With much of the Western world enjoying a holiday this weekend a Hong Kong private equity firm managed to acquire a multi-family asset in Arizona before the Easter break, bringing them to the top of today’s roundup of real estate headlines. Also in the news, Wuhan is out of lockdown but the city’s mall owners may not be out of trouble yet, as shopkeepers stage a rent strike.
Also in the news, a Dallas-based private equity firm invests in another Yangtze River Delta residential project and Hong Kong’s wealthiest man owns a big slice of 2020’s hottest software app. Keep reading for all these stories and more.
Hong Kong-based private equity firm Button Capital Limited has purchased a multifamily community in Fountain Hills, Arizona for $63.5 million, according to a US media account. The firm headed by partners Edwin Cheung, Justin Ng and Ken Okamoto purchased Park Place at Fountain Hills from Colorado investment firm Real Capital Solutions.
Real Capital had acquired the 230-unit community near Phoenix in 2016 with plans for Park Place calling for two additional phases which would bring the project to 404 residential units and 43,000 square feet (3,994 square metres) of commercial space. Read more>>
Dozens of small shop owners protested outside one of Wuhan’s biggest shopping malls to demand a cut in rent, in one of the first signs of unrest since authorities lifted a lockdown at the epicentre of the coronavirus outbreak.
Sitting down about one metre apart, the shop owners on Friday sat or knelt outside the Grand Ocean Department Store, wearing masks and holding placards as police monitored. A day earlier, they chanted “Exempt rental for a year, or refund the lease” in videos uploaded on the Chinese social media platform Sina Weibo that were quickly censored. Read more>>
Century Bridge Capital announced that it has invested in a middle-income, residential project in Huzhou, China. The project will be jointly developed with Redsun Real Estate, a Hong Kong listed developer based in Nanjing.
The investment is in the first stage of a two phase project in the city of Huzhou in northern Zhejiang province, with this initial installment to include 377 low-rise homes alongside another 57 townhouses. Read more>>
Li Ka-shing built Hong Kong’s biggest fortune on old-fashioned real estate and infrastructure. It’s a bet on technology that’s paying off in the current crisis.
Li, called “Superman” by his admirers, was an early investor in Zoom Video Communications Inc. and owns about 8.6% of the San Jose-based company, according to regulatory filings. The value of Li’s stake has surged 80% this year to US$3 billion – the only public holding of his tracked by the Bloomberg Billionaires Index to record a gain. Read more>>
Link REIT, the biggest real estate investment trust in Asia, said that it would expand the support package for its tenants hit by the coronavirus outbreak to HK$300 million (US$38.69 million) from HK$80 million announced in February.
“The board of directors has approved that we substantially expand our support scheme to echo the government’s economic relief package,” Nicholas Allen, chairman of the board, said on Friday. Read more>>
New bank lending in China rose sharply to 2.85 trillion yuan ($405 billion) in March, with total social financing hitting a record, as the central bank pumped in more liquidity and cut funding costs to support the coronavirus-ravaged economy.
Household loans, mostly mortgages, rebounded sharply to 989.1 billion yuan in March from a net decline of 413.3 billion yuan in February, Reuters calculated from central bank data. Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, quickened to 11.5% in March from a year earlier and from 10.7% in February. Read more>>