SF is hoping a warehouse REIT IPO will deliver some fresh cash
In Mingtiandi’s latest roundup of regional news headlines, China’s largest listed courier service looks to spin off several logistics assets to an offshore REIT, Vanke edges closer to a property management IPO that could happen at the end of this year, and Standard Chartered is slashing office space in Singapore and halving its branch network worldwide.
SF Holding to Spin Off $786M of Logistics Assets in HK REIT
SF Holding, China’s largest listed courier provider, plans to inject three logistics centres worth HK$6.1 billion ($786 million) into an offshore REIT to be listed in Hong Kong as part of a plan to free up cash from its assets.
A listing application for SF Real Estate Investment Trust was submitted to the bourse operator on 23 April, and relevant agreements on its proposed listing will be signed soon, SF Holding said in an exchange filing late Wednesday. Read more>>
China Vanke Prepares for $2B Property Management IPO
China Vanke is working with an adviser to prepare for a listing of its property management business in Hong Kong that could raise about $2 billion, people with knowledge of the matter said.
The Shenzhen-based company, China’s largest developer by market value, is holding talks with several other banks for the offering, which could take place as soon as the end of this year, the people said. The use of technology in its real estate management could help boost the unit’s valuation, the people said. Read more>>
Standard Chartered Considers Slashing Singapore Office Space
Standard Chartered is weighing options to downsize its office space in what could become the biggest floor cuts by a bank in Singapore in recent years, according to people familiar with the matter.
The London-based bank is weighing options that would see it give up some of the 21 floors it leases at Marina Bay Financial Tower 1 in the business district, according to the people, who requested not to be named because the matter is private. Read more>>
Stanchart to Cut Branch Network in Half as Quarterly Profit Beats Views
Standard Chartered is to reduce its global branch network by half to around 400 to cut long-term costs after the bank reported a stronger-than-expected first-quarter profit.
The UK-based lender, which had as many as 1,200 branches worldwide in 2014, said on Thursday that it would shrink the network to a third of that total as it continues to give up office space worldwide. Read more>>
ESR-REIT Offloads Two Properties for $40M
ESR-REIT is divesting of its properties at 11 Serangoon North Avenue 5 and 3C Toh Guan Road East for S$53 million ($40 million), the REIT manager said Wednesday.
The price is a 5 percent premium to the properties’ total fair value of S$50.5 million as of 31 December 2020, and a 7.1 percent premium to their total acquisition price. Read more>>
Hong Kong’s Land Revenue Fell to 5-Year Low in 2019-20
The Hong Kong government collected just HK$88.7 billion ($11.4 billion) last year in land premium revenue, the least it has received in five years, new figures show.
The revenue — which mostly comes from the sale of government land, modifications to existing leases and other fees — accounted for only 16.3 percent of total inflows into government coffers in the 2020-21 financial year. It was still the second-largest source of government income, however, behind profits tax, which accounted for almost a quarter of total revenue. Read more>>
Li Ka-shing Property Empire Estimated at 2.8 Times Market Value
CK Asset Holdings owns close to HK$500 billion ($64.4 billion) worth of properties worldwide, 2.8 times its market capital, the company said in a report published in preparation for a buyback programme.
Properties in Hong Kong and mainland China account for more than HK$420 billion of the sum, while the rest of the real estate is in Australia, the Bahamas, Singapore and the UK. Read more>>
Alibaba Injects Online Property Platform Tmall Haofang Into E-House
Alibaba Group Holding, the world’s largest e-commerce platform, is injecting its online real estate sales platform into one of China’s biggest property agencies, more than doubling its stake in E-House China Enterprise Holdings as the pandemic accelerates the migration of retail sales to online marketplaces.
The e-commerce giant will inject its stake in its real estate marketplace Tmall Haofang into its partner E-House for shares. In turn, Alibaba will become the second-largest shareholder of E-House, whose shares are traded in Hong Kong. The exercise boosted E-House’s shares by as much as 13.4 percent to an intraday high of HK$9.12 ($1.17) in an advancing market, before closing 0.5 percent lower at HK$8. Read more>>
Mitsui Fudosan’s 1st Overseas LaLaport Mall Opens in Shanghai
Japanese real estate giant Mitsui Fudosan on Wednesday opened its first overseas LaLaport shopping complex in Shanghai, in an effort to meet the expanding consumer needs of upper- and middle-income Chinese households.
The 55,000 square metre (592,015 square foot) mall is planned to be fully open by this fall with about 180 shops, Japanese restaurants, a cinema and the first full-sized Gundam statue outside of Japan. Read more>>
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