China Evergrande founder and chairman Xu Jiayin
A unit of bankrupt builder China Evergrande has received a liquidation order from a Hong Kong court, with that story leading today’s headline roundup. Also in the news, four developers submit bids for a site near Hong Kong’s international airport and Princeton Digital Group completes the latest phase of a Mumbai data centre campus.
Hong Kong Court Order Liquidation of Evergrande Unit Linked to Offshore Bonds
A key unit of China Evergrande was ordered by a Hong Kong court to liquidate, the latest legal win for liquidators trying to access assets of the world’s most indebted developer.
Tianji Holding Ltd is the second Evergrande unit to receive a wind-up order in as many months. The two rulings come about a year after Evergrande itself was liquidated, becoming the biggest casualty of the country’s prolonged property crisis. Tianji Holding is clearly insolvent, Judge Linda Chan of Hong Kong’s High Court said in her Monday ruling. Read more>>
Sino Land, SHKP Among Four Bidders for Tung Chung Site in Hong Kong
Four Hong Kong developers submitted bids for a residential land parcel in Hong Kong’s Tung Chung area, the Lands Department said Friday, after the government revised its requirements to accommodate cautious sentiment and high interest rates.
Sino Land, Sun Hung Kai Properties and K Wah International were among the bidders for Town Lot 55 in Area 106B near the city’s international airport, which is expected to yield 745 homes. The city’s government put the 37,268 square metre (401,000 square foot) plot on the market in 2023 but withdrew it when bids fell short of pricing targets. Read more>>
Princeton Digital Group Launches Latest Phase of 150MW Mumbai Campus
Princeton Digital Group late last week announced completion of the first phase of Building 2 in its flagship 150-megawatt MU1 data centre campus in Airoli, Mumbai.
Located next to Kalwa Substation, MU1 provides access to reliable power and network connectivity, according to a statement by Warburg Pincus-backed PDG. The MU1 facility is powered by renewable energy from a captive solar plant and holds the distinction of being Mumbai’s first IGBC Platinum-certified facility, the company said. Read more>>
KKR Raises $850M for Real Estate Credit Fund
KKR raised more than $850 million for an opportunistic real estate credit fund, as investors see a ripening moment for financing property deals.
The vehicle, KKR Opportunistic Real Estate Credit Fund II, will back first mortgages secured by high-quality properties in the US and Europe, according to a Friday statement. It will also purchase certain tranches of commercial mortgage-backed securities. Read more>>
Australia Bans Foreigners From Buying Existing Homes
Australia’s government will ban foreign investors from buying established houses for the next two years as part of an election pitch to tackle surging home prices.
From 1 April, foreign investors will be banned from buying established property until 31 March 2027, Housing Minister Clare O’Neil said Sunday. The restriction will then be reviewed to determine whether it should be extended. Read more>>
Chinese Authorities Shift Bad-Debt Managers Under Centralised Control
Three of China’s state-owned bad-debt managers said the finance ministry plans to transfer a majority stake in the companies to the nation’s sovereign wealth fund as part of moves to overhaul the ownership structure of state financial firms.
In March 2023, China announced plans for a sweeping central government reorganisation, which it said would separate management of financial institutions from regulatory departments and state-owned assets, with assets held by regulatory bodies transferred to designated trusted institutions. Read more>>
Japanese Tech Firm to Sell Greater Tokyo Facility for Data Centre Project
Tokyo-listed tech firm Japan Display plans to sell a chip fabrication facility east of Tokyo for use as a data centre, according to an investor presentation this past week.
The financially troubled display maker said that its Mobara facility in Chiba prefecture is currently unprofitable and that its current power supply of over 100MW sets the company up for a profitable sale of the asset. No details regarding a prospective buyer were provided. Read more>>
Singapore’s Paragon REIT Appoints PrimePartners to Advise on Privatisation Offer
Paragon REIT has appointed PrimePartners Corporate Finance as independent financial adviser for its privatisation offer, the board said Friday.
The board, which is acting as the trust’s manager, along with Times Properties had announced on 11 February that it is looking to take the REIT private through a trust scheme of arrangement, for 98 cents per unit, thereby valuing the company at $2.8 billion. Read more>>
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