GLP chairman Seek (L) and Ming Mei have been working together since before GLP was officially established
At the top of today’s news, GLP boss Ming Mei has crossed the last hurdle in his scheme to buy out the SG-listed warehouse builder with some help from China Vanke and some well-financed friends. Also getting some ink, prices in Hong Kong’s seemngly unstoppable housing market rose for the 19th straight month in October, and Singapore’s market rebound has brought a prime site in Holland Village onto the market. Read on for all these stories and more.
GLP Shareholders Approve Ming Mei/Vanke Buyout
Global Logistic Properties (GLP), the Singapore-listed logistics giant and the largest operator of warehouses in China, said a proposed S$16 billion (US$11.6 billion) buyout of the firm by a consortium led by developer China Vanke Co and Chinese fund Hillhouse Capital had been approved by shareholders on Thursday.
GLP said 99.96 per cent of shareholders present and voting in person or by proxy at the meeting were in favour of the buyout proposal. Read more>>
HK Home Prices Rise for 19th Straight Month
Hong Kong’s secondary home prices rose for the 19th straight month in October and at the quickest pace in three months, led by gains in small flats, government figures showed.
The home price index rose 0.53 per cent to 342.4, the fastest pace of growth since July, according to data released on Thursday by the government’s Rating and Valuation department. That compared with growth of 0.26 per cent in September, 0.4 per cent in August and 0.297 per cent in July. Read more>>
Singapore’s URA Puts Prime Holland Village Housing on Market
The Urban Redevelopment Authority (URA) launched on Thursday (Nov 30) the tender for a commercial and residential site in Holland Road under a dual-envelope concept and price tender that will close on March 20, 2018.
Located near Holland Village MRT Station, the site can have a maximum gross floor area of 59,715 square metres, of which up to 13,500 sq m can be for retail use. The URA has also set a cap of 570 residential units for the project. Read more>>
China Oceanwide, Genworth Still Unable to Close on Buyout Scheme
China’s Oceanwide Holdings Co Ltd and U.S. insurer Genworth Financial Inc have agreed to extend a deadline for their merger agreement to April 1, 2018. The previous deadline had been Thursday.
Genworth Chief Executive Tom McInerney said in a statement the companies were making “good progress” in hammering out a remedy that would make the proposed merger allowable under rules that prevent the sale of U.S. companies to foreign entities if it would hurt national security. Read more>>
Japanese Mall Opens on Singapore’s Clarke Quay
Japanese mall Lumine will open its doors to the public tomorrow, bringing Singaporeans a spread of new Japanese fashion options.
The 10,000 sq ft space on the second floor of Clarke Quay Central is Lumine’s first store outside of Japan. It carries 20 Japanese clothing and accessory brands, 17 of which are new to Singapore. Read more>>
Ascendas Hospitality Trust Leases Out Tokyo Hotel and Residences
Ascendas Hospitality Trust (A-HTrust) has, through Ascendas Ariake Godo Kaisha, entered into a memorandum of understanding (MOU) to lease a hotel property to conglomerate Sotetsu Hotel Management Co from April 1 next year.
The property is a dual-brand accommodation comprising 790-room Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo, which offers 122 serviced apartments. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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