Evergrande boss Xu Jiayin has suffered another downgrade
In today’s roundup of regional news headlines, embattled developer Evergrande is dropped from one of Hang Seng’s Hong Kong stock indices, data centre platform STT GDC explores the Philippines, and British tech firm Dyson moves into its new global headquarters in Singapore.
Evergrande Loses Hang Seng Spot as JD, Netease Gain
Hong Kong’s benchmark provider Hang Seng says it will remove troubled Chinese real estate developer Evergrande from one of its indexes, the China Enterprises index.
At the same time, it’s set to add Chinese tech giants JD and Netease to its main benchmark Hang Seng index. All the changes will take effect on 6 December. The index provider did not provide a reason for the decision to remove Evergrande from the 50-stock China Enterprises index. Read more>>
Shares of China Evergrande’s EV Unit Drop After $347M Share Placement
Shares of China Evergrande New Energy Vehicle Group reversed gains to drop as much as 3.1 percent to HK$3.42 ($0.44) by late morning on Monday, after the company said it planned to raise around $347 million in a share placement.
Embattled property developer China Evergrande’s EV unit said Friday that it would issue about 900 million shares, or 8.3 percent of the enlarged capital, at HK$3 each through a top-up placement. Read more>>
ST Telemedia Data Centres Locks In Philippines JV
Singapore-based ST Telemedia Global Data Centres (STT GDC) has signed an exclusivity agreement with digital platform Globe to explore joint venture options that could see the operator enter the Philippines by acquiring a minority share in Globe’s data centre portfolio (Globe DC).
Under the exclusivity deal, Globe and STT GDC will enter into discussions and aim to sign definitive agreements related to Globe DC. Read more>>
Dyson Moving Into New Global HQ at SG’s St James Power Station
British tech company Dyson has completed the first phase of the restoration of the historic St James Power Station, and on Friday it began the move into its new global headquarters.
The firm — founded by billionaire industrial designer and inventor James Dyson and known for its bagless vacuum cleaners — said it plans to hold an official opening ceremony next March. Read more>>
CapitaLand-CDL JV CanningHill Piers Sells $808M in Opening Weekend
A sprawling penthouse unit atop the luxury residential condominium CanningHill Piers fetched S$48 million ($35.3 million) during its launch weekend, a testament to the red-hot demand for high-end real estate in Singapore.
The price tag for the 8,956 square foot (832 square metre) apartment — set to be the highest unit atop the tallest residential development along the Singapore River — translates to about S$5,360 per square foot. Read more>>
Hong Kong Homebuyers Snap Up Flats at Kennedy Town Project
Homebuyers on Saturday flocked to the first new flat sale in five years at Kennedy Town, which property agents attributed to the project’s ideal location in the northwestern part of Hong Kong Island and the large developers behind it.
Sun Hung Kai Properties sold 100 of the first batch of 130 small units on offer, with sizes of 229-332 square feet (21-31 square metres), as of 6pm at Kennedy 38, a joint venture with Henderson Land Development and Wheelock Properties. Read more>>
Savills IM, Lim Family Office Call UK Retail Parks ‘Mispriced’
A bright spot in the form of out-of-town, big-box retail parks in Britain may have been overshadowed by the gloom in the broader retail landscape, but a group of Singapore-based investors and Savills Investment Management are paying attention.
In a joint interview, the real estate investment manager told the Business Times that the “overlooked and oversold” asset class has stayed resilient to structural headwinds, amid steady occupier demand and dwindling supply of available stock. Read more>>
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