Hong Kong’s CK, Henderson Hit by Valuation Losses and More Asia Real Estate Headlines

Hong Kong heavyweights CK Asset and Henderson Land post profit drops tied to revaluation losses on investment properties, with that story leading today’s headline roundup. Also making the list, India’s Adani Group eyes a developer acquisition and London-listed asset manager M&G reports a full-year loss.

CK Asset, Henderson Land See Profit Drop on Valuation Losses

CK Asset Holdings and Henderson Land Development said they were struggling with weak property sales in Hong Kong and mainland China amid a prolonged real estate slump.

Revaluation losses on the developers’ investment properties put additional pressure on their bottom lines, according to separate disclosures filed with Hong Kong’s stock exchange on Thursday. Read more>>

Adani in Talks to Buy Emaar India for $1.5B

Adani Group is in advanced negotiations to buy Emaar India for an enterprise value of $1.4 billion-$1.5 billion. Emaar Properties wants to sell a stake in Emaar India, but details are not finalised. Adani has several real estate ventures in India and is the highest bidder for major redevelopment projects in Mumbai.

Billionaire Gautam Adani’s group is in advanced talks to acquire Emaar India as part of an expansion into the property sector, news agency PTI reported, quoting sources. Read more>>

M&G Slumps to a Loss as Outflows Accelerate

M&G has reported a jump in outflows for 2024. The insurer and asset manager reported outflows of £9.5 billion ($12.3 billion) throughout 2024, compared to £4.7 billion in 2023, it revealed in its annual results.

Outflows were recorded from every arm of the firm. Its traditional life business was hit hardest, with outflows of £4.8 billion during the year. Meanwhile, the firm’s adjusted operating profit jumped 5 percent to £837 million, driven by a 19 percent increase in profit from its asset management arm. Read more>>

Japan’s NTT Takes Full Control of Brisbane Tower in $69M Deal

Japanese telecom giant NTT is taking full control of a Brisbane office tower by buying out co-owner JPMorgan Asset Management for A$110 million ($69.2 million).

NTT will exercise its rights to acquire a 50 percent stake in the tower at 53 Albert Street that was quietly offered for sale last year. The off-market campaign was handled by Peter Chapple and Bruce Baker of CBRE and attracted interest from local and offshore players before NTT exercised its rights to buy the ­interest. Read more>>

Tender for Industrial Building in Singapore’s Outram Park Area Closes Without a Deal

The collective sale of Singapore’s freehold Tan Boon Liat Building has moved into private treaty talks after a tender closed Tuesday with no bids at the asking price of S$1.15 billion ($860 million).

The Business Times understands that there were expressions of interest for the large plot, and parties have now entered a 10-week private treaty period due to conditions placed. The Urban Redevelopment Authority had advised that building owners consider rezoning the site to residential with commercial use on the first storey, and for the plot ratio to be raised from 3.1 to 4.9, marketing agent Cushman & Wakefield said. Read more>>

Thailand’s Central Pattana Plans $3.6B Expansion

Central Pattana, Thailand’s biggest mall developer, plans to invest more than THB 120 billion ($3.6 billion) in the next five years to build new retail plazas, office buildings and other properties amid rising urbanisation and booming tourism.

The operator of Bangkok’s largest shopping mall complex, CentralWorld, will focus on mixed-use projects that comprise retail malls, office buildings and residential properties, said CEO Wallaya Chirathivat. The new developments will be located in the nation’s major cities and top tourist destinations, she said. Read more>>

Mitsui Fudosan Eyes Southern Japan Science Park Near TMSC Fab

Japanese developer Mitsui Fudosan is considering building a chip-focused science park in the southwestern prefecture of Kumamoto, which is emerging as a technology hub in Japan.

Mitsui Fudosan will leverage the expertise of university partners in Taiwan, which have played important roles in a similar park on the island, president Takashi Ueda said Thursday. Read more>>

Chinese Estates CEO, Sister Sell Hong Kong Shops as Market Slides

More investors are selling their investment properties in Hong Kong’s key business districts amid a prolonged slump in the commercial real estate market, despite government measures to spark a revival over the past year.

Private companies linked to Chan Hoi-wan, the 45-year-old CEO of Chinese Estates Holdings, and her sister Chan Sze-wan sold two shops in Wan Chai for HK$130 million ($16.7 million) on 18 March, according to property agents. The buyers were not identified. The asking price was HK$140 million, some local media reported. Read more>>

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