Australian law forbids the use of credit cards to buy casino chips (Getty Images)
In today’s roundup of regional news headlines, Aussie casino operator Star Entertainment owns up to illegally allowing chip purchases using credit cards, and Japan’s Star Asia REIT secures first dibs on a Tokyo student housing property.
FEC, Chow Tai Fook-Backed Star Guilty of Queensland Casino Violations
Star Entertainment, which operates two of Queensland’s biggest casinos has pleaded guilty to illegal practices after it allowed credit cards to be used when buying gambling chips.
The company is backed by Hong Kong’s Chow Tai Fook and Far East Consortium and pleaded guilty to seven charges under the Casino Control Act 1982. Last year authorities in New South Wales ruled that Star was unfit to operate a casino in the state. Read more>>
Japan’s Star Asia Gets Acquisition Rights for Stake in Tokyo Student Housing Asset
Star Asia Investment Corporation, a Japanese REIT, has signed a right of first refusal agreement to acquire preferred equity securities tied to a student residence called Hakusan House in Tokyo’s Bunkyo special ward. The desired purchase price is at least JPY 1.51 billion ($11 million).
The trust has no obligation to acquire the securities, and upon deciding on the acquisition, necessary procedures of the asset manager are required to be taken, such as conducting necessary due diligence including obtaining a real estate appraisal. Read more>>
Grosvenor to Double Global Indirect Property Investment Portfolio
Grosvenor, the investment group controlled by the Duke of Westminster and his family, is to double the size of its indirect real estate investment business, Grosvenor Diversified Property Investments, to £1.5 billion ($1.8 billion) in equity over the next five years.
Established in 2012, GDPI invests globally alongside local partners with an understanding of the changing demands of real estate in their markets. By only investing Grosvenor’s own capital, GDPI can build strong alignment with these partners and has complete versatility in committing capital from the shorter to the longer term, the group said. Read more>>
China’s Surprise RRR Cut Puts Focus on Bank Lending Rates
Chinese banks kept their benchmark lending rates unchanged on Monday despite the central bank’s surprise easing action last week, with economists betting there could be scope for lower rates in coming months.
Lenders held the one-year loan prime rate at 3.65% and left the five-year rate, a reference for mortgages, flat at 4.3%, according to a statement released by the People’s Bank of China in line. Almost all economists surveyed by Bloomberg had forecast the rates to be maintained. Read more>>
Sino Land Opens New Offices Amid Record Hong Kong Vacancy
Hong Kong’s Sino Land is bringing new commercial buildings to the market even as the competition for tenants intensifies amid record-high vacancies.
The developer controlled by tycoon Robert Ng has a pair of commercial buildings opening in Hong Kong’s non-core areas to capture demand for cheaper office space outside traditional districts like Central. One of them is Landmark South in Wong Chuk Hang, a former industrial area that’s a 15-minute drive from Central. Read more>>
Buyers Snap Up 78% of Flats in Yuen Long Project
Homebuyers turned up in numbers to snap up the bulk of the flats on sale in a Yuen Long project on Saturday, highlighting better property market sentiment as the reopening of Hong Kong’s economy continues to unleash pent-up demand, according to agents.
At least 111 of 143 units on offer at the After the Rain project were sold when showroom doors were closed last night, according to agents. The project, developed by closely held Star Properties, added to a series of strong take-up rates in property launches since early January, when China officially scrapped quarantine requirements. Read more>>
Latest Batch at Wheelock’s Kai Tak Development Finds Few Takers
Hong Kong homebuyers steered clear of 111 flats on offer at Wheelock Properties’ development at Kai Tak, the first project to be launched there since the government announced plans to build temporary housing units on the site of the city’s former airport.
Just four units at Monaco Marine found buyers last week, in stark contrast to the strong sales seen at other new launches since the start of the year. The frosty reception was nonetheless expected, agents said. Read more>>
Sunac Services Posts $67M Loss for 2022, Citing COVID Shocks
Sunac Services Holdings posted a loss of RMB 462.4 million ($67.1 million) for last year but expressed confidence that its performance would improve this year amid a recovery in China’s economy from the COVID-19 pandemic, according to a filing with the Hong Kong stock exchange on Monday.
The property services unit of Sunac China Holdings, mainland China’s fourth-largest developer, cited “recurring pandemic outbreaks and the continuous downturn of the real estate industry” for the pressures and challenges it faced in an “unusual” year as it swung to a loss from a RMB 1.35 billion profit in 2021. Read more>>
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