Kaisa boss Kwok Ying Shing has regained access to some project funds
In today’s roundup of regional news headlines, cash-strapped developer Kaisa vows to resume work at a project in Guangdong province, a raft of Singapore-listed REITs post financial results, and JLL says Asia Pacific hotels are gaining favour with investors as COVID-19 measures ease.
Kaisa to Resume Foshan Project After Escrow Account Reopened
Embattled Chinese developer Kaisa Group has pledged to resume construction at a project in Foshan in the southern province of Guangdong after funds held in escrow accounts were returned to it.
The development comes hot on the heels of reports last week that China was moving to ease a severe crash crunch in the property sector, giving developers much-needed breathing space. Read more>>
Mapletree Industrial Trust’s Q3 DPU Up 6.4% at 3.49 Singapore Cents
Mapletree Industrial Trust’s third-quarter distribution per unit rose from 3.28 Singapore cents a year earlier to 3.49 cents on an enlarged unit base resulting from an equity fundraising exercise in the first quarter.
Income distributable to unitholders grew 10.4 percent to S$89.5 million (now $66.6 million) for the three months to 31 December 2021, following a boost in revenue from assets in the US. Read more>>
Suntec REIT Posts 9.8% Rise in H2 DPU to S$0.04512
Suntec REIT’s distribution per unit rose 9.8 percent to S$0.04512 for its second half ended 31 December 2021 from S$0.04109 a year ago, the trust’s manager said Wednesday.
The rise in DPU came on the back of higher distribution income from operations, which stood at S$129 million (now $96 million) for the half-year period, up 21.6 percent from the S$106 million recorded in the year-earlier period. Read more>>
Keppel REIT H2 DPU Down 1.7% at S$0.0288
The manager of Keppel REIT on Tuesday said it was “quietly confident” on positive news ahead on the leasing front, even as the COVID-19 pandemic continues to hamper a return to office.
Keppel REIT’s portfolio committed occupancy fell to 95.4 percent as of 31 December 2021, down 1.7 percentage points from 97.1 percent in the preceding quarter. Portfolio occupancy dropped 2.5 percentage points from the 97.9 percent recorded on 31 December 2020. Read more>>
ALog Trust Posts H2 DPU of S$0.02464
ARA Logos Logistics Trust on Tuesday posted a distribution per unit of S$0.02464 for the second half ended 31 December 2021, compared with S$0.02927 in the year-earlier period.
The lower DPU was due to an enlarged unit base following a fundraising exercise for the REIT’s maiden Australian portfolio acquisition from its sponsor, the trust’s manager said in a press statement. Read more>>
APAC Hotels Becoming Investment Targets Says JLL
Hotels in Asia Pacific are likely to receive investment of more than $9 billion this year, a 30 percent increase from 2021, as countries begin to ease their COVID-19 restrictions and some confidence returns to the hospitality sector, according to JLL.
The higher investment in the segment is just one of the themes likely to dominate the property sector in the region. Total capital outlay is expected to hit $200 billion, a 15 percent rise from the full-year estimate for 2021, the property consultancy said in a report. Read more>>
Suburban Retail Malls See Resilient Sales Says Frasers
Evolving shopping trends amid the pandemic have lifted sales by tenants at Frasers Centrepoint Trust’s portfolio of suburban retail malls to above pre-COVID levels in its first quarter ended in December.
Portfolio tenants’ sales rose 2 percentage points to draw level with pre-COVID levels in October 2021, before edging 1 percent higher in November. With the relaxation of COVID-19 measures in Singapore in December, tenants’ sales rose 6 percent above 2019 levels. Read more>>
Mainland Cities Selling More Land to Themselves as Developers Suffer
On the surface, the recent land auction by the Chinese city of Rizhao appeared routine. There were four bids, pushing the price up 11 percent to $170 million. A closer look reveals something curious: the offers were reportedly made by a finance entity owned by the Rizhao government, meaning the city effectively sold land to itself.
Across China, local government financing vehicles have replaced cash-strapped property developers as the biggest buyers of land for real estate development, stoking fresh concerns over the ability of these off-balance sheet borrowers to repay a debt pile that tops $8.4 trillion by some estimates. 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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