Simon Garing, CEO and executive director of Cromwell EREIT Management
Cromwell European REIT leads Mingtiandi’s headline roundup today as the SGX-listed trust divests a non-core office property in Poland for $17 million. Also making the list, Singapore condo rents could start to head downward as vacancies rise and the mainland real estate collapse has erased more than $100 billion from the fortunes of Chinese tycoons.
Cromwell E-REIT Divests Poland Office Property for $17M
The manager of Singapore-listed Cromwell European REIT on Wednesday said it has divested a non-core office property in Poland for €15.9 million ($17.2 million).
The sale consideration represents a premium of 7.5 percent to the property’s latest valuation, which stood at €14.8 million as of 31 December 2023. Read more>>
Singapore Residential Rents Could Be Set to Slide as Vacancies Rise
The rental price gap between Housing Board flats and condos in Singapore has narrowed substantially. Private rents have declined for over six months, while HDB rents have remained stable and even reached new highs during the same period. This has resulted in a significant discrepancy in the market performance for both housing types.
If these trends continue, renting a private home may become more appealing than renting an HDB flat, especially if tenants are willing to compromise on space in exchange for the added privacy and comfort that a private home can offer. Read more>>
China Real Estate Rich Lost $100B-Plus in Housing Bust
The rise of China’s housing market over the past few decades was responsible for one of the greatest waves of wealth accumulation in history, minting dozens of billionaires and landing at least 10 of them in the ranks of the planet’s 500 richest people.
The collapse in Chinese real estate in recent years has been equally efficient — at wealth destruction, erasing more than $100 billion from the fortunes of those tycoons. Here’s where some of them have landed. Read more>>
BlackRock’s Larry Fink to Face Vote on Splitting Chair and CEO Role
Larry Fink faces a proxy challenge to his dual role as chair and CEO of BlackRock from a UK activist investor that wants more board oversight of the $10 trillion money manager’s approach to sustainable investing.
Bluebell Capital Partners, which has $120 million in assets, has put a binding resolution on the company’s annual proxy ballot that would amend the corporate bylaws to require an independent board chair. Read more>>
Lendlease Strategy Day in Focus as Investors Turn Up the Heat
Embattled developer and builder Lendlease is under pressure to radically revamp its strategy at its investor day next month as large dissident investors press for all options to be on the table to spark a turnaround.
The once blue-chip Australian company has fallen from grace amid a series of earnings disappointments, with many large institutions steering clear until CEO Tony Lombardo can get the developer back on track. Read more>>
Sales at Tokyo Condo Towers Suspended Due to Concrete Strength Concerns
Sales of units in a pair of high-rise condominiums in the Tokyo Bay area have been suspended due to the possibility that the concrete used to build them was substandard.
The twin skyscrapers, each 189 metres (620 feet) tall with 53 floors, were being built in the Toyomi district of Tokyo’s Chuo Ward. Read more>>
Koreans Spend More on Interest Payments Than Rent
Koreans are spending more on monthly interest rate payments on their bank loans than monthly rent in the middle of persistently high borrowing rates, according to data released Thursday.
The data compiled by Statistics Korea showed that the monthly interest rate payment for households nationwide averaged KRW 130,000 ($96) in 2023, up 31.7 percent or KRW 31,300 from a year earlier. Read more>>
Bengaluru Tops Office Leasing, Trails Housing Sales in Q1 2024
Bengaluru led the growth in office leasing across India in the first quarter of calendar year 2024. However, it was the only major city to see a year-on-year fall in residential sales for the January-March 2024 period, according to a new report released by Knight Frank India on Thursday.
Driven by a steep decline of over 60 percent in the affordable housing segment, home sales in Bengaluru fell 2 percent year-on-year to 13,133 units in the first quarter of the ongoing calendar. Read more>>
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