Angelo Scasserra, CEO of CapitaLand Investment Australia
Singapore’s CapitaLand Investment seeks to more than double its Australia assets under management within four years, with that story leading today’s headline roundup. Also making the list, China taps special funds to help people buy homes and Singapore’s GIC restarts the sale of Seoul Finance Center.
CapitaLand Investment Aims to Expand Australia AUM to $13B
The Australian arm of Singaporean giant CapitaLand Investment aims to more than double its local funds under management to surpass A$20 billion ($13 billion) over the next four years, with much of that hoped-for uplift likely to come from M&A-style deals.
With neat timing, CapitaLand Investment has brought on board two former investment bankers to steer towards that goal, with Angelo Scasserra as chief executive and Rahul Bharara as chief investment officer. Read more>>
China Taps Housing Provident Fund to Finance Housing Turnaround
China is tapping an often overlooked pool of funds worth RMB 10.9 trillion ($1.5 trillion) to salvage its housing sector, offering people an alternative to bank mortgages.
The housing provident fund, a government savings programme used to help people buy homes, has become an increasingly important means to obtain financing, as banks turn more cautious with profit challenges. The fund has outpaced banks in giving out loans, hitting RMB 8.1 trillion in outstanding mortgages last year. Read more>>
GIC Reboots Effort to Sell Seoul Finance Center
Singapore sovereign wealth fund GIC is resuming the sale of Seoul Finance Center, a landmark office tower in the capital’s central business district, in what could become South Korea’s largest property transaction this year.
GIC has recently issued requests for proposal to global real estate advisory firms, including CBRE, to select a lead manager for the sale, according to investment banking sources on Tuesday. Korean real estate firms were not invited to bid, the sources said. Read more>>
Frasers Hospitality and Yotel Open Ginza Hotel
Singapore’s Frasers Hospitality and UK-based lifestyle hotel chain Yotel on Monday celebrated several firsts with the official opening of the 244-room Yotel Tokyo Ginza.
It marks the first time the two brands have teamed up, Yotel’s debut in the Japanese market and Frasers Hospitality’s maiden ground-up investment and development project in the country. The Singaporean company acquired the land and oversaw the building’s construction before handing the operations over to another company. Read more>>
Shares in Singapore’s Ho Bee Land Surge on Buyout Speculation
Shares of Ho Bee Land jumped more than 5 percent Tuesday after the developer said founder and executive chairman Chua Thian Poh had upped his stake in the company.
On 5 June, Ho Bee Holdings, a vehicle controlled by Chua, acquired 137,900 shares to raise his stake in the company to 75.68 percent from 75.66 percent. Read more>>
South Korea Debates Restrictions on Home Purchases by Foreign Buyers
As the share of land and housing purchases by foreigners continues to grow in South Korea, debate is resurfacing over whether regulations should be tightened, especially amid concerns of market disruption and discrimination against locals.
While some government officials are pushing for legal reforms based on the principle of reciprocity, others caution that any regulatory move must follow a thorough assessment of market impact. Read more>>
Seazen Group Issues First Chinese Developer Bonds Post-Default Crisis
Shares of Seazen Group surged after the developer was reported to be planning to issue between $250 million and $300 million in dollar bonds, marking the first overseas bond issuance by a Chinese private real estate firm in recent years, following a prolonged industry credit crunch.
Seazen closed 7.2 percent higher at HK$2.24 ($0.30) in Hong Kong on Tuesday, representing a nearly 23 percent year-to-date uptick. Other mainland developers listed in Hong Kong also saw gains, with China Jinmao Holdings up 3.8 percent and Greentown China Holdings up 2.3 percent. Read more>>
India Housing Market Shows Signs of Falling Demand
The outlook for India’s housing market has barely budged in over a year, according to a Reuters poll of property experts who cited cooling demand from wealthy buyers with many expecting unsold luxury inventory to either rise or remain elevated.
Average home prices, which have more than doubled in 11 years, are forecast to rise 6 percent this year and 5 percent next year after climbing 4 percent in 2024, according to median estimates from a survey of 15 property market analysts. The poll was taken before the Reserve Bank of India surprised markets Friday with a 50-basis-point cut in the repo rate to 5.5 percent to support economic growth. Read more>>
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