Shimao Group founder and chairman Hui Wing Mau
Banks are moving to seize a Shimao-owned Sheraton hotel near Hong Kong International Airport after a $574 million loan default, with that story leading today’s headline roundup. Meanwhile, South Korea’s Ansan district is emerging as a key data centre battleground, with two new projects breaking ground or securing power on the same day.
Banks Seek to Seize Hong Kong Sheraton From Shimao Over $574M Default
A syndicate of lenders is in advanced talks to appoint receivers for a Sheraton-branded hotel near Hong Kong International Airport after its owner, China’s Shimao Group, defaulted on a HK$4.5 billion ($574.4 million) loan late last year, according to people familiar with the matter.
The more than 1,200-room property is one of Hong Kong’s largest hotels. Original lenders to the project included HSBC Holdings, Bank of China (Hong Kong) and Bank of East Asia. Read more>>
Koramco and Brookfield’s DCI Break Ground on 40MW AI Data Centre in Korea
South Korea’s Koramco Asset Management and DCI Data Center, the Asia Pacific data centre arm of Canada’s Brookfield, have broken ground on a 40-megawatt artificial intelligence data centre within the Siwha National Industrial Complex in Ansan, Gyeonggi province, southwest of Seoul.
The facility will be built on a site of 10,448 square metres (112,463 square feet) with a total floor area of 26,810 square metres, the companies said. Hyundai Engineering and Construction will carry out the build. Read more>>
Digital Edge Secures Power for 60MW Hyperscale AI Data Centre in Korea
Singapore-based Digital Edge has acquired a powered land parcel in South Korea’s Ansan to develop SEL5, a 60-megawatt hyperscale, AI-ready data centre, the company said. The site will draw power from two independent 154-kilovolt substations.
Designed to support ultra-high-density workloads and advanced liquid cooling technologies, SEL5 is expected to achieve an annualised power usage effectiveness below 1.25, Digital Edge said. CEO John Freeman described South Korea as one of the most strategically important digital infrastructure markets in Asia. Read more>>
Lian Beng’s Ong Family Buys Two Singapore Good Class Bungalows for $47M
Two members of the Ong family behind Singapore construction and property group Lian Beng have purchased a pair of freehold bungalows on Belmont Road for a combined S$60 million ($46.5 million), in separate deals brokered by Sakal Real Estate via private treaty.
The two adjoining plots total 41,741 square feet (3,878 square metres) of land, making it one of the largest Good Class Bungalow Area transactions this year. The family plans to demolish the existing structures and build two new houses for owner-occupation. Read more>>
Singapore Lifts Hotel Restrictions in Boat Quay and Beach Road Heritage Precincts
Singapore’s Urban Redevelopment Authority has lifted long-standing restrictions on new hotels, hostels and serviced apartments in the Upper Circular Road area of Boat Quay and the Beach Road precinct, giving developers greater flexibility to pursue short-term accommodation projects in the two heritage neighbourhoods.
National Development Minister Chee Hong Tat announced the change at the opening of the i Light Singapore festival, alongside plans for regulatory sandboxes that would temporarily relax space-use rules in selected precincts to encourage new business models. Read more>>
Japan Corporate Real Estate Sales Hit 18-Year High as Companies Shed Assets
Total domestic real estate sales by Japanese operating companies rose 9 percent in 2025 to JPY 1.23 trillion ($7.7 billion), the highest level in 18 years, according to Urban Research Institute Corporation, a research firm affiliated with Mizuho Trust and Banking. Strong demand from domestic and overseas investors has created a seller’s market.
Companies including food maker Ajinomoto, delivery group Yamato Holdings and engineering conglomerate IHI have each sold flagship properties to boost return on equity. Investment in Japanese real estate reached a record in excess of JPY 6 trillion in 2025, according to JLL. Read more>>
Warburg Pincus-Backed Truhome Finance Gets Regulator Nod for $315M India IPO
India’s Securities and Exchange Board has approved the INR 30 billion ($314.8 million) initial public offering of Truhome Finance, a retail-focused affordable housing lender backed by US private equity firm Warburg Pincus, according to a regulatory filing.
The offering comprises a fresh issue of shares worth INR 15 billion and an offer-for-sale of equal size by promoter Mango Crest Investment. Formerly known as Shriram Housing Finance, the company describes itself as India’s fastest-growing affordable housing finance company by assets under management over fiscal 2023 to fiscal 2025, it said. Read more>>
Hong Kong and Asia Pacific Markets Tumble as US Jobs Data Revives Rate-Rise Fears
Hong Kong’s Hang Seng Index fell 1.8 percent and the Hang Seng Tech Index dropped 3.1 percent on Monday after a stronger-than-expected US jobs report for May revived fears of Federal Reserve interest rate increases, triggering a broad sell-off across Asia Pacific technology stocks.
South Korea’s Kospi index, which had more than doubled this year, plunged more than 7 percent as leveraged positions were unwound. Japan’s Nikkei 225 shed nearly 4 percent and Taiwan’s Taiex sank 4.3 percent, with rising Treasury yields compressing valuations of growth assets. Read more>>
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