In today’s instalment of Mingtiandi’s regional roundup, Singapore’ CDL has appointed Deloitte as an external financial advisor to evaluate its investment in a mainland property developer after a veteran board member and cousin of founder Kwek Leng Beng resigned over the money-losing acquisition.
Also in the headlines, Warburg Pincus-backed warehouse specialist ESR India cuts a deal with a key state to build 11 industrial parks, and China-based Oceanwide is blaming COVID-19 for a halt in construction work on a San Francisco tower.
Property giant City Developments Limited (CDL) on Wednesday said it had appointed Deloitte & Touche Financial Advisory Services as its external financial advisor to assist in further evaluating and reviewing its investment in China-based Sincere Property Group.
This comes after CDL director Kwek Leng Peck resigned last month, citing disagreements with the board and management on the group’s investment in Sincere, as well as its management of London-based unit Millennium & Copthorne Hotels. Read more>>
Warburg Pincus-backed logistics real estate firm ESR India has signed an agreement with the Maharashtra state government to invest $576 million to set up 11 industrial and logistics parks around Mumbai and Pune.
This affiliation with the Maharashtra government is aimed at encouraging industrial development in the state with streamlined land acquisition and administrative processes, ESR said on Wednesday. Read more>>
Chinese development company Oceanwide Holdings has been forced to stop construction on the second tower of its $1.6 billion Oceanwide Center project in San Francisco due to the COVID-19 pandemic, according to a company statement to the San Francisco Business Times.
Oceanwide said it was hopeful that it will be able to restart construction in two to three months.
The company said that while the fallout from the novel coronavirus caused a temporary pause in vertical construction at the downtown site, contractors were able to complete the ground floor concrete structure, which wrapped up construction of the foundation. Read more>>
The extraordinary general meetings (EGMs) of ESR-REIT and Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) for their proposed merger is expected to fall on 4 December.
Sabana REIT’s scheme meeting will also fall on the same date, the managers of both REITs said in a joint statement on Wednesday. Read more>>
The manager of Lendlease Global Commercial REIT (LREIT) said on Tuesday that the subdued retail sector and leasing demand may potentially depress 313 @ somerset’s rents during lease renewals and when entering into new leases.
“Leasing activities are expected to remain soft due to weak demand against COVID-19 headwinds,” Lendlease said in a business update for LREIT’s first fiscal quarter ended 30 September. Read more>>
Traditionally, Chinese developers have offered little more than security and maintenance services to the residents of their projects once the cranes and diggers have moved on.
But after 2014, when the authorities removed price controls on property management fees, more home builders began offering extras like takeaway food and grocery deliveries, gardening and laundry services. Read more>>
Thai developers are offering huge discounts and throwing in freebies like hotel stays and even waiving transfer fees as part of a campaign to drum up sales that have taken a hit from the COVID-induced recession.
“We have had a total of four campaigns so far in 2020 to stimulate buying demand,” said Charinya Youngprapakorn, head of advisory and transaction services for residential project marketing at CBRE Thailand. Read more>>
China Evergrande said contracted sales in the first 10 months reached RMB 632.59 billion ($94.36 billion), exceeding the sales amount for the whole of last year and achieving 97.3 percent of its RMB 650 billion target for this year.
Sales amounted to RMB 601.06 billion last year. Sales in the first 10 months were up 16.4 percent year-on-year. Contracted sales from September to October totalled RMB 181.97 billion. Read more>>