target stressed and distressed assets. Read more>>
Mirvac Buys Land in Sydney Suburb From Chinese-Backed Developer
Property developer Mirvac has snapped up an 80 hectare (198 acre) parcel of zoned land in Cobbitty in the western Sydney suburb of Camden from Chinese-backed property funds and development firm Roberts Jones in one of its largest purchases this year.
The relatively unknown Roberts Jones grabbed headlines when it earlier this year bought a nearly A$500 million ($355 million) land parcel bordering the planned Western Sydney Airport from Sydney’s property-developing Medich family. Read more>>
Crown Resorts Grants Blackstone Due Diligence
Crown Resorts has set up a possible auction for itself, allowing private equity firm Blackstone access to its books while rejecting a takeover offer that values the gaming company at A$8.5 billion ($6 billion).
In a brief statement, the James Packer-backed company said the Blackstone proposal, its third, did “not represent compelling value for Crown shareholders”. Read more>>
China Property Market to Keep Cooling Into H1 2022 on Tight Curbs: Poll
China’s property downturn is expected to continue into the first half of 2022, with home prices and sales falling as tight credit policies and a looming property tax dampen demand, a Reuters poll showed.
The property sector, a key driver of growth in the world’s second-largest economy, has slowed sharply in recent months, with sentiment shaken by tight regulations and a growing liquidity crisis that has engulfed some of the country’s largest and most indebted developers. Read more>>
Hong Kong Luxury Home Sales to Hit Record High This Year
Sales of luxury homes in Hong Kong are likely to hit a record high this year, after activity slumped last year as buyers stayed on the sidelines because of the COVID-19 pandemic.
Transactions of homes worth more than HK$100 million ($12.8 million) in the first 11 months of the year reached HK$46.4 billion, nearly matching the all-time high of HK$46.6 billion achieved in 2018, according to Colliers. Read more>>
Singapore’s La Ville Condo Sold for $111M in Third Bid at Collective Sale
The third time’s the charm for freehold development La Ville, which was sold via collective sale on its third attempt to Hong Kong-listed ZACD Group for S$152 million ($111 million), which is significantly above the tender’s reserve price.
The high-rise development, which is situated along Tanjong Rhu in District 15, was put up for sale in October this year for S$148 million but finally went for higher following strong competition among bidders, the Business Times understands. Read more>>
Chuan Park Condo in Private Talks After $686M Collective Sale Fail
Chuan Park Condominium at 240 to 250 Lorong Chuan has closed its attempt at an S$938 million ($686 million) tender and is currently “in a private treaty negotiation process”, said appointed marketing agent ERA.
An ERA spokesman told the Business Times that the condo had received some interest from developers. He did not confirm whether any bid was received. Read more>>
Southern Singapore Condo Tries Again for En Bloc Sale at $55M
Freehold hilltop condominium Gloria Mansion, located at 292 Pasir Panjang Road, is back on the market with a reserve price of S$69 million ($55 million), exclusive marketing agent Strata AMC told the Business Times.
The residential development was previously launched for collective sale in June 2018 with a S$79 million asking price. That was about two weeks before a round of property cooling measures was imposed in early July 2018 and tamed the en bloc fever at the time. Read more>>
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