Asia’s real estate world stayed hard at work over the Christmas holiday generating new deals in India, while Santa – with some help from China’s state-owned banks — seems to have brought Elon Musk a $1.4 billion present.
Also in the news, Japan’s Daiwa Securities is looking to expand its REIT business and HNA might just escape 2019 without another default. Keep reading for these stories and more.
Singapore’s Mapletree Investments has purchased an eight acre (3.24 hectare) site in the Kharadi area of Pune, India for INR 1.7 billion ($23.8 million) according to a statement by construction firm Vascon Engineers on Monday.
“Ajanta Enterprises, 50 percent joint venture of Vascon Engineers, has successfully concluded the sale of land parcel measuring approximately eight acres for a total gross consideration of Rs 170 crore to a SPV (special purpose vehicle) of Mapletree Investments Pte Ltd (Mapletree) situated at Kharadi, Pune,” Vascon said in a statement. The sale deed for the property in the city east of Mumbai was executed on December 17, and the entire consideration has been paid, according to the statement. Read more>>
Tesla has reportedly secured more than $1.4 billion in financing in the form of loans from multiple Chinese banks in order to help fund the construction of its new gigafactory in Shanghai. First Reuters and now Bloomberg reported the funding as confirmed on Monday morning, with an official announcement to happen sometime this week.
The loan will be distributed across five years, and will be used to both set up the new gigafactory and to help finance Tesla’s establishing of its China-based operations. Read more>>
Daiwa Securities Group is expanding its real estate investment trust business as low interest rates continue to drive investors into domestic property funds.
Japan’s second-biggest brokerage is preparing to start a new private-placement Reit and considering having existing trusts issue new shares to raise money for expansion, said Toshio Fukushima, president of its Daiwa Real Estate Asset Management unit. Read more>>
Shoppers in Shanghai at this time of year are used to seeing malls decked out for Christmas. But this year the festivities seem bigger and more extravagant than ever before.
One of the reasons is that Hong Kong’s retail landlords, faced with moribund sales and the prospect of vandalism at the hands of hardcore protesters, are pinning their hopes on their Shanghai shopping malls to bring them a little Christmas cheer. Read more>>
Privately owned international schools looking for space to expand into Hong Kong are being forced to open campuses in places like converted shopping malls because of a lack of land, according to property agents.
John Mortensen, senior director for education services, Greater China, at JLL, said school providers and investors in education still want to come to Hong Kong despite the political crisis that has rocked the city and damaged its reputation. There is strong demand from local families able and willing to pay for their children to enjoy a high-quality education from a respected overseas school. Read more>>
Troubled Chinese conglomerate HNA Group Co. repaid a 1.3 billion yuan ($185 million) bond due Tuesday, according to people familiar witdaiwah the matter, avoiding what could have been its first default on a publicly issued note.
HNA’s move is the latest of a series of developments that have helped calm frayed nerves in China’s debt markets in recent days. Peking University Founder Group secured an extension on a local bond repayment deadline and luxury clothing giant Shandong Ruyi Technology Group Co. also repaid a dollar note. Read more>>