SLP celebrated the ground-breaking of their first southern Vietnam project in November
In today’s roundup of regional news headlines, warehouse specialist GLP launches its first fund focused on Vietnam, Chinese developer Agile Group gets a lifeline from state-backed COLI, and buyers snap up apartments at new projects in Hong Kong and Shanghai.
GLP Launches $1.1B Vietnam Logistics Fund With APG, Manulife
GLP, in cooperation with its Vietnam affiliate SEA Logistic Properties, has launched GLP Vietnam Development Partners I, its first investment vehicle focused on the Southeast Asian nation, with an investment capacity of $1.1 billion.
The fund has received commitments from several new investors to its fund management platform, including Dutch pension fund manager APG Asset Management and Canada’s Manulife. GLP kicks off the fund with a seed portfolio of six development sites with a total land area of close to 900,000 square metres (9.7 million square feet). Read more>>
Agile Selling Stake in Guangzhou JV to COLI for $300M
State-backed companies are coming to the rescue of embattled Chinese developers pushed to the edge of financial ruin by Beijing’s “three red lines” borrowing restrictions.
Agile Group, one of the country’s top 20 home sellers, said it will sell its 26.7 percent stake in a Guangzhou property joint venture for RMB 1.84 billion ($300 million) to a unit of China Overseas Land & Investment (COLI). Read more>>
China Builder Yuzhou to Miss Bond Payments After Debt Exchange
Chinese developer Yuzhou Group Holdings said it won’t pay off two dollar bonds due this week, meaning some events of default will occur, as builders continue to struggle to meet debt payments.
The company earlier this month offered to swap the notes for new debt, and investors exchanged most of their holdings. There is $104.9 million of combined principal remaining, Yuzhou said in a Monday stock exchange filing, and the group is opting not to pay that while planning to relaunch the exchange offer this week. Read more>>
Perennial to Develop Former MediaCorp Site as Bungalow Development
Singapore’s Perennial Holdings is planning to redevelop the former Caldecott Broadcast Centre site into 15 Good Class Bungalows, making it the first major 99-year leasehold GCB site to be launched.
The GCB plots will range from 15,070 to 250,801 square feet (1,400 to 23,300 square metres), but the larger plots could also be subdivided in the future to accommodate more GCBs, up to a maximum of 26 bungalows. Read more>>
China Property Sector Could See ‘Significant’ Policy Easing: BNP Paribas
China’s real estate sector will likely see “significant easing” in the policies that govern it, BNP Paribas Asset Management said, months after starting to build a long position in that sector’s debt.
“We are of the view that we are at a major inflection point in terms of policy and we are likely to see some significant easing,” said Jean Charles Sambor, head of emerging-market fixed income at BNPPAM in London. Read more>>
Hong Kong Homebuyers Snap Up Henderson Cheung Sha Wan Project
Hong Kong’s property buyers turned out in droves, defying the city’s worst one-day explosion of new COVID-19 cases, to snap up apartments at the first new housing project to be launched in 2022.
Henderson Land Development sold all 136 units on offer in the first batch of sales at The Harmonie project in Cheung Sha Wan, according to property agents. The entire project, comprising 337 apartments, is located near the area’s subway station, about a 20-minute ride from the city centre. Read more>>
Yanlord Sells Out First Batch of Homes at Shanghai Project
Singapore’s Yanlord Land Group on Monday announced the sale of all 514 apartment units during the inaugural launch of its Poetic Villa project in Shanghai.
The group bagged pre-sales totalling RMB 3.2 billion ($510 million) from a total gross floor area of 46,726 square metres (502,954 square feet) at an average selling price of RMB 67,725 per square metre. Read more>>
Singapore Shophouse Sales Hit Record S$1.9B in 2021
Shophouse sales in Singapore hit an all-time high value in 2021 of S$1.9 billion ($1.4 billion), up about S$1 billion from the year before, according to Knight Frank’s latest market update.
The real estate consultancy attributed 2021’s record sales value to bullish investor sentiment, which came on the back of an economic rebound. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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