NTUC’s Singapore mall portfolio includes Nex in Serangoon
In today’s roundup of regional news headlines, NTUC is said to be scaling back the planned sale of its mall portfolio in Singapore, while the city-state’s heavy-hitting sovereign investors are reportedly in talks to lend support to a $10 billion expansion by India’s Adani Group.
Singapore’s NTUC Cuts Size of Shopping Mall Portfolio Sale: Sources
Mercatus, the property management division of Singapore’s NTUC Enterprise Co-operative has scaled down the size of a planned retail asset sale to about S$3 billion ($2.1 billion), or three-fourths of the original proposal, while shortlisting three potential buyers, sources familiar with the matter said.
Singapore’s rising interest rates and a tepid growth outlook have prompted Mercatus Co-operative, the unit of NTUC that manages the assets and was exploring the sale, to remove at least one project from the prospective deal, the sources said. Read more>>
Adani Group Eyeing to Raise $10B to Fund Expansion
Gautam Adani is in early talks with investors including Singapore sovereign wealth fund GIC, Singapore state investor Temasek and other private equity fund managers to raise at least $10 billion for expanding ports, cement, green energy and fast-moving consumer goods businesses.
Mint, citing two people with direct knowledge of the matter, added that the funds are expected to be raised in multiple tranches, including through the sale of stakes in Adani Group firms. Read more>>
China’s Rare Policy Support Fails to Spur Golden Week Property Sales
China’s latest property policy package pushed out before a week-long holiday hasn’t ignited a sales turnaround, underscoring the challenge to arrest the country’s flailing real estate sector.
Residential transactions for the traditionally sales-friendly Golden Week plunged 38 percent from a year earlier in 20 major cities, according to China Index Holdings. Read more>>
Dozens of Chinese Cities Enact Family House Mortgage-Paying Policies
Authorities in over 30 Chinese cities have allowed house buyers to pay the housing mortgage by using family members’ housing provident fund to reduce loan pressure, with the scheme aimed at further boosting the domestic property market, according to Chinese news outlet The Paper.
The policies were issued in cities across 18 municipalities, provinces and autonomous regions. Read more>>
Chinese Homeowners in a Rush to Clear Mortgages Early
Aki Wang made a resolution on her 35th birthday in June. She vowed to pay off her 25-year mortgage before she turns 40, which will save her close to RMB 1 million ($140,535) in interest payments.
“I pay 5.1 percent interest on my mortgage,” said the ear, nose and throat specialist, who bought a two-bedroom flat in Hangzhou, the capital of southeastern Zhejiang province, with a loan of RMB 2 million in 2018. “What kind of wealth management product or stock investment gives you such returns?” Read more>>
Korea’s KB, IGIS Back Out of Deal to Buy €1.3B Credit Suisse HQ
A Korean investor has pulled out of a deal to buy the Zurich headquarters of Credit Suisse, the Swiss-based global investment bank currently beset by speculation about its future.
A joint venture between KB Securities and IGIS was the frontrunner to buy the two-building campus, which is being sold by Norges Bank Investment Management, React News reported. Read more>>
India Office Absorption Up 107% in Year to Date
India’s office property market has recorded a 107 percent year-on-year jump in net absorption at 30.3 million square feet (over 2.8 million square metres) in the first nine months of 2022, backed by robust supply completions with healthy pre-commitments, according to a JLL report.
Net absorption across the top seven property markets of the country rose 68.5 percent year-on-year to 9.86 million square feet during the quarter ended June. On a sequential basis, leasing performance saw 11 percent growth. Read more>>
India’s Real Estate PE Investment Jumped 40% in April-September Stretch
Private equity investment in Indian real estate increased 40 percent year-on-year during the April-September period to $2.8 billion, with a huge inflow coming from foreign funds, says a report.
According to the Anarock report, PE investment stood at $2 billion in the corresponding period of the last financial year. Read more>>
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