Blackstone acquired the US investment bank’s Sydney headquarters in 2019
In today’s roundup of regional news headlines, Blackstone looks Down Under for its latest potential asset disposal, and China’s government ponders a novel method to maintain state control of private firms.
Blackstone Could Fetch A$1B as It Looks to Sell Sydney’s JP Morgan Tower
Blackstone is kicking off the year with a marquee property offering — the JP Morgan headquarters in the heart of the Sydney CBD — that could sell for about A$1 billion ($660 million).
The move is a sign of the US private equity giant’s confidence that big investors will still chase prime towers even as the market is being repriced globally. Read more>>
China’s New Way to Control Its Biggest Companies: Golden Shares
In its uneasy dance with China’s private sector, the Communist Party is moving away from a public battle with some of the country’s biggest companies. Instead, it is inching toward a quieter form of control.
At the centre of the effort is a push by various levels of government to take stakes in the private companies that have long driven Chinese innovation and job creation. Read more>>
Evergrande Races Court Deadline on Debt Restructuring Terms: Sources
China Evergrande is aiming to unveil some debt restructuring terms before the next winding-up court hearing on 20 March in order to seek another adjournment, two sources with knowledge of the matter told Reuters.
The world’s most indebted developer has been trying to reach agreements with major offshore bondholders on terms including swapping part of its debt into equity, the sources and two other people said. Read more>>
Sunac Gets Vocal Support for Offshore Debt Restructuring Plan
Defaulted builder Sunac China Holdings is preparing a restructuring support agreement for an ad hoc group of major offshore-debt holders to sign after they voiced support for the firm’s plan, according to people familiar with the matter.
The movement at China’s 11th-largest developer by 2022 contracted sales could provide a potential road map for peers, following a record year of missed payments and as some property firms haven’t released plans to address delinquent debt. Read more>>
SHKP Poised to Sell All 171 Flats in Latest Batch at Tuen Mun Project
Sun Hung Kai Properties looked set for another sell-out at its Novo Land project in Tuen Mun as life returns to Hong Kong’s housing market after almost three years of subdued demand under COVID-19 restrictions.
Nearly 10,000 potential buyers have registered an interest in the 171 flats available in the second batch of Phase 2B of the project in the New Territories, according to SHKP, which means about 58 people are competing for each unit. Read more>>
Diversification Key as Healthcare S-REITs Adjust to Pandemic’s End
Singapore-listed REITs with healthcare assets must diversify strategies to capture new growth pillars as the healthcare sector normalises and the world returns to a post-COVID “business as usual” situation, market watchers said.
The last two years have been good years for healthcare-related stocks in general. In the Singapore market, Parkway Life REIT has significantly outperformed most of its S-REIT peers. Read more>>
Thai Mall Builder Scouts for Acquisitions, Lines Up More Megaprojects
Thailand’s Central Pattana is open to acquiring assets that fit its strategy of housing retail, residential and office spaces at a single location as the mall developer pushes ahead with a THB 135 billion ($3.9 billion) expansion.
The operator of Central World, Bangkok’s largest shopping mall complex, is always looking for asset purchases, be it brownfield, greenfield or new industry projects, said Central Pattana president and CEO Wallaya Chirathivat. The developer will also look to transfer more assets to REITs to raise funds for expansion, she said. Read more>>
China Plans to Revamp Finance, Tech Oversight
China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator.
That’s according to a draft released late Tuesday as part of China’s ongoing annual parliamentary meeting, known as the “Two Sessions”. Delegates are set to approve a final version on Friday. Read more>>
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