Sun Hung Kai Properties chairman Raymond Kwok
Hong Kong’s largest developer locks in a multi-year low rate on a $2.6 billion refinancing, while Fosun’s Club Med resort chain weighs a return to the city’s stock exchange. Also today, Singapore-listed Stoneweg Europe Stapled Trust doubles down on AiOnX with a fresh €50 million convertible loan, and Malaysia’s Sime Darby wins approval for a $312 million mixed-use tower in Melbourne.
Sun Hung Kai Properties Lands $2.6B Refinancing Loan at Multi-Year Low Rate
Sun Hung Kai Properties has secured a HK$20 billion ($2.6 billion) five-year syndicated loan at its lowest borrowing cost in years, according to people familiar with the matter. The facility was initially launched at HK$5 billion before lender appetite pushed total commitments to as much as HK$26 billion.
The proceeds will refinance existing debt, the people said. The transaction marks a return to the syndicated loan market for Hong Kong’s largest developer after it skipped its annual refinancing in 2025 amid weak sentiment and declining asset values. Read more>>
Hulic Sells Tokyo Property Vehicle to Fuyo General Lease for $99M
Tokyo-listed developer Hulic has agreed to sell its silent partnership investment interests in Shobu Property, a consolidated subsidiary holding real estate trust beneficiary rights, to Fuyo General Lease Co for JPY 15.8 billion ($99.1 million), the company said. Fuyo General Lease is engaged in real estate and equipment leasing and Hulic holds a 13.95 percent stake in the buyer.
The transaction will exclude Shobu Property from Hulic’s consolidated accounts from 31 March 2026, the company said. Hulic added that the deal has a minor impact on earnings and leaves its full-year forecast for December 2026 unchanged. Read more>>
Stoneweg Europe Trust Adds $58M Convertible Loan in AiOnX Data Centre Fund
Singapore-listed Stoneweg Europe Stapled Trust has invested an additional €50 million ($57.8 million) in AiOnX, its sponsor’s private European data centre development platform, via a mandatory convertible loan carrying a 7.25 percent annual cash coupon, the trust said. The investment brings SERT’s cumulative commitment in AiOnX to €100 million and lifts its data centre exposure to 7.2 percent of total portfolio value.
AiOnX holds five predominantly pre-development sites across Europe with 1.7 gigawatts of contracted or secured power and a potential gross development value of over €30 billion, according to the announcement. SERT targets data centre exposure of 15 to 25 percent of its €2.2 billion portfolio by 2028. Read more>>
Hong Kong Plans 200-Berth Marina and 250 Homes in Aberdeen Revamp
Hong Kong’s Development Bureau plans to tender a 1.16 hectare (2.9 acre) harbourfront site near Aberdeen’s Po Chong Wan for redevelopment into a 200-berth marina, a yacht clubhouse and around 250 private flats by 2032. The government aims to launch the tender in the first half of next year, marking the city’s first marina tender in nearly 40 years.
The scheme forms part of a broader government push to develop yacht tourism across three harbour locations, including Hung Hom and the former Lamma quarry site. Officials said the Aberdeen project would deliver a mix of marine leisure and residential uses on the waterfront. Read more>>
Fosun’s Club Med Said to Weigh Hong Kong IPO
Club Med, the French resort chain controlled by China’s Fosun International, is considering a Hong Kong listing and has begun talks with banks about a potential share sale, according to people familiar with the matter. The deliberations remain ongoing and are not guaranteed to result in an IPO, the people said.
Fosun took Club Med private in 2015 after a lengthy takeover contest. Fosun Tourism Group, which holds Club Med, subsequently listed in Hong Kong in 2018 before being delisted. The potential listing would mark a fresh attempt by Fosun to monetise the resort brand in public markets. Read more>>
Vanke Seeks Another Bond Delay as Restructuring Talks Continue
China Vanke has again asked bondholders to extend a debt repayment deadline as the state-backed developer works through a broader restructuring plan under government guidance, Bloomberg reported. The Shenzhen-based homebuilder has sought multiple bond extensions since late 2024 as it works to stabilise its finances under the supervision of state shareholder Shenzhen Metro Group.
Vanke faces substantial outstanding domestic bond obligations alongside total interest-bearing liabilities exceeding RMB 300 billion ($43.5 million). Shenzhen Metro has injected billions of yuan in liquidity support as authorities press the developer to avoid a disorderly default. Read more>>
Adani in Talks With Meta and Google on India Data Centre Deals
Gautam Adani’s conglomerate is in preliminary talks with Meta Platforms and Google for partnerships in its fast-expanding data centre business, as part of a $100 billion digital infrastructure push targeting hyperscale artificial intelligence and cloud facilities across India, according to people familiar with the matter. Walmart’s Flipkart is also in separate discussions with the group.
India’s data centre capacity is projected to grow fivefold to over eight gigawatts by 2030, generating more than $30 billion in capital expenditure, according to KPMG. AdaniConnex, a joint venture between Adani Enterprises and EdgeConneX, previously announced a data centre partnership with Google at Visakhapatnam in October 2025. Read more>>
Malaysia’s Sime Darby Wins Approval for $345M Melbourne Skyscraper
Kuala Lumpur-based Sime Darby Property has received ministerial planning approval for its A$495.6 million ($344.5 million) mixed-use tower at 382-406 Queen Street in Melbourne’s city centre. The project, designed by Cox Architecture on a 3,218 square metre (34,638 square foot) site, will deliver 693 build-to-sell apartments and 900 student housing beds across 67 storeys.
Sime Darby acquired the site from Singapore’s Lim family, founders of construction firm Evan Lim & Co, for A$115 million in 2024. The tower will also include 10,103 square metres of office space and 3,419 square metres of retail premises on the lower floors. Read more>>
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