Geneo comprises three properties with five buildings at various stages of completion (Image: CapitaLand)
In today’s roundup of regional news headlines, Singaporean giant CapitaLand reveals its Geneo life science and innovation cluster to support biomedical research, and Prologis agrees to buy $3.1 billion in US warehouses from Blackstone. Also making the list, a pair of Chinese developers become the latest to default on dollar bonds and Hong Kong may loosen mortgage rules.
CapitaLand Unveils $1B Life Science Cluster in Singapore’s Queenstown
CapitaLand on Monday unveiled Geneo, a S$1.4 billion ($1 billion) life science and innovation cluster at the 55 hectare (136 acre) Singapore Science Park in Queenstown.
Geneo comprises three properties with five buildings at various stages of completion, offering 180,600 square metres (over 1.9 million square feet) of gross floor area with work-live-play elements when fully completed in 2025. Read more>>
Prologis Buying Blackstone US Logistics Portfolio for $3.1B
Prologis and Blackstone on Monday announced a definitive agreement for Prologis to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for $3.1 billion, funded by cash. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today’s market rents.
The acquisition, which is expected to close by the end of the second quarter, expands Prologis’ presence in key markets, including Atlanta, Baltimore/Washington DC, California (Southern California, Central Valley, SF Bay Area), Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida. Read more>>
Two More China Developers Fail to Meet Bond Repayment Obligations
Two more Chinese developers have failed to meet dollar-bond payments, occurring amid renewed home-sales softness and a lack of aggressive stimulus.
Central China Real Estate said it failed to pay interest on a note before the end of a grace period on Friday and would suspend payments on all offshore debt. Smaller peer Leading Holdings Group disclosed in its own exchange filing Friday night that it hadn’t paid the entire $119.4 million in principal plus interest due on a dollar bond issued a year ago as part of a debt swap. Read more>>
Hong Kong May Relax Some Mortgage Rules, Chan Says
Hong Kong’s government is considering marginally relaxing mortgage loan-to-value ratios for some residential property purchases, the city’s finance chief said.
The government is working with the Hong Kong Monetary Authority and will carefully deliberate between balancing financial stability and interests of first-time homeowners, Financial Secretary Paul Chan said on a radio programme. Read more>>
Bosses From GIC, HSBC, Blackstone Meet With Execs at China’s CIC
Chinese stocks have gone from red-hot to also-ran in the space of three months. Worries about the nation’s sputtering economy and frayed foreign relations continue to bother fund managers, who are also seeking to put the “investability” issue behind them.
In that period, at least nine global corporate bosses — from Singapore’s GIC to Goldman Sachs and US private equity giant Blackstone — have landed in Beijing for meetings with top executives at China Investment Corp, the nation’s sovereign wealth fund. Read more>>
Li Ka-shing’s CK Asset Gets Shareholder Nod for $619M Civitas Takeover
Hong Kong’s CK Asset Holdings has received shareholder approval for its bid to take over a government-funded UK social housing company, according to a statement filed with the Hong Kong stock exchange on Friday.
The flagship developer of billionaire Li Ka-shing and his family said 64 percent of the shareholders of Civitas Social Housing had approved its offer to buy the company for £485 million ($618.7 million). Read more>>
Shanghai Home Sellers Forced to Offer Big Discounts as Transactions Slide
Homeowners in Shanghai hoping to sell their flats are offering discounts of up to 10 percent to attract a dwindling population of would-be buyers amid a weak property market and bearish forecasts for the economy.
The home-selling spree under way in the mainland’s commercial and financial hub, which is likely to further depress prices, is the latest sign that mainland China’s property market is stuck in what some experts are calling a “death spiral”. Read more>>
Amazon Raising Investment in India to $26B by 2030
Amazon will take its investments to $26 billion in India by 2030, adding $6.5 billion in new planned investments, according to an announcement made after CEO Andy Jassy met Indian Prime Minister Narendra Modi in the US.
Though Jassy gave no breakdown, the announcement follows Amazon’s cloud computing unit Amazon Web Services saying last month that it would invest INR 1.06 trillion ($13 billion) in the country by the end of 2030. Read more>>
Adani ConneX Raises $213M for Data Centres in India
Data centre provider Adani ConneX, a joint venture of Adani Enterprises and EdgeConneX, has raised $213 million to set up two data centres in India.
The facility will finance two data centres with an aggregate capacity of 67 megawatts, including the Chennai 1 campus with Phase 1 of 17MW and the Noida campus with 50MW, the company said. Read more>>
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