China and India lead the region’s real estate news today as the mainland’s second-largest builder by sales proposes to share $2.14 billion in profits with its shareholders and one of India’s heavyweights prepares to share its winnings with its major financial backer, GIC. Plus, Blackstone’s long-reported India tech park IPO get reconfigured again, and still more stories await you below.
China Evergrande Group , the country’s second-largest property developer by sales, said on Monday the board proposed a dividend of 1.13 yuan, or HK$1.287, per share for the two financial years of 2016 and 2017.
Evergrande shares closed 4.5 percent higher at HK$28 on Monday. The stock gained 30 percent in the past month. Read more>>
Realty major DLF will settle Rs 8,500 crore ($1.2 billion) payable to its joint venture with Singapore’s sovereign wealth fund GIC by 2020, mainly by transferring certain assets, the company said.
In the joint venture firm DLF Cyber City Developers (DCCDL), DLF has 66.66 per cent stake while GIC has 33.34 per cent shareholding. DCCDL currently holds about 27 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 2,400 crore. Read more>>
The Blackstone Group Lp, the US-based global PE giant, plans to put on hold its plan to sell its IT Parks in Pune, and may consider to pull these assets into the upcoming REIT (Real Estate Investment Trust), lunching along with Embassy Office Parks. However, Blackstone is not yet concluded its discussions with global PE firm, The Xander Group, which has emerged as the frontrunner to acquire these assets following their bid, said multiple persons familiar with the development.
Blackstone had put its BlueRidge special economic zone (SEZ) and IT SEZ in Hinjewadi area of Pune up for sale. Investment bank Morgan Stanley is the exclusive advisor to Blackstone. Read more>>
Kerry Properties’ (0683) underlying profit decreased 45 percent to HK$1.6 billion in the first half of 2018. It was mainly due to the provision for impairment loss for property under development in Macau and the adoption of new accounting standards starting from 1 January 2018, the company explained.
However, if including HK$2.4 billion from increase in fair value gain of investment properties, the net profit rose 21 percent year on year to HK$4 billion. Read more>>
A plan to convert Midtown’s iconic Waldorf Astoria hotel into a condominium building has hit a bit of a snag, but construction is moving forward, the development group behind its conversion announced.
Interior demolition and pre-construction work has been completed and contracting firm AECOM Tishman is ready to begin converting the former 1,400-room hotel into a development featuring about 350 condo units and 350 hotel rooms, Chinese-based developers Anbang Insurance Group announced. Read more>>
The Estate Agents Authority (EAA) plans to crack down on misleading property advertisements as agents continue to market a host of properties at below-market values and even after they have been rented out.
Last week, Ricacorp Properties took the initiative to remove 9,000 property listings from more than 15,000 on its website because they either had false information or were duplicates, resulting from multiple uploads by different agents. Read more>>