Blackstone’s Stephen Schwarzman is readying his third Indian REIT listing
In today’s roundup of regional news headlines, Blackstone reportedly selects banks to lead an India mall REIT IPO, second-tier Chinese cities do an about-face after scrapping homebuying curbs, and Lendlease finishes building a North Sydney office tower for Keppel REIT.
Blackstone Reportedly Picks Banks to Lead India’s First Mall REIT IPO
Blackstone has chosen six investment banks as lead advisors for the REIT IPO of the private equity giant’s mall portfolio in India, multiple industry sources told Moneycontrol.
The banks picked for the transaction are Morgan Stanley, Kotak Mahindra Capital, BofA Securities, JP Morgan, Axis Capital and Citi, one source said. The proposed trust would be India’s first-ever pure-play mall REIT listing and the third Indian REIT listing by Blackstone, following Embassy REIT and Mindspace REIT. Read more>>
Qingdao, Suzhou Reinstate Homebuying Curbs a Day After Lifting Them
Restrictions on home purchases in some of China’s second-tier cities were back in place just 24 hours after they were scrapped, leaving the future of the nation’s bruised $1.7 trillion housing market hanging in the air once more.
Qingdao, a large port city in northern Shandong province, got rid of all purchase restrictions on second-hand homes on Thursday. By Friday morning, however, it had backtracked on a pledge that “lived-in homes will be traded without any caps”. Read more>>
Lendlease Completes Keppel REIT’s North Sydney Office Building
Lendlease has completed construction of a Grade A boutique office building in North Sydney after Singapore’s Keppel REIT purchased the development last December for A$327.7 million (now $220 million).
The 10-level tower at the corner of Blue and William streets has been built with a focus on “wellness and tenant experience”, targeting a 5.5-star NABERS Energy Rating and a 5-star Green Star Rating. Read more>>
China’s Fosun Further Cuts Stakes in Firms Amid Debt Concerns
Chinese conglomerate Fosun International recently cut its stake in New China Life Insurance and a Fosun unit reduced holdings in Shanghai Yuyuan Tourist Mart Group, exchange filings showed late Monday.
Fosun raised roughly RMB 696 million ($99.4 million) through the share reductions, based on company statements and Reuters calculations. Read more>>
Bagnall Court in Singapore’s Upper East Coast Road for Sale at S$125M
Bagnall Court, a freehold condominium along Singapore’s Upper East Coast Road, has been put up for collective sale via tender with a guide price of S$125 million ($88.7 million), sole marketing agent JLL said Tuesday.
More than 80 percent of the owners have consented to the collective sale of the property, which is located in a low-density residential estate across Laguna Golf and Country Club and Bedok Camp. Built during the 1990s, Bagnall Court comprises 43 walk-up apartments in a pair of four-storey blocks. Read more>>
Warburg Pincus Said Likely to Launch $2B India-Specific Fund
In a first-of-its-kind move, US-based Warburg Pincus may be in the process of launching an India-specific fund. Sources peg the size of the fund in a range of $2 billion to $2.5 billion.
There is no clear timeline for the fund’s launch, but it is likely to target new-age businesses, especially consumer-focused start-ups. Read more>>
Even State-Backed China Developers at Risk of Surging Default: Citi
Financial contagion has spread so far across China’s property industry that even state-backed developers are at risk of surging default, according to Citigroup analysts.
Bad debt climbed to 29.1 percent of total property loans in the first half of this year, up from 24.3 percent at the end of 2021, according to calculations by Citi’s team. The increase is largely attributable to developers controlled by the Chinese government, the analysis showed. Read more>>
Chinese Buyers Snap Up Luxury Homes as ‘Hard Currency’ in Soft Market
In the southern Chinese city of Shenzhen, where the real estate sector has slowed, luxury property is bucking the downtrend, the official Securities Times reported on Monday, as wealthy buyers seek a safe haven amid a weak market.
In the southern tech hub, a total of 604 units in a luxury development that has not yet been built have been pre-sold for up to RMB 162,000 (S$32,541.6) per square metre, it said. Read more>>
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