Evergrande boss Hui Ka-yan may need to jump start his electric vehicle hopes
In our latest roundup of regional news headlines, Evergrande seeks help from deep-pocketed Hong Kong investors to boost its electric car venture, Singapore’s Boustead Projects launches an industrial fund to hold the firm’s real estate assets, and Frasers breaks ground on a billion-dollar logistics estate in suburban Sydney.
Evergrande Courts Hong Kong Tycoons to Rev Up Electric Vehicle Push
A former tabloid reporter married to a fugitive, poker-playing billionaire is amongst those backing the world’s most indebted property group’s bid to become a leader in electric cars, regardless of it not having sold a single vehicle.
Evergrande New Energy Vehicle’s Hong Kong-listed shares have risen 81 percent this year, catapulting the Chinese group’s market capitalisation to greater than $63 billion — above that of conventional rivals equivalent to Ford — even as it struggles to get its debut automobile to market. Read more>>
Boustead Projects Launches S$511M Industrial Fund
Boustead Projects has completed transactions related to the establishment of Boustead Industrial Fund (BIF), a private business trust for holding and managing Boustead Projects’ real estate assets.
After its initial announcement of the proposed fund on 31 December 2020, Boustead Projects obtained unanimous shareholder approval for the setup of the fund via an extraordinary general meeting held on 25 February. Read more>>
Frasers Breaks Ground on $1B Sydney Industrial Precinct
Frasers Property Industrial, alongside Sydney fund manager Altis Property Partners, has broken ground on a logistics estate in western Sydney with an end value of more than $1 billion.
The site, which occupies 649-763 Mamre Road in Kemps Creek, southeast of Penrith, lies within the rezoned Mamre Road Precinct, which is set to become an 850 hectare (2,100 acre) warehousing industrial hub as part of the Western Sydney Employment Area. Read more>>
Gome Retail Sells $4.4B in Equity to Repay Debt
Beijing-based home appliances firm Gome Retail has announced a plan to sell HK$4.49 billion ($580 million) worth of new shares to repay debt and to expand its online and offline dual-platform businesses.
The retail chain operator plans to sell 2.28 billion new shares to a unit owned by its controlling shareholder, Wong Kwong-yu, also known as Huang Guangyu, at HK$1.97 apiece, or a 15 percent discount to Monday’s close of HK$2.32. Read more>>
India Warehouse Demand Expected to Grow by 160%
Despite an unfavourable socioeconomic environment, warehousing stock in the top eight Indian cities added 27 million square feet (2.5 million square metres) to reach a total of 238 million square feet in 2020, and demand is expected to grow by 160 percent to reach 35 million square feet in 2021, provided external conditions stay stable, says a report by JLL.
The view is supported by growing demand in sectors such as third-party logistics and e-commerce. 3PL has become one of the fastest-growing segments in the warehousing space, contributing nearly 35 percent of total net absorption in 2020, the highest among sectors. Likewise, many e-commerce categories are expected to do well as consumers shift from offline buying to online, according to the report. Read more>>
SG Developer Seeks Trading Halt on Queries Over Myanmar Project
Emerging Towns & Cities Singapore on Tuesday requested that trading in its shares be suspended, and the real estate developer said it would conduct a review of its contracts with Myanmar government ministries and departments.
ETC is among companies being called out by activists over ties to the Myanmar military, which seized power from the elected government in a 1 February coup. Read more>>
Singapore Industrial Site Being Sold for S$41M
For decades until late 2011, the main Mazda showroom in Singapore was at 1 Kampong Ampat.
In more recent times, until March last year, the site was a showroom and service centre for Volkswagen. The next change at the 67,000 square foot (6,225 square metre) site in MacPherson could well see a new light industrial building come up there. Read more>>
Minor International Rakes In THB 2.5B From Sales of Eight Phuket Villas
Hospitality, restaurant and lifestyle company Minor International has achieved THB 2.5 billion ($110 million) in eight separate residential villa sales in Phuket in the last 12 months.
Its resort-branded residences are Layan Residences and Avadina Hills by Anantara, located on a hill above Layan Beach on Phuket’s northwestern coast. They have 24-hour management, facilities and services provided by the five-star Anantara Layan Phuket Resort, such as a private butler, chef services and a resort-managed rental programme. Read more>>
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