China’s troubled HNA Group leads the region’s real estate news again today as the once-trigger happy buyer continues to unload assets around the globe. Chen Feng’s transport and tourism-focused group is now said to be selling off Minnesota’s Radisson Hotel chain at the same time that it abandons a $207 million bid for an Aussie trucking firm. Also in the headlines, the home team appears to be beating out competition from Blackstone and Mapletree for a Seoul office tower. All the details on the region’s biggest deals awaits you below.
HNA Group, the Chinese conglomerate selling assets to pay down debt, is exploring a sale of Radisson Hotel Group, according to people familiar with the matter.
HNA has been gauging interest from rival hotel chains and other potential buyers of the Minneapolis-based company, said the people, who asked to not be identified because the matter isn’t public. There is no certainty the talks will lead to a sale, they said. Read more>>
China’s debt-saddled HNA Group Co Ltd canceled its A$280 million ($207 million) purchase of an Australian logistics business on Monday, with the seller citing cashflow problems at the conglomerate among reasons for the deal’s collapse.
HNA’s unsolicited offer for Automotive Holdings Group Ltd’s (AHG.AX) refrigerated trucking arm landed last November, at the tail end of the firm’s $50 billion two-year acquisition spree and just as concerns about its financing costs began to surface. Read more>>
NH Investment & Securities is set to own one of the country’s most expensive buildings, as NH Financial Group’s brokerage affiliate won the right to buy Samsung C&T’s office building in Seocho-dong, southern Seoul.
A consortium led by NH Investment & Securities and Koramco REITs Management & Trust was chosen as the preferred bidder, according to industry and real estate sources on Friday. Read more>>
Global private equity players Blackstone Group, Brookfield Asset Management and Ascendas-Singbridge Group have shown interest in acquiring an information technology park jointly owned by Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors, two people with direct knowledge of the development said.
The commercial property, SP Infocity, located on the Old Mahabalipuram Road in Chennai, has 2.7 million sq ft of leasable space and is 99.4% occupied. Amazon India, World Bank, HSBC and BNP Paribas are some key tenants to have leased space in the property. Read more>>
KEPPEL Corporation on Monday said that it would sell an investment holding company Orbista Pte Ltd for US$30 million, as part of its full divestment in Vietnamese property developer Quoc Loc Phat Joint Stock Company (QLP) that had been earlier announced in June.
Orbista, which holds a 15 per cent shareholding interest in QLP, has been sold to Fortune Paradise Holdings, Keppel said in a regulatory filing.
Keppel, through its property unit Keppel Land, previously owned a total 45 per cent stake in QLP. It sold the equivalent of a 30 per cent stake in QLP in late June for about S$41.2 million to Pham Quang Hung. The earlier divestment translated to a gain of about S$13 million. Read more>>
Land prices in Japan as of January 1 rose for the third consecutive year on the back of brisk demand generated by rising numbers of foreign visitors and urban redevelopment projects, the National Tax Agency said in its annual report released on Monday.
The increase of 0.7 per cent on average from a year earlier represented a higher rate of growth for the second year in a row, but the gap between major cities and rural areas continued to widen, according to the report. Read more>>