CIFI Mulls Exit From Property Management Arm and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, troubled developer CIFI prepares to sell a stake in its services division, Blackstone taps the brakes on an eagerly awaited private equity fund, and Sun Hung Kai Properties announces the completion of a Kowloon East office project.

CIFI to Sell Shares Worth $328M in Services Unit to Ease Liquidity Crisis

CIFI Holdings is disposing of shares in a subsidiary to ease its liquidity crisis, the Shanghai-based developer said Monday, joining a flurry of asset sales by similarly indebted property firms.

The cash-strapped builder is considering the disposal of its entire shareholding in CIFI Ever Sunshine Services Group, a provider of property management services, through a public bidding process, CIFI said in a statement on its website. CIFI holds 23.26 percent of the shares of CIFI Ever Sunshine. Read more>>

Blackstone May Slow Launch of Private Equity Fund After Withdrawals

Blackstone has warned of the risk of delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele.

The New York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund, or BXPE, that would become its flagship strategy for rich individuals to participate in its private equity business. Blackstone has historically catered to institutional clients such as pension funds. Read more>>

SHKP and TIH Complete The Millennity in Kowloon East

The Millennity, a commercial project in Kowloon East developed by Sun Hung Kai Properties and Transport International Holdings, is now complete.

Located at 98 How Ming Street in Kwun Tong, close to Kwun Tong and Ngau Tau Kok MTR stations, the 650,000 square foot (60,387 square metre) office development spans two blocks and will become an integral part of SHKP’s commercial hub in Kwun Tong, the developer said. Read more>>

Singapore Condo Resale Volumes Continued to Fall in November

The number of condominium resale units changing hands in Singapore continued to fall in November after registering a sharp decrease the month before, according to flash figures from SRX and 99.co on Tuesday.

This came as high interest rates and cooling measures weighed on buyer demand, particularly price-sensitive Housing and Development Board upgraders, property analysts said. Read more>>

Country Garden, Longfor Get New Offshore Loans From Big Banks

Country Garden and Longfor Group are among the first private Chinese developers lined up to receive offshore loans that could help their debt repayment, in the latest sign of support for the stricken property sector.

ICBC plans to provide $300 million in offshore loans to Country Garden backed by a domestic guarantee, Chinese media outlet Cailian reported Monday, citing unidentified people. The exact amount isn’t final, according to the report. Read more>>

Shareholders Approve Merger of Fosun’s Lanvin Group With SPAC

Fosun International’s Lanvin Group, a luxury fashion brand, and Primavera Capital Acquisition Corporation on Monday announced that PCAC shareholders approved the previously announced business combination with the group at an extraordinary general meeting of shareholders on 9 December.

Shareholders of the group also approved the business combination at an extraordinary general meeting of shareholders on 9 December. The business combination is expected to close on 14 December, subject to customary closing conditions. Read more>>

Singapore’s F&B Space Could See Uptick in M&A Activity

Singapore’s food and beverage space could soon see an uptick in mergers and acquisitions amid an increasingly challenging macroeconomic environment.

Industry players and market watchers told the Business Times that they see more businesses up for sale, while others seek growth capital to get back on track. Some acquisitions of home-grown brands have made the news in recent months. Read more>>

Listing Platform Ohmyhome Expects to Raise Over $14.6M in US IPO

Ohmyhome, a Singapore-based real estate platform, has filed for a US initial public offering aiming to raise over $14.6 million, according to a US Securities and Exchange Commission document seen by the Business Times on Tuesday.

The company intends to do so by issuing 3.25 million shares under its Cayman Islands-incorporated entity, Ohmyhome Ltd, at between $4 and $5, its midpoint being $4.50. Read more>>

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