In today’s roundup of regional news headlines, a state-led financing scheme sparks Chinese developer shares, fashion retailer Gap moves to sell its Greater China business units, and data centre giant Equinix announces a fresh investment in Japan.
Chinese property developers’ share prices surged on Wednesday after regulators expanded a financing programme aimed at supporting bond issuance in the crisis-ridden sector. CIFI Holdings (Group) Co Ltd soared 40 percent while Country Garden Holdings Co Ltd surged 23 percent. The Hang Seng Mainland Properties Index rose 8 percent.
China’s National Association of Financial Market Institutional Investors late on Tuesday said it will widen a programme to support about RMB 250 billion ($34.5 billion) worth of debt sales by private firms, including property developers. Read more>>
US apparel retailer Gap has agreed to sell its Greater China businesses to Baozun, the e-commerce service provider said Tuesday, as headwinds persist for global consumer brands in the world’s second-largest economy.
Dealmakers have seen opportunities for merger and acquisitions involving multinational firms that look to spin off their China units, as the growth outlook in the country grappling with strict COVID curbs remains uncertain amid intensifying competition with domestic brands. Read more>>
Equinix has announced its 15th International Business Exchange data centre in Tokyo with an initial investment of $115 million.
Located near the existing network and cloud-dense IBX campus in Tokyo, TY15 will strengthen connectivity for global cloud and network service providers, as well as enterprises, enabling them to scale up and empower Japan’s booming digital economy, US-based Equinix said. Read more>>
Cuscaden Peak Investments is selling a bungalow in Yarwood Avenue in Singapore’s Kilburn Estate Good Class Bungalow Area for S$29.7 million ($21.2 million). This works out to S$1,604 per square foot based on the 999-year leasehold property’s land area of 18,519 square feet (1,720 square metres).
The two-storey bungalow, with five bedrooms and a swimming pool, is currently leased. The buyer is a Singaporean involved in a range of businesses including computer hardware sales, real estate, and food and beverage. Read more>>
Singapore’s condo and Housing and Development Board rental prices continued to spike in October despite a significant decrease in condo rental volume, according to flash estimates from SRX and 99.co released Wednesday.
Rents for the condo market climbed 2.7 percent from September to mark the 22nd consecutive month of growth, led by a 3.2 percent month-to-month increase in the Rest of Central Region. Rentals for the Core Central Region and Outside Central Region also rose, by 2.1 and 2.6 percent respectively. Read more>>
United Hampshire US REIT on Wednesday posted an 8.1 percent rise in distributable income to $8.3 million for the third quarter ended 30 September.
Gross revenue climbed 24.7 percent to $17 million while net property income rose 15.2 percent to $11.9 million compared with year-earlier levels. Read more>>
Prime US REIT’s distributable income for the third quarter ended 30 September fell 4 percent year-on-year to $19.2 million, following a 6.1 percent decrease in net property income to $24.2 million.
NPI slid amid year-on-year occupancy declines, the trust’s manager said. WeWork vacated in the fourth quarter of 2021, while Whitney Bradley & Brown vacated in the third quarter of this year. Read more>>
The manager of First REIT on Tuesday reported a distribution per unit of S$0.0066 (now $0.0047) for the third quarter ended September, up slightly from S$0.0065 in the year-earlier period.
The quarterly DPU of S$0.0066 has been unchanged since the fourth quarter of 2021, and total DPU for the first nine months of 2022 stood at S$0.0198, up 1.5 percent from the corresponding period a year earlier. Read more>>