A Blackstone-Indiabulls joint venture in India leads the real estate headlines today, closely followed by the news that a Singapore shopping mall is being put up for a collective sale with a price tag just shy of $1 billion.
In other news around the region, two real estate firms are said to be making extracurricular investments in healthtech and football, while a major fast fashion retailer bows out of its online business in China, and in Singapore home purchase data shows a shift in buyer demographics.
Mumbai-based developer Indiabulls Real Estate Ltd (IBREL) and its joint venture partner, Blackstone Group Lp, are acquiring three office assets in Delhi and Gurugram, even as it is in talks to exit the real estate business, said two people familiar with the development, seeking anonymity.
Acquisition of two of the office properties will be completed by June 2019, while the third one will be closed after that. All assets will be part of the joint venture portfolio. Read more>>
Sim Lim Square, Singapore’s well-known tech shopping mall in Rochor Canal Road, was put up for collective sale on Monday via public tender with a reserve price of S$1.25 billion ($920 million).
Its 423 owners each stand to receive between S$488,000 and S$67.5 million if the sale is successful, said marketing agent SLP Scotia. Read more>>
Hong Kong-based real estate private equity firm Gaw Capital Partners announced on Monday that it has invested in the latest round of funding for Beijing-based Tencent Trusted Doctors, a healthtech firm backed by Tencent Holdings.
Last week, Tencent Trusted Doctors announced raising a $250-million funding led by Country Garden Holdings, Tencent Holdings and Sequoia Capital. Read more>>
More than a year after selling its stake in Club Atletico de Madrid, Chinese conglomerate Dalian Wanda Group Co is planning to spend millions to promote soccer in its home country.
The group controlled by billionaire Wang Jianlin plans to invest RMB 2 billion ($297 million) to build 23 football pitches and training facilities in the northeastern city of Dalian, Wanda said in a statement on its website on Monday. The amenities will be able to accommodate as many as 600 players and coaches and will start in December, according to the statement. Read more>>
American clothing retailer Forever 21 will close its online shops in China amid ongoing clearance sales at its remaining bricks-and-mortar locations, the company announced on Thursday 25 April on several e-commerce platforms.
“Due to strategic adjustments to international operations,” one notice read, “all items will be taken offline on April 29.” Read more>>
Singaporeans’ deep-seated desire for home ownership has seen them snap up the biggest share of residential properties versus foreigners in a decade.
About 79 percent of private apartments went to Singaporeans in the first quarter of this year, the most since the first three months of 2009, according to property consultants OrangeTee & Tie. Read more>>