In today’s roundup of regional news headlines, the hits keep coming for embattled Chinese developers, with Evergrande reportedly stripped of its soccer stadium and Fantasia facing a wind-up petition. Meanwhile, data centre operator Global Switch is said to have drawn interest from US buyout giants Blackstone and KKR.
A government body has taken over China Evergrande Group’s soccer stadium with a view to selling it, a source with direct knowledge of the matter told Reuters, as the debt-laden property developer scrambles to meet liabilities.
Evergrande, which has been struggling to meet repayments on more than $300 billion in debt, is also considering selling money-losing Guangzhou Football Club, the source said. Read more>>
Fantasia Holdings Group said a major subsidiary was facing a wind-up petition filed by its creditors, which could force the debt-ridden Chinese developer into insolvency.
The Shenzhen-based developer said in a stock exchange filing on Thursday evening that the petition was related to a $149 million loan of which Fantasia Investment Holdings was a guarantor. Read more>>
Global Switch is being looked at as an acquisition target by a number of investment and data centre firms. Bloomberg reports that Blackstone and KKR are among potential suitors weighing bids for data centre firm Global Switch Holdings.
DigitalBridge, Digital Realty and Equinix have all also reportedly expressed preliminary interest in buying the firm, which operates 13 facilities across Europe, Australia and Asia. Read more>>
IndoSpace, an India-based unit of GLP, has agreed to invest INR 1,000 crore ($134 million) in a joint venture with Pune-based KSH Infra to develop a 10 million square foot (92,903 square metre) portfolio of world-class warehousing and logistics parks across the country over the next five years.
The JV will focus on premium micro-markets such as Pune, Mumbai, Delhi-NCR and Bengaluru, the company said in a statement. Read more>>
Hong Kong private home prices, among the most expensive in the world, dropped for the second straight month in October, official data showed on Friday, softening from a record high as potential buyers turned more cautious before a policy meeting.
The prices eased 0.9 percent in October from September, compared with a revised 0.03 percent fall in September. Home prices had risen for eight months before that to hit historical highs, levels that were last seen in May 2019 before the pandemic and anti-government mass protests in the city. Read more>>
The eight-week restriction clause imposed by Keppel does not apply if either Keppel or Singapore Press Holdings shareholders vote against the former’s proposed acquisition at the relevant extraordinary general meetings.
This is also the case if Keppel exercises its switch option where the group makes a voluntary cash offer for SPH, Cuscaden Peak said Friday in response to questions from the Securities Investors Association Singapore. Read moree>
Yanlord Land Group said it achieved pre-sales transactions totalling RMB 5.08 billion ($800 million) from selling out all the units at the launch of apartment units at Yanlord Arcadia in Shanghai.
A total of 299 fully-fitted high-rise residential apartments, located in the inner ring of the city’s Yangpu district, were released at the launch, with sizes in the range of 80 to 271 square metres (861 to 2,917 square feet). Read more>>
Nam Tai Property said its board has received a written request from Greater Sail Ltd and others, who in aggregate are entitled to exercise more than 30 percent of the voting rights of the outstanding shares in the company, calling for the company to hold a special meeting of shareholders to consider certain changes to the board of directors after the special meeting to be held on 30 November and on or before 23 December.
The board has reviewed the purported request from the requisitioning shareholders. Based on the information provided to date, the board has determined that the request is in accordance with the company’s governing documents and relevant British Virgin Islands laws. Read more>>