STT GDC boss ccould have a public listing in his future
In today’s roundup of regional news headlines, Singapore’s ST Telemedia Global Data Centres reportedly contemplates an initial public offering, Dalian Wanda’s services unit scores a big offshore loan, and Kaisa Group is taken to court in New York over missed bond payments.
ST Telemedia Global Data Centres Explores $1B-Plus IPO, Sources Say
ST Telemedia Global Data Centres, a company backed by Singaporean state-owned investment firm Temasek Holdings, is exploring a potential initial public offering that could raise more than $1 billion, according to people with knowledge of the matter.
The Singapore-based data centre operator has held discussions with potential advisers on an offering that could value the firm at over $5 billion, the people said. STT GDC is considering Singapore and the US among possible listing venues, said the people, who asked not to be identified discussing private information. A share sale could take place as soon as the end of this year if it decides to proceed, they added. Read more>>
Wanda Unit Raises $400M in Dollar Bonds in Milestone for Property Sector
Dalian Wanda Commercial Management raised $400 million in a dollar bond, a term sheet seen by Reuters showed, in the first publicly sold dollar bond by a Chinese property-related firm since late 2021 when the sector’s debt crisis came to a head.
The company, the property services arm of commercial developer Dalian Wanda Group, increased the size of the deal due to strong demand from investors during the bookbuild, people familiar with the deal told Reuters. Read more>>
Kaisa Faces $102M in Legal Claims on Bonds by Hong Kong’s Oasis
Hong Kong investment firm Oasis Capital Management has filed a legal claim in New York against Chinese developer Kaisa Group Holdings to recoup $102.3 million in missed payment and interest from four bonds, a US court filing shows.
The documents were lodged on Thursday and showed Oasis was the beneficial owner of $90 million worth of unsecured notes issued by Kaisa that matured in 2022. Read more>>
Fifth Wall Expands Into APAC With Opening of Singapore Office
Venture capital firm Fifth Wall on Thursday announced its expansion into Asia Pacific with the appointment of industry veteran Yvonne Voon as a partner covering APAC and the opening of the firm’s Singapore office, its first in the region.
Fifth Wall boasts more than 110 strategic limited partners from over 15 countries and assets under management totalling $3.2 billion. Read more>>
China to Support Financing, Debt Extension for Quality Developers: Xinhua
China will boost financing for good-quality developers and roll out a RMB 100 billion ($14.9 billion) support plan for rental housing loans, the official Xinhua news agency said Friday.
Reporting the latest move to ease a liquidity crunch that has plagued the real estate sector since mid-2020, Xinhua said financial regulators have drafted a work plan to guide quality developers’ balance sheets back to a safe range. Read more>>
Hong Kong Sees Record Mortgage Applications From Chinese Buyers
Hong Kong mortgage applications from mainland Chinese buyers rose to a record high in the fourth quarter of 2022, underscoring the group’s growing influence in the city’s property sector.
Mainland buyers with Hong Kong residency represented 11.4 percent of the mortgage applications that mReferral Mortgage Brokerage Services handled, the highest proportion since the firm started tracking the data in 2018. Read more>>
Wing Tai Tops Out The M in Singapore With 95% of Units Sold
Wing Tai Holdings has topped out The M @ Middle Road, its mixed-use development in District 7’s Bugis area. A topping-out ceremony was held Wednesday for the 99-year leasehold project, which is slated for completion in the second half of the year.
The M has 522 residential units spread across three 20-storey towers and a six-storey tower. There are also commercial units located on the ground floor. Residential units comprise a mix of studio units as well as one- to three-bedroom apartments measuring from 409 to 1,012 square feet (38 to 94 square metres). Read more>>
Kai Tak Runway Project Christened KT Marina
The project of K Wah International, Wheelock Properties and China Overseas Land & Investment at 15 Shing Fung Road in Hong Kong’s Kai Tak has been named KT Marina, which will provide a total of 2,138 units in two phases.
The first phase of the largest residential project in the old Kai Tak airport runway area will offer 1,017 homes ranging from one- to three-bedroom units, the developers said Thursday. Read more>>
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