Fosun’s Guo Guangchang is making a bid for another European retailer
Leading today’s real estate news from around the region, Guo Guangchang’s Fosun Group is making a bid for yet another European retail brand as the company makes a buyout offer for German clothing label Tom Tailor.
Also in the news, HNA continues its asset sell-off with a potential sale of a Swiss aircraft service firm and Dutch fund manager Bouwinvest opens an office in Sydney as it continues to expand in the APAC region. Read on for all these stories and more in our daily roundup of top stories from around the region.
Fosun Making Buyout Offer for Germany’s Tom Tailor
Fosun International will take 3.85 million newly issued shares of German clothier Tom Tailor for EUR 2.26 ($2.56) per share – a 4.82 percent premium over the market rate – for EUR 8.7 million in total.
It will also offer a voluntary public takeover bid to its shareholders to acquire all equities not directly held, the Shanghai-based conglomerate, which already claims 28.89 percent ownership of the German garment seller, said in a statement today. Read more>>
HNA Puts Swiss Aircraft Maintenance Unit on Market for $1B
HNA Group, the embattled Chinese conglomerate, is exploring options for Swiss aircraft-maintenance firm SR Technics including a potential sale, people familiar with the matter said.
The Chinese group, which grew out of an airline on tropical Hainan island, is working with an adviser on the potential disposal, the people said. HNA’s 80 per cent stake in SR Technics could be valued at US$700 million to US$1 billion, said the people, who asked not to be identified because the matter is private. Read more>>
Bouwinvest Opens Sydney Office
Bouwinvest Real Estate Investors has opened an office in Sydney, Australia, its first outside the Netherlands, as it seeks to invest €1.5bn in Asia-Pacific markets by 2021. Tjarko Edzes, director for Asia-Pacific, has moved to Sydney to lead activities.
The announcement comes a day after it was revealed that Bouwinvest was investing alongside fellow Dutch investor APG, Macquarie Infrastructure & Real Assets and Greystar Real Estate Partners in Chinese residential markets. Read more>>
Mainland Developers Struggle for Profit After Overpaying for Hong Kong Land
Mainland Chinese developers who arrived late to the Hong Kong real estate party are among the first to suffer the hangover. Property analysts are pointing at developers who bid lavishly two years ago and who now appear to have the least flexibility to lower prices as the property market softens.
China Evergrande, the third largest mainland developers by sales, is likely to see their margins squeezed when it launches its upcoming Hong Kong residential project, the first by the developer in the city. Read more>>
Aussie Investment Crackdown Catches Illegal Foreign Homebuyers
The Federal Government’s crackdown on residential properties owned by foreign nationals in breach of foreign investment rules uncovered 131 illegally held properties in 2017-18, the latest Foreign Investment Review Board report has noted.
The number was up slightly on the 96 properties ordered for sale in 2016-17. More than half the breaches identified by compliance investigations were residential property in Victoria, while 20 per cent related to property in NSW. Read more>>
Foreign Buyers Drive Record Investment in Indian Property
Investments in commercial properties in India hit a record high last year on increased appetite of global investors to own real estate in the world’s fastest growing economy.
“Overseas buyers represented 60 percent of India’s real estate deal total in 2018, well above the regional average, signaling that the country is increasingly becoming part of the global institutional real estate investment universe,” Petra Blazkova, senior director of Asia-Pacific analytics, at Real Capital Analytics, said in a report. Read more>>
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