China South City co-chairman Li Wenxiong
Shenzhen’s China South City is the latest mainland builder to be served with a winding-up petition in a Hong Kong court, with that legal action leading today’s headline roundup. Also in the news, Koramco moves to the top of the list of bidders for a Seoul office building and the Thai government says ByteDance plans a $3.8 billion investment in the kingdom.
Citi Files Wind-Up Petition Against Developer China South City
Shenzhen developer China South City Holdings notified the Hong Kong stock exchange on 28 January that a winding-up petition has been filed against it by Citicorp International Ltd.
The High Court petition comes after China South City failed to repay $306 million owed on a set of senior notes which had come due in April of last year. The court has set a 2 April hearing of the petition, which China South City says it will oppose vigorously. Read more>>
Koramco Named Preferred Bidder for Seoul’s Crescendo Building
South Korea’s Koramco REITs Management & Trust has been chosen as the preferred negotiator to buy the Crescendo Building in central Seoul. Koramco said it beat two short-listed rivals, Shinhan REITs Management and Samsung SRA Asset Management, to win the bid.
“Crescendo is a core asset in the central business district in Seoul and can be stably managed after acquisition. We aim to close this deal as soon as possible,” said Kim Cheol-kyu, head of Koramco REITs’ investment division. Read more>>
ByteDance Said Ready to Invest $3.8B in Thai Data Centres
TikTok will invest THB 127 billion ($3.8 billion) in Thailand in a data hosting service, the Board of Investment said Wednesday.
The new data centre is intended to support activities of companies affiliated with the globally popular video site, which has also made a successful foray into e-commerce. Operations are scheduled to begin in 2026, the BoI said. The investment is being made by the Singapore unit of China-based TikTok parent ByteDance. Read more>>
Las Vegas Sands Stock Rallies on Singapore Earnings Jump
Las Vegas Sands Corp rallied during the postmarket session Wednesday after posting a mixed fourth-quarter earnings report.
Revenue fell 0.7 percent year-on-year during the quarter to $2.9 billion but beat views by $50 million. Consolidated adjusted property EBITDA was $1.11 billion, in line with expectations and up from $1.2 billion a year ago. Adjusted property EBITDA as a percentage of net sales was 38.3 percent, down from 41.1 percent. Singapore’s Marine Bay Sands had the best mark at 47.2 percent, followed by The Plaza Macao and Four Seasons Macao at 37.2 percent. Read more>>
Global Fund Managers Dive Into Korean Rental Residential
Global real estate asset managers and capital are gearing up for a bite of Seoul’s rental housing market, which has been undergoing a transformation since the country’s housing security has come under stress for its distinctive rent-free “jeonse” system.
The recent revelations of numerous housing rental scams have accelerated the country’s shift from jeonse, under which tenants put up a large refundable deposit to the landlord in lieu of monthly rent payments, typically for a two-year rental period. Read more>>
Median Singapore Home Size Shrank 11% in 14 Years
New condos in Singapore have become smaller in the past 15 years, a trend that analysts attributed to developers turning to “bite-sized” units following loan curbs, several rounds of property cooling measures and changing demographic needs.
Analysts say this effectively meant that developers would push out smaller units to keep the absolute price quantums at levels that buyers could stomach, as private residential property prices surged 76.9 percent cumulatively from 2010 to 2024. This has resulted in higher prices per square foot. Read more>>
Chow Tai Fook-Backed Firm Builds Stake in Vietnam Casino to 75%
Hong Kong-based investment firm VMS Group said Thursday that it has assumed a controlling 75 percent stake in Hoi An South Development, developer and operator of Vietnam’s Hoiana Resort & Golf in Quang Nam Province, following a shareholder restructure and capital raise exercise.
VMS, which is linked to Hong Kong jewellery giant Chow Tai Fook, has also outlined details of a comprehensive restructuring of HASD that will see longtime president and CEO Steve Wolstenholme step down after seven years in the role. He will be replaced as president of HASD by Benny Chong, the chairman and CEO of VMS, while Alan Teo has been named CEO. Read more>>
South Korea Now Third Globally for Starbucks Locations
The number of Starbucks locations in South Korea has exceeded 2,000, surpassing the number of locations in Japan.
According to the Starbucks global website, the number of stores in South Korea was counted at 2,009 as of the end of last year. This is a difference of 18 from Japan, making it the third-highest number of stores in the world, following the US and China. Read more>>
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