A beleaguered fashion chain leads Mingtiandi’s roundup of Asia real estate headlines today with the news that the company’s share price has rallied on the news that Chinese gymnastics star Li Ning has offered to buy a 67 percent stake in the Hong Kong clothing brand.
In other news around the region, Singapore hotel revenue per available room crashed in the first three months of the year, while a data centre REIT listed in the Southeast Asian finance hub has acquired one of its tenants in the Netherlands.
Elsewhere, the Singapore government says it will not allow developers to reopen their show galleries when social distancing restrictions are eased next month.
Shares of Bossini International Holdings, the beleaguered Hong Kong clothing giant, doubled on Thursday as investors piled in on hopes Chinese gymnastics star Li Ning’s offer to buy a majority stake might revive its dwindling fortunes.
The stock has gained a stunning 233 per cent over the past five trading days, after a joint venture controlled by Viva China, a sports talent agency founded by Li, said it would buy a 66.6 per cent stake in the firm founded by the late textile tycoon Law Ting-pong in 1987. Read more>>
Shui On Land Ltd, the flagship property arm of Hong Kong-based Shui On Group on the Chinese mainland, acquired the development rights to two residential parcels in Qingpu District on Tuesday for some 1.67 billion yuan (US$234.7 million).
The two plots, covering a total site area of 33,618 square meters with planned gross floor area exceeding 74,000 square meters, are part of the Panlong Tiandi project, also known as Panlong Urban Village Redevelopment project, which now comprises a total floor area of around 250,000 square meters for residential development. Read more>>
Gazetted hotel revenue per available room (RevPAR) plunged by approximately 62 percent to $69 in Q1 compared with the same three months last year, according to CBRE Singapore Hotel Insights.
In March, RevPAR dropped by 76 percent, while occupancy fell 69 percent, as circuit breaker measures foiled plans to shift focus to the staycation market for Singaporeans. Read more>>
Keppel DC REIT has acquired Borchveste Almere, its tenant at a data centre in the Netherlands, in order to hold a direct relationship with the sub-tenant, the real estate investment trust’s (REIT) manager said in a bourse filing on Thursday.
The REIT’s wholly-owned subsidiary, KDCR Almere, owns the data centre in Almere leased to Borchveste Almere. Read more>>
Singapore Press Holdings (SPH) on Thursday said it is speeding up the process of integrating its purpose-built student accommodation operations and rebranding certain “high-quality” assets, in preparation for the reopening of universities in the UK.
Straits Capitol, the SPH subsidiary managing the student accommodation assets, also hinted at hiring to boost on-ground operations. David Mathewson, the director, said: “We are undertaking this integration to boost our operational efficiencies as we position ourselves for (academic year) AY20/21. Read more>>
Singapore developers will not be able to reopen show galleries to market their new projects on 2 June when the first phase of the economy’s reopening starts, said an advisory from the Urban Redevelopment Authority (URA).
Under the safe reopening in phase one starting from 2 June, economic activities that do not pose high risk of COVID-19 transmission may resume. Read more>>
Property agents do not like it that show galleries will remain closed until further notice, but are taking it on the chin.
Developers and agents are thus continuing with the virtual way of marketing and closing property sales during the first phase of the reopening of Singapore’s economy. Read more>>