In our latest roundup of regional news headlines, China Logistics’ two biggest shareholders set in motion a plan to sell a 50 percent stake in the firm, a Hong Kong mixed-use property formally changes hands, and Singapore developer CDL obtains a “green” revolving credit facility.
China Logistics Property Holdings’ two biggest shareholders have kicked off a plan to sell their stakes in a move that could trigger a takeover offer of the logistics operator, according to a sales document and people familiar with the matter.
RRJ Capital and China Logistics chairman Li Shifa aim to sell their combined 50 percent stake in the Hong Kong-listed company, valuing it at about $2 billion, or a more than 20 percent premium to the latest price, said the people, asking not to be identified as the matter is private. The first non-binding bid is due around mid-January, the people said. Read more>>
Swire Properties, together with Swire Pacific, has sold Cityplaza One for more than HK$7.27 billion ($940 million) in cash and 2,200 consideration shares, representing 22 percent of the buyer’s shares, the companies said.
Meanwhile, Gaw Capital announced that its management fund and consortium partners, including Schroder Pamfleet and BOC Life, have acquired the property. Read more>>
Hong Kong looks likely to record its first annual drop in home prices for 12 years as a fourth wave of coronavirus infections threatens to worsen the city’s recession and unemployment problem.
The official price index for used homes slipped 0.2 percent to 380.4 in November, the lowest level in seven months, according to an earlier-than-expected release from the Rating and Valuation Department on Tuesday. Read more>>
City Developments Ltd has obtained a five-year S$470 million ($354.9 million) green revolving credit facility for refinancing its flagship Republic Plaza commercial property and on-lending to other eligible green projects.
These other green projects are those defined in CDL’s sustainable finance framework, the mainboard-listed property developer said in a press statement on Wednesday. Read more>>
Stamford Land Corporation will be divesting Stamford Green, a Grade A commercial development in Perth, for A$67.8 million ($52 million).
Formerly known as Dynons Plaza, the property comprises a 14-storey office building and three adjacent heritage premises. Read more>>
Days before Hong Kong’s typical weekend sales launch of residential property, Sammy Po Siu-ming would arm himself with thousands of cashier’s orders for a quaint ritual in the world’s costliest real estate market.
Across 400 branches at Midland Realty, the chief executive of one of the city’s biggest realtors’ networks must get ready for customers who walk in without the requisite HK$100,000 ($12,800) cashier’s order that qualifies them to bid for new property. Po would exchange a cashier’s order for every fee paid by credit card, because agents are forbidden by law to lend money to customers. Read more>>
Taubman Centers announced that, at a special meeting of shareholders, its shareholders on Tuesday approved and adopted a previously announced amended and restated merger agreement, dated 14 November 2020, among the company, Taubman Realty Group Limited Partnership, Simon Property Group Inc and certain other parties, and the transactions contemplated by the merger agreement.
Over 99.9 percent of the shares voted were in favour of the merger agreement and the transactions, which constitutes approximately 80.1 percent of the outstanding shares entitled to vote. Shares voting in favour also included approximately 71.7 percent of the outstanding shares entitled to vote held by shareholders other than the members of the Taubman family. The final vote results, as certified by the independent Inspector of Election, will be filed on a Form 8-K with the US Securities and Exchange Commission. Read more>>
JTC on Tuesday launched industrial site Plot 7 at Jalan Papan for tender, marking the last of three confirmed list sites under the second half of Singapore’s 2020 industrial government land sales programme.
Spanning almost 0.9 hectares (2.2 acres), the site has a gross plot ratio of 1.4 and comes with a 20-year tenure. It is zoned B2 for heavy industrial use. Read more>>