CapitaLand recently sold a portfolio of China business park assets to CRCT
In our latest roundup of regional news headlines, giant Singapore developer CapitaLand plans stepped-up investment in properties serving China’s fast growing tech sector, e-commerce behemoth Amazon eyes a 30 percent stake in a Korean peer, and Airbnb takes a major step towards its IPO with the release of a prospectus revealing growing losses.
CapitaLand to Triple Investment in China New Economy Assets
CapitaLand plans to redeploy part of the capital from recent asset sales into investment in new economy assets — business parks, logistics and data centres — as it increases its China exposure in the sector to S$5 billion ($3.7 billion) over the next few years, the group said in a press release.
CapitaLand currently has a S$1.5 billion exposure to new economy assets. Investments will include business parks, logistics and data centres, according to CapitaLand, whose tenants typically hail from new economy sectors that enjoy robust fundamentals and a supportive regulatory environment. Read more>>
Amazon to Acquire 30% of Korean E-Commerce Player
The world’s largest e-commerce firm, Amazon, is setting foot in the Korean market through local player 11st, operated by SK Telecom, by acquiring up to 30 percent of its shares.
The number of shares is expected to vary depending on the valuation of the company, which Amazon plans to take over sequentially. Read more>>
CRCT to Raise at Least S$300M to Fund Acquisition
CapitaLand Retail China Trust (CRCT) on Tuesday launched an equity fundraising to finance part of its proposed purchase of interests in business parks and a Guangzhou mall.
The private placement’s indicative issue price range is S$1.193 to S$1.236 ($0.89 to $0.92) per new unit. That represents a discount of 3.4-6.8 percent to CRCT’s closing price of S$1.28 on Monday. It’s also a 4.1-7.5 percent discount to the volume-weighted average price (VWAP) of S$1.2891 per unit of all trades on Monday. Read more>>
Airbnb’s Losses Grow, as IPO Tests Investor Appetite
Airbnb, the home rental service that disrupted the travel industry and was itself disrupted by the novel coronavirus, took a major step towards one of the year’s largest initial public offerings when it revealed declining revenue and growing losses in a prospectus on Monday.
The offering, which could value Airbnb at more than $30 billion and raise as much as $3 billion, will test investors’ appetite for hospitality-related stocks in a year when the industry has been battered and its future is uncertain. Read more>>
HK Investor Proposes Crowdfunding Lantau Reclamation Plan
More than 7 million Hongkongers may each invest HK$10,000 ($1,290) in a mega crowdfunding plan to help generate HK$1.1 trillion to reclaim 2,000 hectares (4,942 acres) of land off Lantau to ease the housing shortage, veteran investor Wang Sing has proposed.
After placing advertisements in major Chinese newspapers, Wang announced his ambitious plan in a press conference yesterday along with a panel of guests that included Centaline Property founder and chairman Shih Wing-ching, lawmaker Paul Tse Wai-chun and Hong Kong Indian Association council president Raj Sital. Read more>>
Jho Low Says Millions Received From 1MDB Were ‘Loans’
Fugitive businessman Low Taek Jho has claimed that millions of dollars siphoned from 1MDB, Malaysia’s debt-ridden state fund, were merely “loans” to him.
He went on to blame former prime minister Najib Razak for the downfall of the fund. Low made these claims in a series of conversations with a Malaysian government representative, recordings of which were released by Al Jazeera on Tuesday. Read more>>
Hong Kong Group Launches Second Japan Hospitality Fund
Odyssey Capital Group has launched a second Japan hospitality fund after a series of “attractive” investments within the country.
Odyssey Group head of real estate Dan Vovil said the asset manager intended to invest in undervalued Japanese hospitality real estate assets through the newly created Odyssey Japan Hospitality Fund II. Read more>>
Henderson Rolls Out New Homes in Kowloon
Henderson Land Development (0012) will launch the first batch of flats at its Arbour project in Jordan next week, providing at least 50 units.
The prices are set using property values in the same district as a reference. The show flat in Tsim Sha Tsui will open this weekend, as will subscriptions. Arbour offers 172 units, including 26 studio flats, 86 one-bedroom units, 16 three-bedroom flats and 18 features units, with an area ranging from 233 to 752 square feet (22 to 70 square metres). Read more>>
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