Henry Cheng of Chow Tai Fook Enterprises
Hong Kong investors Chow Tai Fook and Far East Consortium fail in their first attempt to buy out a Brisbane casino, with that story leading today’s headline roundup. In other news, SGX-listed Lendlease Global Commercial REIT announces a leadership change and China’s Country Garden reports a worsening sales slump.
Chow Tai Fook, FEC Offer for Brisbane Casino Rejected
Australia’s Star Entertainment Group has rejected confidential non-binding offers from Chow Tai Fook Enterprises and Far East Consortium for its 50 percent stake in Destination Brisbane, which owns The Star Brisbane integrated resort. The casino operator said its board concluded that none of the proposals provided sufficient value for the company.
Star will continue to engage with CTFE and FEC to see whether a better offer can be reached, it said. Read more>>
Lendlease Commercial REIT Names New Leader as CEO Checks Out
Lendlease Global Commercial REIT has appointed Guy Alexander Cawthra as its new CEO, effective on 1 April. He replaces Kelvin Chow, who has resigned “to pursue other opportunities”. Chow is the REIT’s first and only CEO since the trust was listed on the Singapore Exchange in 2019.
Since 2014, Cawthra has held various roles at the REIT’s sponsor, Australian real estate giant Lendlease. He is currently Lendlease’s managing director for investment management in Asia. Read more>>
Country Garden Sales Slump Worsened in January
Country Garden Holdings’ sales slump dragged on in January, as new residential transactions across China resumed falling on weak sentiment.
Contracted sales dropped 59 percent from a year earlier to RMB 2.26 billion ($310 million), following a 51 percent year-on-year decline in December, according to Bloomberg calculations based on corporate filings. Read more>>
Sale of Seoul’s Doosan Tower Said to Draw Three Bids
The much-anticipated sale of Doosan Tower in Seoul’s central business district has attracted bids from three interested parties: IGIS Asset Management, Kiwoom Asset Management and Korea Investment & Securities.
According to investment banking industry sources on Monday, the three bidders submitted their interest in Doosan Tower, owned by South Korean real estate investment firm Mastern Investment Management. Read more>>
GuocoLand Profit Rises 13% on Singapore Condo Sales
Singapore-listed GuocoLand reported a net profit of S$74.6 million ($55 million) for its first half to the end of December, up 13 percent year-on-year.
Revenue dipped 5 percent to S$1 billion, the group said in a Monday bourse filing. The result was due to the timing of progressive revenue recognition from the property development business in Singapore, together with lower sales from China. Read more>>
Singapore’s Paragon REIT Posts 10% Drop in Distributions
The manager of Paragon REIT on Tuesday posted a distribution per unit of S$0.0233 for the second half to the end of December, down 10.4 percent year-on-year.
The result brings full-year DPU, excluding special distribution, to S$0.0465, down 7.4 percent. Read more>>
Hong Kong’s New World Selling More North Point Homes at Deep Discounts
New World Development said it put another 55 units at its latest Hong Kong residential project on the market at a low price after buyers oversubscribed the sale of a first batch of flats last week.
NWD released the second batch of flats at its State Pavilia development in North Point on Sunday after more than 2,850 prospective buyers wrote cheques for a chance to buy the 88 units that were put up for sale at below-cost prices on Thursday, according to agents. The developer is likely to launch its new sale this weekend. Read more>>
Mainland Chinese Seen Buying More High-End Aussie Homes
Mainland Chinese demand for Australian real estate is surging and investors are buying more expensive properties, according to agents.
If the first five days of the Lunar New Year were any indication, more mainland Chinese investors will complete home purchases this year than they did a year earlier, said Peter Li, the general manager of Plus Agency in Sydney. Read more>>
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