China’s usual monthly housing reports have yet to appear
Authorities in China are hoping that no news is good news for the country’s housing market as real estate data providers suddenly go silent amid a deepening bond crisis. That story leads Mingtiandi’s look at property headlines from around the region, with Hong Kong’s New World making the list with another effort at asset sales, while Barings and Aware Super team up for a Sydney mall buy.
China Real Estate Data Providers Go Silent as Vanke Triggers Bond Slide
Two of China’s private data agencies skipped releasing reports on monthly home sales by the country’s top developers, after state-backed China Vanke stirred market concerns with its bond extension bid.
China Real Estate Information Corp and China Index Academy, which are among the country’s biggest private property data providers, didn’t disclose the combined sales of the nation’s 100 largest developers for November on Sunday. The two agencies, which usually release the data on the last day of every month, didn’t provide a reason. Read more>>
New World’s Cheng Family Flogging Rosewood Hotels
Hong Kong tycoon Henry Cheng is seeking buyers for properties in the family’s luxury Rosewood Hotel Group as the billionaire clan races to overcome liquidity challenges connected to its real estate unit New World Development.
Cheng’s representatives have approached some companies for a possible sale of assets in the Rosewood portfolio, according to people familiar with the matter. The discussions were preliminary and could be subject to change, the people said. Read more>>
Barings, Aware Buying Sydney Shopping Centre From Growthpoint Fund for $118M
Industry superannuation fund Aware and its global fund management partner Barings are betting on the resilience of Australian consumers to defeat the threat of higher interest rates, snapping up a shopping centre on Sydney’s North Shore for A$180.1 million ($118 million).
The super fund’s real estate arm and the investment manager are buying HomeHQ Artarmon, a large retail centre, from a private fund overseen by the listed Growthpoint Properties Australia. Competition for HomeHQ drove pricing to the second-highest rate per square metre for a large format retail centre in Australia, according to brokers involved in the deal. Read more>>
Charter Hall Buys Queensland Mall for $100M
Billionaire John Van Lieshout has sold a shopping centre in Queensland’s Southport for A$152.5 million ($99.8 million) after picking it up for a song in the wake of the global financial crisis.
Southport Park has been bought by the listed Charter Hall as it continues to snap up convenience complexes around the country, using its heft as the country’s largest commercial property player to lock down off-market deals. Read more>>
Singapore’s Centurion Buys 25% Stake in Perth Student Housing Project
Singapore’s Centurion Corp said Monday that it has acquired a 25 percent stake in a student housing project under development in Perth, Australia, as the developer and investor continues to expand its bets on the sector.
The company is committing A$6 million ($3.9 million) for its share of the 472-bed development at 37-43 Stirling Highway, in Perth’s Nedlands area, with construction targeted for completion by December 2027. Upon completion, the property will be operated under the Group’s Epiisod student accommodation brand. Read more>>
India’s Mindspace REIT Buys Office Assets From Sponsor for $330M
Mindspace Business Parks REIT has acquired three prime central business district assets for INR 29.2 billion ($330 million) from K Raheja Corp. The board of K Raheja Corp Investment Managers, manager to Mindspace REIT, approved the acquisition and preferential issue of units aggregating up to INR 18.2 billion.
The company announced the acquisition of Pramaan Properties, which owns 450,000 square feet (41,806 square metres) at Ascent in Mumbai and an office building spread across 100,000 square feet in Pune. Read more>>
Manulife REIT Proposes Selling US Offices to Fund $600M Diversification Drive
Manulife US REIT is seeking unitholder approval for an expansion of its investment mandate beyond the US office sector and into new asset classes across North America.
In an announcement on Monday, the manager of the pure-play US office trust outlined plans to revitalise its portfolio by diversifying into industrial, living and retail assets in the US and Canada. The move comes amid continued headwinds in the US office sector. Read more>>
China Vanke Pledges Stake in Property Management Unit to Shenzhen Metro
China Vanke has pledged all of the shares it holds in a listed property management unit to Shenzhen Metro Group, giving the state shareholder one of its best assets as default fears pile up.
The developer’s entire 57.16 percent stake in Hong Kong-listed Onewo Inc is now pledged to Shenzhen Metro, after the latest agreement to offer a 1.33 percent stake as collateral, according to an exchange filing by the property manager late Friday. It’s part of a framework announced earlier this month that allows Shenzhen Metro to demand collateral or pledges from Vanke for its loan support. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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