In today’s roundup of regional headlines, units of Blackstone’s Indian mall REIT climb to a valuation of $1.9 billion in their trading debut, and US real estate mogul Sam Zell passes away after an illness. Also making the news is an heiress to the Hang Lung fortune buying a new pad on Venice Beach and CK Group vows to never surrender a market.
India’s Nexus Select Trust rose nearly 4 percent in its trading debut on Friday, giving the Blackstone-backed retail REIT a valuation of INR 157.6 billion ($1.9 billion).
The company, better known as Nexus Malls, saw its units rise to INR 104 each, compared to the 100-per-unit price of its initial public offering, in which it raised INR 32 billion. Read more>>
Sam Zell, a Chicago real estate magnate who earned a multibillion-dollar fortune and a reputation as “the grave dancer” for his ability to revive moribund properties, died Thursday. He was 81.
Zell passed away at home from complications of a recent illness, according to Equity Group Investments, a company he founded in 1968. Read more>>
Elaine Chen-Fernandez, a grandchild of Hang Lung Group co-founder Thomas Chen, recently acquired a $4.5 million home in the Venice neighbourhood of Los Angeles.
Completed last year, the boxy residence packs six bedrooms and 6.5 bathrooms into a roomy 4,300 square feet (399 square metres) of living space, including a detached guest house in the back yard outfitted with its own bedroom, bathroom and full kitchen. Read more>>
Hong Kong’s CK Group has never withdrawn from any markets despite some asset sales in Europe, its chairman said Thursday, following recent media reports it was shifting its focus back to Hong Kong and Mainland China.
Victor Li, chairman of CK Hutchison and CK Asset, said at an annual general meeting that the group would consider any quality project that can yield a favourable return, regardless of the location. Mainland Chinese media reported that CK Asset has divested from Europe to reinvest in mainland China. Read more>>
The Hong Kong government needs to “make the numbers work” for its plan to develop the HK$580 billion ($74 billion) artificial islands off Lantau, according to Victor Li, chairman of CK Asset Holdings.
Asked by shareholders at the annual general meeting about his views on the Kau Yi Chau Artificial Islands project, Li, the elder son of Hong Kong’s wealthiest tycoon Li Ka-shing, said “most importantly, the government needs to make the numbers work”. Read more>>
You would think the worst credit events in China’s modern corporate history are behind us. In late 2022, the government vowed to stabilise the housing market, and reopened the economy after three years of harsh pandemic restrictions.
Despite these tailwinds, defaults are back. On 14 May, Guangzhou-based KWG Group Holdings, one of the few developers that obtained a state guarantee for its latest RMB note issue, said it had failed to make a $119 million redemption payment, thus triggering a cross-default of all its $4 billion offshore bonds. Read more>>
US investment giant Blackstone is reportedly poised to buy gem-testing institute IGI in a deal worth up to $550 million.
Fosun International, one of the first enterprises in China to develop overseas markets, bought an 80 percent stake in the network of 20 grading labs and 14 gemology schools in September 2018 for $108.8 million. Read more>>
Amazon.com plans to invest $12.7 billion in cloud infrastructure in India by 2030, joining other global tech giants in betting on growth in the South Asian nation’s digital economy.
The US company’s cloud business, which has data centres in the Mumbai and Hyderabad regions, invested $3.7 billion in India from 2016 to 2022. The fresh outlay will include spending in construction, server computers and telecommunications infrastructure. Read more>>