Digital Core REIT is opting out of this Digital Realty data centre in Dallas
In today’s roundup of regional news headlines, Singapore-listed Digital Core REIT proceeds with buying a stake in a German data centre while forgoing an acquisition in Dallas, and a journalistic probe illuminates casino boss Steve Wynn’s shadowy connections in China.
Digital Core REIT Buying 25% Stake in Frankfurt Asset, Passes on Dallas Deal
Digital Core REIT is proceeding with the option to acquire a 25 percent interest in a freehold data centre in Frankfurt on a fully debt-funded basis.
This transaction was floated as one of two possible scenarios on 22 September, when the trust’s manager first announced plans to expand its portfolio with acquisitions in Germany and, potentially, the US. In an alternative scenario, the REIT would acquire majority interests in both the Frankfurt facility and another freehold data centre in Dallas — the latter of which it no longer plans to pursue. Read more>>
Investigation Sheds Light on Steve Wynn’s Macau Business Partners
In many ways, Stephen A Wynn is synonymous with Las Vegas. The larger-than-life casino mogul was key to remaking the Las Vegas Strip from an organised-crime-controlled backwater into a modern, family-friendly entertainment destination in the 1980s, with properties that include American casino icons like the Bellagio and Treasure Island.
But in a strange twist, the career and legacy of Steve Wynn — now 80 years old — may end up being defined by Macau, the Chinese gambling capital, and Wynn’s dealings with Beijing elite while doing business there. Read more>>
Charming Garden Complex Up for Collective Sale at S$175M
Charming Garden condominium in Singapore’s District 10 has been launched for collective sale at a guide price of S$175 million ($129 million), sole marketing agent Colliers said Monday.
The price tag translates to a land rate of about S$2,096 per square foot per plot ratio or S$2,074 per square foot of land area, according to Colliers. Read more>>
China Builder Bonds Pop on Word of Banks Helping Repay Overseas Debt
The price of corporate bonds issued by Chinese real estate firms skyrocketed in the wake of market speculation that four state-owned banks would help some developers repay their overseas liabilities.
CIFI Group’s bonds closed between 24 and 43 percent higher on Monday. Those of Shimao Property Holdings, KWG Group Holdings, Sino-Ocean Group Holding, Times China Holdings and Country Garden also soared. Read more>>
Sunac, Agile See Sales Slump More Than 70%
Chinese developers Sunac and Agile Group saw their contracted sales slump more than 70 percent last month.
Sunac’s contracted sales plunged by 78 percent to RMB 8.04 billion (now $1.15 billion) last month compared with a year ago, with the contracted sales area dropping by the same figure to 605,000 square metres (6.5 million square feet), with an average selling price of about RMB 13,290 per square metre. Read more>>
Analysts Hunt for Clues of China Property Market Turnaround
China has taken several significant steps recently to reverse the country’s worst property slump in modern history, leaving economists searching for signs of turnaround clues.
Home sales, land purchases, new housing starts and developer financing will all be key to showing how well the sector is able to recover in the coming year, economists told Bloomberg. Read more>>
SingHaiyi Inaugurates Dunman Grand Condo in District 15
SingHaiyi Group has launched its Dunman Grand condo project in Singapore’s District 15.
The project will be built on 271,622 square feet (25,235 square metres) of land and potentially feature more than 1000 residential units. Read more>>
Luxury Store Fortnum & Mason Opens New Outlet at Hong Kong Airport
Luxury British brand Fortnum & Mason is betting on a rebound in Hong Kong’s retail sector as it gets ready to open a new store at the international airport, making it the brand’s first travel retail boutique in Asia.
With the end of inbound travel restrictions for the city and a potential uptick in outbound travellers, Hong Kong International Airport is set to regain its status as a major global travel hub, the company said Monday. Read more>>
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