An ESR project in Chennai, India (ESR)
An ESR joint venture with Pimco Prime Real Estate (formerly Allianz) is said to have dropped its effort to sell a majority stake in an India warehouse platform, with that story leading today’s headline roundup from around the region. Also making the list, an India data centre JV asks global lenders to help fund its growth plan and Chinese developer CIFI aims to cut its $7 billion offshore debt in half.
ESR-Pimco Prime JV Calls Drops Attempt to Sell Stake in India Warehousing Platform
After a year of negotiations, the ESR-Pimco Prime Real Estate joint venture has called off plans to sell a majority stake in its India warehouse platform, said sources in the know. The 50-50 JV is between Asia Pacific-focused logistics developer ESR and Pimco Prime Real Estate, part of German group Allianz.
In the bidding process last year, the JV received bids from global investing giants such as Blackstone, Singapore sovereign fund GIC, Hong Kong’s Gaw Capital and Canadian pension fund Ontario Municipal Employees’ Retirement System, among others, for a majority stake in the platform, reports said. As per sources, the highest bid was for over $450 million. Read more>>
Adani-EdgeConneX India Data Centre JV Seeking $400M Loan
An Adani Group joint venture with EdgeConneX is in talks with a group of global lenders to raise as much as $400 million via an offshore loan, which may be the company’s second such transaction since June.
Data centre provider AdaniConneX Private Ltd will use the money to fund its growth plans this year, with a five-year tenor under discussion, according to people familiar with the matter, who asked not to be identified because the matter is private. Read more>>
Distressed Mainland Developer CIFI Aims to Slash $7B Offshore Debt by Half
Embattled Chinese developer CIFI Holdings put forward a revamped proposal to creditors as it aims to halve its $7 billion in offshore debt amid a distressed liquidity situation.
The preliminary proposal offers creditors five options to convert their debts into dollar notes or loans denominated in RMB or US dollars, according to a filing with the Hong Kong stock exchange on Wednesday. Read more>>
SHKP Tops Hong Kong Property Sales With 30% of Homes Sold in 2023
Hong Kong’s most valuable developer, Sun Hung Kai Properties, topped the city’s sales tables in 2023, accounting for over a quarter of deal volume at a time when shrinking home prices and a 33-year trough for real estate transactions are weighing on one of the world’s most expensive property markets.
SHKP accounted for the sale of 3,200 of the 11,011 units that changed hands in 2023, according to Data Elements, which tracks new residential properties in Hong Kong. Read more>>
China Fortune Land Bond Investors Receive Only Partial Payment
Some holders of China Fortune Land Development dollar bonds have received less than a third of the payments due 31 December from a debt restructuring agreement.
Creditors who participated in the offshore debt restructuring received about 0.55 percent of the principal as of Tuesday afternoon in Hong Kong, the people said, asking not to be identified as the information is private. The distressed builder, which was obliged to repay 1.8 percent of the principal, said the delay was due to a technical problem, the people said. Read more>>
R&F Korea Unit Confirms Request for Extension on Incheon Casino
R&F Korea, promoter of a stalled foreigner-only casino project in South Korea’s Incheon, applied on 29 December to extend the date for opening the property for an additional period.
After a series of previous extensions, the current construction deadline for the project backed by China’s financially troubled Guangzhou R&F Properties is 17 March this year, as set by South Korea’s Ministry of Culture, Sports and Tourism. Read more>>
Hong Kong Hotel Heiress Bets on Middle East With Billion-Dollar Hotel Plan
Hailing from one of the city’s most influential families, Poman Lo has an ambitious plan for the family’s hotel business — venturing into a region relatively untouched by Hong Kong developers with dozens of green hotels.
Regal Hotels International Holdings is partnering with the Ministry of Investment of Saudi Arabia to build about 100 hotels around the world worth $5 billion, with an emphasis on the Middle East. It will have about 30 hotels in Saudi Arabia, according to an interview with Lo, vice-chairman and managing director at Regal. Read more>>
Vietnam Resort Real Estate Sales Fall to 10-Year Low
Sales of beach villas, townhouses and condotels in Vietnam fell to a 10-year low and inventories rose in 2023, and the situation is expected to persist through 2024.
The CEO of a company that is building more than 300 condotels in central Khanh Hoa province said that in the first three quarters of 2023 the number of transactions fell by 80 percent year-on-year despite many promotions, including a discount of nearly 20 percent. Read more>>
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