A Singapore mall leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that two major property developers have paid the S$400M bill for their joint shopping expedition, while a Hong Kong-based private equity firm looks set to close on a $2 billion-plus fund within the next two months.
In other news around the region, home prices hit an all-time high (again) in the city with the world’s least affordable property, and mainland developers could be under pressure as Beijing tightens bond market access, while a fugitive Malaysian whale fights to save his mother’s mansion from the clutches of the Malaysian government.
Last Friday’s completion of the acquisition of Liang Court mall along River Valley Road by CapitaLand and City Developments Ltd (CDL) brings together two property groups that have adopted somewhat different business strategies in the past.
With their S$400 million ($292 million) purchase of the mall from an entity linked to PGIM Real Estate, control of the overall Liang Court mixed-development complex has narrowed from three parties previously to just two. Read more>>
Hong Kong-based private equity firm PAG is set to make a final close at $2.25 billion for its Asia-focused core-plus real estate vehicle PAG Real Estate Partners II within the next two months, according to a report from PERE on Monday.
The fund, which had an initial target to raise $2 billion, was launched in May last year. It gathered almost $1 billion within three months backed by a good demand from investors. Read more>>
In the world’s most-expensive real estate market, the sky’s the limit. Property prices in Hong Kong reached an all-time high on Friday after relentless gains over the past three months.
Home values in the city have now broken their previous record set last August, Centaline data show, making the correction from mid last year through January look like a temporary blip. Read more>>
Shares of Chinese real estate developers were under pressure on Monday after reports that regulators plan to restrict access to funding through the bond market, reflecting the latest move to cool a property market that has been heating up since early this year.
The bond financing halt, could be a blow to developers who count on the bond market as a major financing channel, aside from direct bank loans, shadow banking and offshore funding. Read more>>
A Chinese provincial developer has emerged as the buyer of a prominent St Kilda Road tower in a $163 million deal, a record for the leafy office and residential boulevard leading into the Melbourne CBD.
Title deeds reveal Runjiang Investment Group, a Shijiazhuang-based developer from Hebei province in China’s north, is now listed as the sole owner of 509 St Kilda Road through nomination from the initial buyer, private investor Michael Xie. Read more>>
Fugitive financier Jho Low is fighting the seizure of his mother’s mansion, saying his family has lived in the property since before 1MDB existed.
He said the purchase and construction of his family home in the Malaysian state of Penang predated the state fund as his mother, Goh Gaik Ewe, holds a certificate of occupation dated July 2000. Read more>>
Privately held Evia Real Estate Management and listed Metro Holdings have secured a S$296.3 million ($217 million) four-year green loan to finance partially their 50:50 acquisition of a pair of Grade-A eco-friendly office towers, 7 and 9 Tampines Grande Singapore.
This is the first green debt instrument secured by the Singapore-based property developer and institutional fund manager. Read more>>
Alibaba Cloud has joined WeWork, the global operator of co-working spaces, and SoftBank group’s Chinese telecom unit to launch a new platform to support international businesses entering the China market, the companies announced on Thursday.
The platform offers companies, both well-known brands and small businesses, access to Alibaba Cloud’s latest technologies, WeWork’s offices and networking opportunities and IT consulting services from SoftBank Telecom China. Read more>>