Downtown Sydney, as seen from the sky
AIP Asset Management and Tokyu Land are planning an Australian REIT, providing a path to monetising the Korean investment firm’s Australian property assets including the Red Cross HQ in Sydney and the Louisa Lawson Building in Canberra.
In other news, warehouse specialist ESR posted a 27 percent increase in revenue at mid-year while mainland developers Vanke and Kaisa reported upticks in key financial metrics and the US blacklisted Chinese contractor China Communications Construction Company.
AIP and Tokyu Land Plan Australian REIT
South Korea’s AIP Asset Management and Tokyu Land Corp are preparing to launch a REIT in Singapore backed by Australian commercial properties as soon as later this year, according to sources.
The planned initial public offering is expected to raise about S$400 million ($294 million) and the companies are currently in the process of reaching out to cornerstone investors. Read more>>
Vanke Posts 5.1% Increase in Operating Income
Vanke Enterprise announced roughly RMB 146 billion ($21 billion) in its semi-annual report yesterday, which is a year on year increase of 5.1 percent.
The company had 20.7 million square metres (222 million square feet) and RMB 320 billion in contracted sales over the same period, with the Shanghai region accounting for nearly half. Read more>>
US Blacklists Chinese Construction Contractor
The United States blacklisted mainland development group China Communications Construction Company, which has been involved in island-building activity in the South China Sea, as tensions between the countries reach new heights.
The company’s overseas projects include Malaysia’s $10.5 billion East Coast Rail Link, the $1.4 billion Port City Colombo in the Sri Lankan capital and a Filipino airport costing more than $10 billion. Read more>>>
Kaisa Notches RMB 36B in H1 Sales, Keeps RMB100B 2020 Goal
Chinese developer Kaisa achieved RMB 22.3 billion ($3.24 billion) in operating income for the six months ending June 2020, the group said in announcing its half year interim results on 27 August.
The Shenzhen-based builder had roughly RMB 36 billion in contracted sales over the same period, which represents a 3.9 percent increase year on year. The group will need RMB 64 billion in sales over the next five months to reach the year’s sales goal of RMB 100 billion. Read more>>
ESR Reports 27% Increase in Revenue for 2020 1H
ESR Cayman announced $198 million revenue in unaudited consolidated results for the six months ending 30 June 2020, which represents a 26.9 percent increase from the same period last year.
The results follow a rapid expansion in both the company’s establishment of new funds and construction of new projects during the first half of the year. The Group had $947 million of cash and a net debt to total assets ratio of 28.6 percent as of 30 June 2020. Read more>>
Fosun Founder Promises Profit Rebound
Shanghai’s Fosun Group has been hit hard by the pandemic, which gutted the retail, tourism, drugs and insurance-focused company, but Fosun chairman Guo Guangchang expects to make a full recovery.
While the Chinese economy is showing signs of healing after months of coronavirus shutdowns, the rest of the world is still in the throes of the virus. This spells trouble for Fosun, which derived 45 percent of its revenue from overseas last year. Read more>>
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