Daishin Securities has failed in its second attempt to sell its headquarters building
The collapse of a Korean office deal leads this edition of Mingtiandi’s headline roundup, with Daishin Securities pulling the plug on the sale of its Seoul headquarters to NH-Amundi. Also making the list, a Shenzhen private developer exits a central Sydney project and a CDL-backed co-working operator sues its former boss.
Daishin Securities Walks Away From $497M Deal to Sell HQ to NH-Amundi
Daishin Securities has called off a plan to sell its headquarters building in a central business district of Seoul to NH-Amundi Asset Management for KRW 660 billion ($497 million) after the latter failed to recruit investors for its acquisition fund.
This was the South Korean securities firm’s second attempt to sell its main office building in the capital city, after its previous deal with IGIS Asset Management collapsed in August last year due to differences over the sale price. Read more>>
Shenzhen Developer Dumps $2B Sydney Development Project
The exit of Chinese developers from large Australian projects is picking up pace, with offshore company Han’s Holdings Group selling a site it had assembled overlooking Sydney’s Hyde Park for a A$3 billion ($2 billion) project.
The private group has quietly dumped plans for a dramatic 80-storey twin-tower scheme in the midtown precinct of Sydney’s central business district and sold the site to local developer Billbergia in an off-market deal. Read more>>
CDL-Backed Co-Working Operator Sues Former CEO in Singapore
Distrii Singapore, which once operated one of the city-state’s largest co-working spaces, is suing its former CEO for failing to act in good faith and breaching her fiduciary duties.
Court documents say that Distrii, which failed to pay City Developments Ltd more than S$2 million ($1.5 million) in rent (as at February 2024) for its 62,000 square feet (5,760 square metres) of commercial space in Republic Plaza, vacated the premises in March. Read more>>
Vanke Lands $1.6B Loan From Ping An, Bank of Communications
China Vanke shares saw a 2.5 percent increase in Hong Kong after acquiring a loan of RMB 11.5 billion ($1.6 billion). The loan comes from Ping An Bank, with a total loan principal of RMB 3.5 billion, as well as RMB 7.98 billion from a syndicate led by the Bank of Communications.
Vanke’s peer Country Garden is seeking to extend the grace period for its domestic bond repayments by six months to March 2025, mainland media reported. The debt-laden company said the industry is still full of challenges and its sales have continued to face pressure, affected by the weakening market consensus and weak demand. Read more>>
Kuala Lumpur Supertall to Test Office Demand
A quarter-century after the Petronas Twin Towers became the world’s tallest buildings and reshaped Kuala Lumpur’s skyline, Malaysia’s capital is continuing to add new skyscrapers despite growing doubts over the level of demand for property.
Kuala Lumpur already has more supertall buildings than all but seven cities, and recently it’s added another: the 678.9 metre (2,227.4 foot) Merdeka 118, which will fully open to the public later this year. A long spire helped it edge out the Shanghai Tower to become the second-tallest building in the world after Dubai’s Burj Khalifa. Read more>>
China Tempts Investors With Pilot Scheme for Foreign-Owned Hospitals
China on Sunday said it would allow the establishment of wholly foreign-owned hospitals in nine areas of the country including the capital, as Beijing tries to attract more foreign investment to boost its flagging economy.
In a document on the official website of China’s commerce ministry, it said the new policy was a pilot project designed to implement a pledge the ruling Communist Party’s Central Committee led by Xi Jinping made at its July plenum meeting held roughly every five years. Read more>>
Chinachem Hospitality Unit Eyes Global Expansion
Nina Hospitality, the hotel unit of Hong Kong-based private developer Chinachem Group, is looking to expand into mainland China and overseas markets such as the UK, Australia and Singapore within two years.
The company is setting the goal after a 2021 rebranding effort helmed by managing director Simon Manning, who joined the company the same year. Read more>>
Abrupt Closure of Hong Kong’s Physical Gyms Prompts Deluge of Complaints
The amount of money involved in complaints against a recently closed fitness chain has exceeded HK$17 million ($2.2 million), Hong Kong’s consumer watchdog has revealed, with the biggest sum at HK$653,600.
The Consumer Council said Sunday that it had received 521 complaints within two days of Physical Health Centre abruptly closing all its branches, while hundreds of disgruntled members and former employees separately sought help from a trade union group and a district councillor. Read more>>
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