CapitaLand is selling its Wuhan mall after it faced some business challenges recently
In today’s news roundup, Singapore-listed CapitaLand Retail China Trust makes a deal to sell properties in Wuhan, a female executive is sought on suspicion of a casino heist on South Korea’s Jeju island, and Australia blocks the Chinese buyout of a construction firm over national security concerns.
CapitaLand Retail China Trust Sells Wuhan Properties for $40M
CapitaLand Retail China Trust has inked a deal to sell real estate in Wuhan for RMB 258 million ($40 million) in cash, the manager said on Monday.
The trust is selling CapitaMall Minzhongleyuan and three sets of vacant premises to an unrelated third party, which has also agreed to pay an extra RMB 200 million to cover a shareholder loan and entrustment loans. Read more>>
Landing Exec Runs Off With $13M From Korean Casino
South Korean police are on the hunt for a female casino executive who disappeared after her employer discovered KRW 14.6 billion ($13 million) in cash missing from the resort’s coffer.
Hong Kong-based Landing International Development, which operates Jeju Shinhwa World, disclosed in a statement on its website that it was unable to reach the employee, who was in charge of the casino funds. Read more>>
Australia Blocks Chinese Buyout of Builder Over Security Concerns
Australia blocked a Chinese construction company from buying out a domestic builder involved in several high-profile projects, citing national security concerns, local media reported, a sign that tensions between the trading partners remain elevated.
The majority owner of Probuild, South Africa’s Wilson Bayly Holmes-Ovcon Ltd, said in a Johannesburg stock market filing late Monday that “a major international construction and civil services company” pulled its offer after learning that Australia’s foreign takeover regulator would reject it “on the grounds of national security”. Read more>>
CPPIB Owns One-Quarter of ESR’s Korean REIT
The Canada Pension Plan Investment Board has emerged as the top shareholder in South Korea’s only listed logistics real estate investment trust, which made its trading debut last month.
Of CPPIB’s 24.85 percent stake in ESR Kendall Square REIT Co, around two-thirds of its holding was converted from bonds last year, meaning the Canadian pension must hold them until 26 October of this year under the one-year mandatory holding requirement. Its ownership is expected to provide downside protection to the share price of the REIT, managed by a Korean unit of ESR, Asia’s largest logistics real estate investor. Read more>>
Singapore Sales of Secondary Condos Rose 18% in 2020
With the breathless pursuit of property in Singapore despite COVID-19, 2020 ended on a robust showing in the condo resale market.
Resale transactions for non-landed private homes rose 18.1 percent in 2020 from a year earlier, flash figures from SRX Property showed on Tuesday. A total of 10,712 properties changed hands. Read more>>
HK Shop Owners Seek Higher Prices After Stamp Duty Cut
Hong Kong shop owners are more likely to stand firm on asking prices, as they expect investors to flood the market after the city scrapped the double stamp duty for non-residential property, investors and property agents said.
Buyers are also willing to settle at higher price points since their total expense will still be lower than before the duty reverted to its original rates on 26 November last year, said Dennis Cheng Tak-ming, a senior sales director at Ricacorp Properties. Read more>>
Ascott Cracks Record Unit Growth Despite COVID-19
CapitaLand’s The Ascott built a four-year straight streak of record growth in property units in 2020 as it boosted recurring fee income through management and franchise contracts.
In 2020, Ascott added 14,200 units across 71 properties globally. Despite COVID-19, the additional units exceeded the total number of units added in 2019 of some 14,100 units based on numbers disclosed as of December 2019. Read more>>
Shanghai Starts Building $898M Arena in Push to Be E-Sports Capital
Shanghai has broken ground on a major e-sports events hub as the city pushes to become the leader in competitive gaming.
E-sports refers to competitive video gaming, which is growing quickly around the world. Over the past few years, e-sports tournaments have managed to pack out large stadiums with fans flocking to watch their favourite players. Read more>>
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