The Country Garden Center in Shanghai’s Yangpu district (Getty Images)
In today’s roundup of regional news headlines, top China developer Country Garden posts its first-ever loss since its public listing, and a Singapore-listed US REIT announces a leadership transition.
Country Garden Reports First Loss Since 2007 Listing
Country Garden Holdings, China’s largest developer, reported its first full-year loss since the company’s 2007 listing in Hong Kong.
Foshan-based Country Garden posted a net loss of RMB 6.1 billion (now $890 million), compared with a profit of RMB 27 billion in 2021. The developer had warned of the loss earlier this month. Read more>>
United Hampshire US REIT CEO Steps Down for Health Reasons
The manager of Singapore-listed United Hampshire US REIT announced Thursday that chief executive Robert Schmitt will be stepping down for health reasons.
Schmitt’s last day of service will be 1 May, upon which chief financial officer Gerard Yuen will take over as CEO. Read more>>
SUNeVision Opens 20MW Data Centre in Hong Kong’s Tsuen Wan
Hong Kong-based SUNeVision has launched its seventh data centre, the Mega Gateway, in Tsuen Wan district.
The hyperscale data centre is carrier- and cloud-neutral and is part of SUNeVision’s Mega Campus. The latest addition to the campus, housed at 1 Ma Kok Street, comprises 200,000 square feet (18,581 square metres) of floor space and has a capacity of 20 megawatts. Read more>>
Mitsubishi Takes the Plunge Into Australia’s Build-to-Rent Market
The dramatic upswing in Australia’s build-to-rent industry is bringing in fresh foreign capital and commitments to new projects from local billionaires. They are being drawn by the promise of rising returns amid the country’s rental crisis and shortage of new housing, which is forecast to persist throughout the decade.
In one of the largest plays, Japan’s Mitsubishi Estates Corporation is poised to take a stake in Mirvac’s build-to-rent operation and will back the 5,000-unit portfolio being assembled around the country. Read more>>
Fosun Bullish on China’s Reopening, Says Club Med ‘Definitely Not for Sale’
Club Med is “very optimistic” about China’s reopening, an executive from Fosun Tourism Group told CNBC on Monday, adding that the luxury resort chain is “definitely not for sale”.
Co-president Xu Bingbin told the news channel that “Fosun Tourism Group is one of the core businesses of Fosun, and Club Med is one of the core businesses of Fosun Tourism Group.” Fosun Tourism Group is the leisure arm of Chinese conglomerate Fosun International. Read more>>
Keppel Corporation Aims to Hit S$200B in AUM by 2030
Keppel Corporation is aiming to raise its current S$50 billion ($37.6 billion) in assets under management to S$200 billion by 2030 under its drive to be a leading global asset manager.
The new target was disclosed by chief executive Loh Chin Hua in the company’s annual report on Thursday. Read more>>
Civil Action Against Keppel Land Subsidiary in Jakarta Ruled Inadmissible
The South Jakarta District court has ruled the lawsuit against PT Kepland Investama, a wholly owned subsidiary of Keppel Land, as “inadmissible”.
The civil action was commenced by a Raden Saleh Abdul Malik in February 2022. In Keppel’s filing on 14 February 2022, Raden claimed that the land, where the International Financial Centre Jakarta Tower 2 building complex is located, belongs to him and not PT Kepland Investama. Read more>>
Singapore’s Condo, HDB Rents Rise, but Volume Drops
Rents for Singapore’s Housing and Development Board flats and condo units continued to climb in February, even as fewer homes are being rented out, with some analysts noting a growing price resistance by some tenants in recent months.
Condo rents rose at a faster pace of 3.5 percent in February, compared with January’s 1.4 percent, according to flash figures released Wednesday by property portals 99.co and SRX. HDB rents climbed 1.2 percent in February, versus 0.6 percent in January. Read more>>
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