In today’s roundup of regional news headlines, debt-saddled EC World REIT wins extra time to sell a pair of Hangzhou properties, and high-flying Singapore struggles to develop its stock market into a powerhouse.
The manager of SGX-listed EC World REIT has been granted a waiver by the Monetary Authority of Singapore to divest of its Chinese logistics properties, Bei Gang Logistics and Chongxian Port Logistics.
Under the MAS’s code on collective investment schemes, the REIT was supposed to complete the proposed divestment by 16 June, six months after its unitholders approved the divestment. With the new extension, the divestment will have to be completed by 31 October instead. Read more>>
Singapore is thriving as an Asian finance hub. Record amounts of capital are flowing into the city-state from China, Southeast Asia, the US and elsewhere. Not only did Singapore gain from the closure of rival Hong Kong during the pandemic, but the nation has benefited from a more neutral approach in a world marked by geopolitical polarisation.
But it has struggled with its ambitions for a key part of its finance hub strategy — to develop a thriving stock market with a pipeline of new equity listings. Read more>>
Pacific Equity Partners is understood to have offered just over A$700 million ($475.6 million) for the Australian cinema chain Hoyts, the company owned by China’s Dalian Wanda, which is facing financial pressure from its lenders.
While the Sydney-based buyout fund was working hard on an acquisition a few weeks ago, a deal remains on the go-slow in what is understood to be a complex situation. Read more>>
A freehold bungalow along Kew Drive, off Upper East Coast in Singapore’s District 16, has been sold for S$16.3 million ($12.2 million).
The price works out to S$1,134 per square foot. Mey Lim and Lawrence See of GCB Collective, a team of bungalow specialists at Huttons Asia, brokered the sale. In terms of absolute price, this is the highest ever for a house in the Kew estate, See said. Read more>>
Co-location provider NTT and Indian developer Prestige Group are partnering on a 100-megawatt data centre campus in Bengaluru.
Prestige will construct three data centre buildings for NTT, covering 350,000 square feet (32,500 square metre) as part of the INR 700 crore ($84.8 million) deal. Read more>>
Chinese developers garnered the lowest amount of financing in May since 2020 as market sentiment remained low amid poor housing sales despite eased funding rules.
Some 80 property developers raised RMB 26.3 billion ($3.7 billion) last month, down more than 56 percent from April and over 60 percent lower than a year ago, as the headline sum hit a three-year low, according to real estate data provider CRIC. Read more>>
Two years after a crisis erupted at China’s developers, leaving bills unpaid, homes unbuilt and creditors trying to recover the scraps from defaulted firms, a burning question remains: why are real estate tycoons still owning and running their companies?
Xu Jiayin, the billionaire founder of China Evergrande, could wind up keeping almost 42 percent of his shares in the world’s most indebted developer, according to a restructuring proposal. Zeng Jie, also known as Baby Zeng, might ultimately retain a 45 percent stake in Fantasia Holdings under an overhaul plan. Read more>>
Harry Winston has announced the opening of its first retail location in China’s Nanjing, taking the high-end US jeweller’s store count to seven in the nation.
Located inside Deji Plaza, a luxury shopping spot in Xinjiekou, the 213 square metre (2,293 square foot) salon will house Harry Winston’s jewellery and timepiece collections, including fine diamonds and rare gemstones. Read more>>