In today’s roundup of regional real estate headlines, Canada’s second-largest pension fund reportedly pauses investment in China, and Sichuan-based developer Languang is set to lose its listing on the Shanghai Stock Exchange after nine years of trading. Also in the news, a Singaporean data centre operator invests in a pair of India projects and Korea’s NPS vows to keep looking overseas.
Canada’s second-largest pension fund, Caisse de Depot et Placement du Quebec, has stopped making private deals in China and will close its Shanghai office later this year, the Financial Times reported Thursday, citing people familiar with the matter.
CDPQ is currently leading its regional investment efforts from Singapore, the report said, adding that it still has business interests in China. Read more>>
Two years ago, Sichuan Languang Development was recognised as one of the 10 best Chinese developers on the A-share market in terms of investment value. Next Tuesday, the Sichuan developer will be delisted in Shanghai with a share price close to zero.
The company’s shares closed below RMB 1 ($0.14) for 20 consecutive trading days starting on 6 April, triggering the delisting threshold set by the Chinese stock exchange, which then decides within 15 days whether to delist the stock. On 6 June, Languang will lose its listing status after nine years on the Shanghai market, according to a filing on Wednesday. Read more>>
STT GDC is expanding its campus in India’s Pune with two new data centres.
The company is planning to invest INR 2,000 crore ($241.9 million) in the development, which will bring an additional 40 megawatts to the campus, for a total capacity of 80MW spread over five buildings. Read more>>
South Korea’s National Pension Service, manager of the world’s third-largest public pension fund, will continue to gradually increase its target investment in overseas and alternative assets, the welfare ministry said.
Its five-year investment target ratios, decided by the representative panel that governs the fund’s investment policies, remained the same as the ones set last year for the period to 2027. Read more>>
Fosun International had its credit rating outlook revised to stable from negative by Standard & Poor’s after the Chinese conglomerate reduced its debt by RMB 24 billion ($3.4 billion).
Fosun raised more than RMB 30 billion from asset sales last year, S&P said. That helped the Shanghai-based company repay all of its maturing bonds in the past three quarters and cut its debt to about RMB 93 billion at the end of March. Read more>>
Fitch Ratings has downgraded Dalian Wanda Commercial Management Group’s long-term foreign currency issuer default rating to BB- from BB+, and Wanda Commercial Properties (Hong Kong)’s long-term foreign currency IDR, senior unsecured rating and the rating on its guaranteed US-dollar notes to B+ from BB. All ratings remain on rating watch negative.
The downgrade follows a weakening in the consolidated profile of Dalian Wanda Group, Wanda Commercial’s 44 percent parent, amid declining liquidity at Wanda Commercial’s sister company, Wanda Properties Group. Read more>>
China’s home sales growth abated in May after a brief rebound, underscoring weakening momentum in the economy.
The value of new home sales by the 100 biggest real estate developers rose 6.7 percent to RMB 485.4 billion ($68.3 billion) from a year earlier, according to preliminary data from China Real Estate Information Corp. That compares with gains of more than 29 percent in the previous two months. Read more>>
The detention of Bao Fan, chairman of investment bank China Renaissance Holdings, has been extended for another three months beginning on 7 May, Chinese financial publication Economic Observer reported Wednesday, citing sources.
Bao was taken away by disciplinary and supervision officials on 7 February and detained, the report said. Read more>>