In today’s roundup of regional real estate news headlines, China’s Vanke announces plans to raise development funds, investors react to Link REIT’s proposed rights issue and Singapore’s Keppel Land joins with a local partner to take on more Vietnam projects.
Chinese property giant Vanke plans to raise up to RMB 15 billion ($2.2 billion) in a private placement of A-shares that it says will fund 11 property projects and boost capital reserves.
Vanke plans to sell up to 1.1 billion A-shares, representing 9.46 percent of its total share capital before the issuance, to up to 35 investors, the company said Sunday in a filing with the Shenzhen Stock Exchange. Read more>>
Units of Link REIT are lower after the Hong Kong-based trust unveiled plans to raise $2.5 billion in a rights issue to repay debt and fund future investments.
The trust’s HKEX-listed units were down 13 percent in mid-morning trade Monday at HK$54.85 ($6.99), taking year-to-date losses to 4.3 percent. If the drop holds, it will mark Link’s biggest one-day closing loss since 2008. Read more>>
A multi-storey car park at Textile Centre, an ageing mixed development at the corner of Singapore’s Jalan Sultan and North Bridge Road, has been put up for sale with a guide price of S$36 million ($27 million).
The price is for a 685-lot car park (the biggest strata-titled car park in District 7, according to the property’s marketing agent), as well as a 4,838 square foot (449 square metre) adjacent plot of land that is used as the car park’s driveway and for the loading and unloading area in the development. Read more>>
Centaline Group, which runs Hong Kong’s biggest property agency network, is pushing ahead with a plan to invest in the student housing market overseas as the local property market struggles to recover from a pandemic-induced slowdown.
The group is seeking co-investors for a new $16 million student accommodation property in the midwest US state of Ohio, it said in a briefing last week. Founder Shih Wing-ching expects the target property to attract a “high level of participation” from interested parties. Read more>>
Singapore’s Keppel Land and Khang Dien Group, a leading real estate company in Vietnam, on Friday signed a memorandum of understanding to collaborate on the development of residential projects and sustainable urban developments in Ho Chi Minh City.
In Vietnam, Keppel Land is known for residential developments like Estella Heights, Celesta Rise and Empire City, as well as commercial developments like Saigon Centre in Ho Chi Minh City. Read more>>
The manager of Singapore-listed EC World REIT says its sponsor, Forchn Holdings Group, along with the trust’s lenders have agreed for a portion of the margin deposit to be released from escrow and be used to partially pay the REIT’s outstanding mandatory repayment.
The partial payments would enable the REIT to save on interest payments, the manager said. Read more>>
After abandoning two of the region’s largest markets, co-working operator JustCo says it’s planning to launch more centres in Asia Pacific, claiming profitability under its own customised accounting metrics.
JustCo, which manages 2 million square feet (185,806 square metres) of office space across nine cities, grew rapidly in the wake of WeWork’s meteoric rise and continues to pursue flexible office profitability as the fad loses favour with investors. Read more>>
Joseph Lau has sold a collection of 77 luxury handbags — the majority of which were Hermes designs collected over many years — through an online auction hosted by Sotheby’s, netting $3.2 million for the Hong Kong real estate billionaire, according to Bloomberg calculations.
The sale features limited edition pieces from Jean-Paul Gaultier, the creative director of Hermes from 2004 to 2010, and is the “largest single-owner handbag sale in Asia”, Sotheby’s said in an online post. Read more>>