In Mingtiandi’s latest roundup of regional news headlines, mainland conglomerate Dalian Wanda seeks to raise $3 billion for the IPO of its commercial property management business, a Hong Kong billionaire puts a historic California home on the block, and Singapore-listed Keppel DC REIT’s distribution per unit jumps after a productive 2020.
Dalian Wanda Raising $3B Ahead of HK IPO
Chinese conglomerate Dalian Wanda Group aims to raise RMB 20 billion ($3.08 billion) for its commercial property management business before listing the unit in Hong Kong by year-end, two people with direct knowledge of the matter told Reuters.
Wanda is targeting primarily private equity investors for Wanda Light Asset Commercial Management, aiming for a valuation of RMB 200 billion, said the people. Read more>>
Gaw Puts Historic California Mansion on the Market for $21.5M
Goodwin Gaw’s most prized Southern California property is the Hollywood Roosevelt Hotel, but over in the affluent enclave of San Marino, the billionaire investor is offering up another impressive estate: the Mrs James Skinner House.
The historic home, built by architect Wallace Neff 92 years ago, just hit the market for $21.5 million. Read more>>
Keppel DC REIT’s Q1 DPU Jumps 18.1% as Income Grows 10%
Keppel Data Centre REIT on Tuesday posted a distribution per unit of 2.462 Singapore cents ($0.02) for the first quarter, up 18.1 percent from the first quarter of last year, buoyed by accretive acquisitions and asset enhancements in 2020.
Distributable income went up 17.5 percent year-on-year to S$42.03 million, the REIT said in an operational update. Read more>>
Blackstone Edges Closer to India Warehouse Deal
Blackstone Group, already the largest owner of office buildings in India, is about to become one of that country’s biggest owners of warehouses, too.
The investment firm is on the verge of buying 3.5 million square feet (325,161 square metres) of industrial warehouses, as well as development sites that could house another 18 million square feet of logistics properties, according to people familiar with the matter. The firm plans to spend about $720 million to acquire the existing buildings and develop the sites, the people said. Read more>>
Hongkongers Seen Boosting Demand for Guangdong Homes
Buyers from Hong Kong are expected to recharge demand for homes in the Greater Bay Area as cheaper loans and seamless cross-border remittances add to the appeal of working and living in the region.
ICBC Asia, the local unit of China’s biggest lender by assets, said demand from local buyers for mortgage financing of Bay Area homes surged last quarter as the economies in mainland and Hong Kong showed signs of recovery after forecasts for annual growth in 2021. Read more>>
Singapore’s Rise as Asia HQ Hub Buoys Office Market
With the COVID-19 pandemic having brought about a wider acceptance of remote working, Singapore must keep up efforts to remain a vibrant regional hub, observers told the Business Times.
While the regional hub model has not lost its relevance, further economic reopening is critical in helping the country maintain its status as one, they said. Read more>>
Hong Kong Exodus May Drive Up Housing Vacancy Says Bloomberg
The number of homes standing empty in Hong Kong may climb to an 18-year high in 2021 as thousands of families flee to the UK, according to a Bloomberg estimate.
The proportion of vacant units could surge to 5.4 percent, according to a Bloomberg Intelligence forecast based on a scenario in which 1 percent of households vacate their private dwellings and head overseas. Read more>>
Keppel Mall in Singapore’s Katong Area to Reopen This Year
The i12 Katong mall will reopen in the fourth quarter of this year after closing its doors for renovation in early 2020, said operator Keppel Land.
Located at the junction of East Coast Road and Joo Chiat Road, the six-storey, 210,000 square foot (19,510 square metre) mall will boast new retail tenants, a modernised interior and upgraded amenities to reflect “the Katong way of life”, the company added. Read more>>
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