Yoshitaka Kitao, president and CEO of Nippon REIT sponsor SBI Group
Tokyo-listed Nippon REIT completes the sale of an office building in the Ginza area, with that divestment leading today’s headline roundup. Also making news, Samsung’s construction unit wins a contract to build a sports complex near Seoul and Chinese developer Jinke’s debt restructuring starts to take shape.
Nippon REIT Completes Sale of Ginza Office Block
Nippon REIT informed the Tokyo Stock Exchange on Monday that it has completed the sale of an office building in the Ginza area for JPY 1.69 billion ($10.8 million), after first announcing the deal in August of this year.
The SBI Group-sponsored trust did not disclose the identity of the buyer for Shinto Ginza East, a 1,298 square metre (13,972 square foot) office block near Tsukiji metro station in the Japanese capital. Read more>>
Samsung C&T to Develop $570M Sports Complex Near Seoul
Samsung C&T’s construction division has been selected as the final contractor for the redevelopment project in the eastern area of the comprehensive sports complex in Anyang, a city in Seoul’s surrounding Gyeonggi province.
Samsung C&T will develop a site of 91,267 square metres (982,390 square feet) into 14 buildings with 35 storeys above ground, totalling 1,850 dwellings and office spaces. The total construction cost is approximately KRW 833.1 billion ($570 million). Read more>>
Mainland Developer Jinke Unveils Debt Restructuring Details
Chinese developer Jinke Property Group has revealed details of its court-supervised onshore debt restructuring to some of its creditors, said people familiar with the matter.
Under the plan, the company would make cash payments of as much as RMB 50,000 ($6,854) to each bondholder, according to the people. Those payments would come after it receives RMB 1.8 billion from a consortium of two local firms serving as a white knight for the restructuring, the people said, with the deal still subject to creditor and court approval. Read more>>
Singapore Govt Declares All Property Deals Are Transparent
Buyers and ultimate beneficial owners of all landed residential property transactions, including those of good-class bungalows, are required to disclose their identities and citizenship.
“This is regardless of whether a caveat is lodged for the transaction, and regardless of whether the purchase is made by an individual, an entity, or through a vehicle such as a trust or company, including a shell company,” the Ministry of Law said Monday. Read more>>
Singapore Slaps Bloomberg With Fake News Law Over Luxury Housing Reporting
Singapore’s law ministry has invoked the fake news law against Bloomberg and three other news sites for publishing false information regarding the transparency of good-class bungalow transactions.
The ministry said Monday that Bloomberg published false statements that “attack the transparency of property transactions in Singapore”. Read more>>
Korea Ranks Second for APAC Office Investment in 2024
South Korea ranks second among Asia-Pacific countries in 2024 in terms of investments in office real estate, according to Savills. While overall transaction volume has yet to return to pre-COVID levels, the consultancy anticipates continued growth in the Korean market.
According to a recent report by Savills, investments in the Korean office market accounted for 22 percent of the total in Asia-Pacific countries from the first to the third quarter of 2024, ranking second after Japan’s 30 percent. China followed at 18 percent, with Australia at 12 percent and India at 6 percent. Read more>>
China Property Stocks May Face 2025 Reality Check
China’s real estate woes look set to get worse before they get better, raising the prospect of a miserable year for property shares despite a recent bounce.
Developers in the country are still suffering from a years-long slump that has sapped the confidence of potential buyers, caused a sharp decline in house prices and left millions of homes unfinished. Economists think both home prices and sales in the country will fall next year. The best they can say: the decline may be slower than it was in 2024. Read more>>
Indian Data Centre Operator Opens New Facilities Amid Investigation
VueNow Infotech has inaugurated two Edge data centres in Uttar Pradesh while in the midst of a money-laundering investigation.
The data centres are in Malihabad and Ambedkarnagar and are part of a wider plan to deploy as many as 750 Edge data centres across the Indian state. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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