The latest investment in Australia by a Singapore-listed fund leads today’s collection of real estate headlines here on Mingtiandi, as Ascendas REIT adds a new logistics project to its Aussie portfolio.
Also in the news, as its fund managers chase overseas opportunities, property investment back home in Singapore fell by 45 percent in the last three months, according to a new agency report, and a Shenzhen government-owned investment vehicle has upped its stake in a retail trust after buying out units held by a division of CITIC. All these stories and more are in Mingtiandi’s headline roundup.
Ascendas REIT (A-REIT) has purchased a new logistics property to be developed on Lot 7, Kiora Crescent, Yennora, in Sydney, Australia, a press release announced. The total consideration for the deal hit $21.1m (A$23.5m).
The property will be developed by Larapinta Project. Meanwhile, Perpetual Corporate Trust, as trustee of A-REIT’s indirectly wholly-owned Ascendas Longbeach Trust No. 10, has entered into agreements with the Larapinta Project for the purchase of the freehold land. The acquisition of the land has been completed, and the development of the logistics property is expected to finish in Q2 2021. Read more>>
Singapore property investment volume fell 45 per cent to S$6.13 billion in the first half of the year, according to preliminary data from Cushman & Wakefield on Thursday.
In the second quarter, preliminary investment volume stood at S$3.06 billion, remaining stable from the first quarter’s volume of S$3.07 billion. Read more>>
Qianhai Authority, a statutory body of Qianhai Cooperation Zone in China, has, through its wholly-owned subsidiary, Qianhai International Holdings, has emerged as a new substantial shareholder of BHG Retail REIT.
Qianhai International Holdings is a wholly-owned subsidiary of Qianhai Financial Holdings, which is in turn, a wholly state-owned financial holding company founded by the Qianhai Authority of China. Read more>>
Australian auteur George Miller is getting into business with Beijing-based real estate giant Sunac China. The Chinese property developer has closed a deal to co-finance Miller’s forthcoming “epic love story” Three Thousand Years of Longing, co-staring Idris Elba and Tilda Swinton.
Sunac’s growing entertainment subsidiary Sunac Culture will distribute the film in China and participate in the title’s worldwide box office revenue. In May, MGM nabbed North American distribution rights to the project. Read more>>
Real estate mogul Hui Ka Yan’s vast wealth has soared by $13.2 billion since late March, thanks in part to a wave of stock buybacks that sparked a 101% gain for his Chinese property firm. The billionaire is now running low on fuel to propel the shares higher.
Hui’s China Evergrande Group has bought back so many shares that it’s bumping up against liquidity limits imposed by the Hong Kong Stock Exchange. The free float of shares trading at China’s third-biggest developer sits at about 22.16%, according to Bloomberg calculations, close to the minimum 22.04% set by the bourse. Read more>>
The number of Chinese households who believe that home prices will fall dropped to 13.2%, according to a survey by the central bank published on Thursday, versus 15.9% in previous survey published in April.
Results also showed 22.8% of Chinese households believe housing prices will rise, compared with 23% previously. Another survey by the central bank showed that 50.8% of bankers in China said monetary policy for the April-June quarter was loose. Read more>>