Mapletree Industrial Trust has closed on its buy of 14 US data centres
Mapletree Industrial Trust Completes Buy of 14 US Data Centres
The manager of Mapletree Industrial Trust (MIT) on Tuesday said it has completed the acquisition of the remaining 60 per cent interest in 14 data centres in the US from its sponsor.
The purchase consideration amounts to US$215.3 million. MIT raised S$410 million at the close of its private placement on June 24, where 146.4 million new units were issued at a price of S$2.80 per new unit. Read more>>
Google to Buy Plot in Taiwan For Third Data Center Project
According to Taiwan’s Economic Daily News (link to Taipei Times), Google could be in talks with officials about buying land for its third Taiwanese data center.
Google and Taiwanese officials have declined to confirm the reports from several of the country’s newspapers, but also have not denied them. Read more>>
Landing Intl Says 1H Loss Down 5%, Halts Resort Expansion
Casino investor Landing International Development Ltd reported a net loss of just above HKD792.2 million (US$102.2 million) for the first six months of 2020, down 5.2 percent from the prior-year period. That was despite a 24.5-percent year-on-year decline in aggregate revenue for the period, to about HKD262.1 million, the firm said in a Friday filing to the Hong Kong Stock Exchange.
The firm runs a foreigner-only casino resort Jeju Shinhwa World (pictured), on South Korea’s Jeju Island. In its latest filing, Landing International said some of the large-scale expansion projects for Jeju Shinhwa World – including the addition of a Four Seasons Resort and a Lionsgate Movie World theme park – had been “suspended” in order for the group to “preserve healthy liquidity”. Read more>>
SG Cuts Govt Fees for Commercial, Hotel Projects
Development charges (DC) have been cut for commercial, hotel and other land use, with large decreases for central areas such as Shenton Way, Marina Bay Sands and Orchard Road.
The largest cuts in the latest half-yearly review were for two main property use groups that have been most affected by the Covid-19 pandemic – hospitality and medical; and commercial. Read more>>
Chinese Developers Pressed by Govt Deleveraging Campaign
China’s biggest developers are likely to step up price discounting this year to clear a growing pile of unsold homes, with authorities sounding another alarm in their deleveraging campaign to pre-empt any financial shock to the economy.
Completed but unsold homes amounted to 480 million square metres (5.16 billion square feet) across 100 mainland cities at the end of July, according to data compiled by E-house China Research and Development Institute. That’s a 7 per cent increase from a year earlier, and the highest level of inventory since November 2019. Read more>>
Cash-Strapped Genting HK Sells Singapore’s Zouk Group for S$14M
Ailing cruise operator Genting Hong Kong has sold the Zouk Group, which operates the popular nightclub, for $14 million as part of efforts to offload non-core assets and generate liquidity for the cash-strapped firm.
Malaysian firm Tulipa is buying the Singapore-based group, according to a filing on the Hong Kong Exchange on Tuesday (Sept 1) night. Read more>>
Decoupling Leveraged Developers From China’s Local Govts
Two of China’s most heavily leveraged developers are struggling in the stock market, and new attention from Beijing on their towering debt levels will put them under more pressure. But the central government’s efforts don’t address a key problem in the country’s economic model: Cash-starved local governments need indebted property developers to buy their land.
Shares in China Evergrande Group and Sunac China Holdings Ltd. are down 19% and 30% respectively this year. That partly reflects poor half-year results. In the first half of 2020, Evergrande’s net profits were cut nearly in half relative to the first six months of 2019, while Sunac’s grew by 6.5%, down from 57.1% year-over-year growth in 2019. Read more>>
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