NextDC chief executive and managing director Craig Scroggie (Image: NextDC)
Cash for data centres leads Mingtiandi’s review of real estate news from around the region today, with Australian operator NextDC raising fresh debt facilities to expand its network. Also in the news, the liquidators of China Evergrande hope that the group’s founder, who disappeared into custody two years ago, will tell them secrets he hasn’t shared with his captors and China home prices fell more quickly in July.
Australia’s NextDC Raises $850M to Expand Data Centre Network
Capital raising for Asia Pacific data centres continues to gather pace with Australia’s NextDC announcing Thursday that it has raised up to A$1.3 billion ($850 million) in additional debt facilities.
RBC Capital Markets acted as mandated lead arranger, underwriter and bookrunner for the senior debt facilities, which mark an increase from the previously announced total of A$2.2 billion, with the company saying it will use the funding to speed expansion of its regional footprint. Read more>>
Evergrande Liquidators Grasp for Founder’s Assets
More than a year after China Evergrande’s liquidators began pursuing the wealth of key defendants, the high-profile case is now entering a critical phase.
So far Xu Jiayin, the founder of Guangzhou-based Evergrande, has refused to disclose his assets, escalating tensions between him and creditors. That’s adding to the challenges for liquidators who are preparing to focus on the billionaire during a hearing scheduled for 2 September. Read more>>
China Home Price Slide Gathered Pace in July
China’s new home prices fell at a faster pace in July, in a further sign that a series of stimulus measures has failed to revive the moribund market.
New home prices in 70 cities, excluding state-subsidised housing, dropped 0.31 percent from June, the biggest decline in nine months, National Bureau of Statistics figures showed Friday. The resale home-value slump narrowed to 0.55 percent, compared with 0.61 percent in June. Read more>>
Shimao Founder Sells Units in Hong Kong’s The Center for $18M
Hui Wing Mau, founder of mainland developer Shimao Group, has sold a set of units in The Center, an office tower in Hong Kong’s Sheung Wan area, for HK$142 million ($18.1 million), according to a local news report.
Hui had been one of the leading investors in a consortium that bought the skyscraper on Queen’s Road from CK Asset in a $5.2 billion deal and is reported to have sold the properties for nearly 30 percent less than he paid to acquire them eight years ago. Read more>>
Singapore’s Ho Bee Land Reports Net Profit Jumped 400% in H1
Singaporean builder Ho Bee Land recorded a net profit of S$49.8 million in the first half of the year, a more than 400 percent increase from S$8.8 million in the year-ago period.
The increase was mainly supported by strong recurring rental income, a higher share of profits from joint ventures and lower interest expense. Read more>>
Malaysia’s Sime Darby Seeks $714M Loan for Google Data Centre
Malaysian developer Sime Darby Property is in talks with banks for a loan of as much as MYR 3 billion ($714 million) to fund the building of a data centre that will be leased to Google, according to people familiar with the matter.
The proposed loan will have a tenor of five years and carry an extension option of as long as two years, the people said. Discussions are ongoing and details could change, they said. Read more>>
Korea’s Mastern Marketing $866M Retail Portfolio
Mastern Investment Management is putting up for sale 13 E-Mart outlets it acquired from Korean retail giant Shinsegae in 2019, a move that is expected to be one of the country’s largest retail property transactions this year.
According to people familiar with the matter, Mastern on Thursday sent out requests for proposals to property consultancies to act as advisors on the planned portfolio sale. Read more>>
Seoul Housing Market Slowdown Seen Clearing Path to Rate Cut
South Korea’s property market cooled as government measures to rein in runaway prices curbed demand, bolstering the case for the Bank of Korea to consider resuming its rate-cut cycle later this month.
Growth in Seoul apartment prices slowed to 0.1 percent in the second week of August, reversing course after nudging higher in the previous week, according to data from the Korea Real Estate Board released Thursday. Still, prices extended their streak of positive weekly gains to 28 weeks, despite occasional slowdowns. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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