A higher offer for the Crowne Plaza Dallas fell apart in May
In today’s roundup of regional news headlines, one of Eagle Hospitality Trust’s holdout hotels looks poised to sell at a reduced price, South Korea’s public pension fund reports robust year-to-date growth, and Hong Kong’s retail sales continue to grow, albeit at a slower pace.
EHT Dallas Hotel to Sell for $15.5M After Higher Offer Vaporises
Embattled Eagle Hospitality Trust (EHT) is set to sell one of the last three hotels in its portfolio for a lower price, after an earlier attempt was aborted in May.
Crowne Plaza Dallas Near Galleria-Addison will be sold to original buyer Lockwood Development Partners for $15.5 million, Eagle Hospitality REIT (EH-REIT) trustee DBS Trustee announced on Friday. Read more>>
Korea’s NPS Gained 5.8% in First Five Months of 2021
South Korea’s public pension fund, the National Pension Service, gained a cumulative 5.8 percent in the first five months of this year, a preliminary estimate showed Friday.
This robust growth brought the value of the world’s third-largest pension fund to KRW 892.3 trillion ($775.9 billion) as of May, approaching the unprecedented KRW 900 trillion mark despite lingering COVID-19 uncertainties in the global capital market. Read more>>
Hong Kong Retail Sales Grew at Slower Pace in June
Hong Kong’s retail sales climbed for the fifth straight month in June, helped by an improved labour market and a stabilising COVID-19 situation, though demand was hampered by weak tourism.
Retail sales in June rose 5.8 percent from a year earlier to HK$28.1 billion ($3.61 billion), government data showed Monday. June’s increase compared with revised 10.4 percent growth in May. Read more>>
China New-Home Price Growth Slows in July
China’s growth in new-home prices slowed in July for the first time in five months, with smaller cities especially weighed down by higher mortgage rates, price caps on resale homes and other steps to cool speculation, a private-sector survey showed Sunday.
New-home prices in 100 cities rose 0.35 percent in July from a month earlier, versus 0.36 percent growth in June, according to data from China Index Academy, one of the country’s largest independent real estate research firms. Read more>>
Singapore’s Sheng Siong Buying Strata Shop for S$17M
Mainboard-listed supermarket operator Sheng Siong Group is buying a strata-titled shop unit at New World Centre for a below-market value of S$17.25 million ($12.8 million), it said on Friday.
Sheng Siong already leases the 1,790 square metre (19,270 square foot) basement property from seller Sino Holdings (S’pore), a wholly owned unit of builder TA Corp. Read more>>
New Territories Home Price Growth Outpaces Kowloon
Residential prices for primary projects in the New Territories have been growing at a faster pace than those in Kowloon, JLL said.
The difference in price premiums between new residential projects in Kowloon and the New Territories narrowed by about 20 percentage points over the past 10 years, with projects in the New Territories boasting a 21 percent lower unit price than those in Kowloon, the research showed. Read more>>
Warehouse Giant GLP Sees Frothy Logistics Valuations
Warehouse giant GLP has observed asset values soaring ever higher in the global logistics sector and compressing cap rates, as a flood of new entrants and investment capital jostle for limited supply.
Over the last 12 months, prices have risen in most of the group’s markets, in some cases clocking increases of more than 20 percent. Read more>>
Activist Investors Push for Sabana REIT Director Seat
Quarz Capital and Black Crane Capital have sent a requisition letter to the manager of Sabana Shari’ah Compliant Real Estate Investment Trust (Sabana REIT), asking to convene an extraordinary general meeting to endorse the appointment of hedge fund founder Chan Wai Kheong as the trust’s independent non-executive director.
Quarz and Black Crane together hold more than 10 percent of the total listed units of Sabana REIT. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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