In today’s batch of regional news headlines, India’s Embassy REIT agrees to buy business park assets from a Blackstone-led joint venture, property services firm Sunac eyes a $1 billion capital raise from its Hong Kong IPO, and department store chain Robinsons Singapore faces the wrath of 440 unpaid creditors.
Blackstone JV to Sell Bengaluru Biz Park to Embassy REIT for $1.3B
Embassy REIT, India’s first publicly listed real estate investment trust, said it has agreed to buy Embassy Tech Village assets from affiliates of sponsors Embassy Group and Blackstone Group and other shareholders for around $1.3 billion.
The acquisition will be subject to unit holder and regulatory approvals. The buyout comprises 6.1 million square feet (566,709 square metres) of completed office space, 3.1 million square feet of under-construction area, and two proposed 518-key Hilton hotels in the Embassy Tech Village campus. Around 36 percent of the under-construction space is pre-leased to JP Morgan. Read more>>
Sunac Services Shares to Raise $1B From Hong Kong IPO
Property management company Sunac Services will raise HK$7.86 billion ($1.01 billion) through an initial public offering in Hong Kong, as the fundraising market in the city remains strong and vibrant.
The company, a unit of Sunac China Holdings, has set the IPO price at HK$11.60 a share, which is at the midpoint of the earlier guided price of between HK$10.55 and HK$12.65 a share, the company said Wednesday. Shares of the company will start trading on the Hong Kong bourse from Thursday. Read more>>
Robinsons Singapore Owes More Than 440 Creditors Nearly S$32M
More than 440 creditors are owed at least S$31.7 million ($2.37 million) by department store stalwart Robinsons, which is closing down its last two stores here.
In a notice issued to creditors dated 13 November, provisional liquidator KordaMentha said that an online creditors’ meeting will be called on 26 November at 2pm. Read more>>
Wheelock Banks on Mainland Tycoons for Peak Villa Launch
Wheelock Properties, controlled by one of Hong Kong’s richest tycoons, is planning to put up its prime asset on The Peak early next year, hoping to draw interest from a new pool of mainland Chinese billionaires minted during the recent stock market boom.
The developer will call for bids for eight exclusive villas at 77-79 Peak Road in the first half, managing director Ricky Wong Kwong-yiu said. The villas, each measuring between 6,000 and 8,200 square feet (557 and 762 square metres), are undergoing finishing touches. The site was once occupied by a seven-storey colonial-style building known as Dodwell Mansions. Read more>>
Far East to Open New Properties in Australia, Japan and Singapore
Far East Hospitality, a Singapore-based operator of hotels and serviced residences, has confirmed that it will forge ahead with expansion plans to open three new properties in Australia, Japan and Singapore.
Slated for opening in the second quarter of 2021, Oasia Resort Sentosa will be the fourth property on Sentosa island managed by Far East Hospitality and marks Far East’s first foray into the resort and spa category. Read more>>
Hongkongers Snap Up UK Homes
Hong Kong’s residents have emerged as some of the busiest and most aggressive buyers of London homes, as they made a beeline to snap up residential real estate ahead of a January 2021 application process that opens the path to the right of abode and full citizenship in Britain.
Hongkongers bought £305.6 million ($405 million) worth of prime London homes in the first nine months of 2020, ranked second among foreign property buyers behind France and ahead of mainland China, according to research by Astons, an investment immigration adviser. Read more>>
CP-Tesco Ruling Riles Thailand Rivals
A recent ruling by the Office of the Trade Competition Commission raised eyebrows when it granted conditional approval to the acquisition of Tesco’s Thailand retail business by Charoen Pokphand (CP) Group, causing some to question if the Thai conglomerate has a monopoly.
Among the conditions of the $10.6-billion acquisition deal is a ban on CP entering any other modern trade retail mergers for three years, excluding e-commerce. Read more>>
China Retail Sales Grew 4.3% in October
China’s consumer spending continued to pick up pace in October amid the effective containment of the COVID-19 epidemic and steady economic recovery at home, official data showed Monday.
China’s retail sales of consumer goods climbed 4.3 percent year-on-year to RMB 3.86 trillion ($584.5 billion) last month, according to the National Bureau of Statistics. The growth picked up from the 3.3 percent gain in September after the major consumption gauge posted its first positive growth this year in August by rising 0.5 percent year-on-year. Read more>>
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