In today’s edition of Mingtiandi’s regional news roundup, Hong Kong-listed Evergrande’s property services spin-off reportedly raises $1.8 billion from its IPO, property developer China Overseas Land & Investment acquires a Zhuhai plot for a record amount, and South Korea’s Hana plans an exit from its Amazon logistics centres in Poland.
Evergrande Property Services Group’s initial public offering in Hong Kong has raised HK$14.3 billion ($1.8 billion), with stock sold at the lower end of the price range, three sources with direct knowledge of the matter said.
Half the funds raised will go to the company, with the other half earmarked for debt-laden parent China Evergrande Group. Read more>>
Property developer China Overseas Land & Investment has shrugged aside tightening government curbs on financing to acquire a residential and commercial plot in Zhuhai for the record sum of RMB 10.5 billion ($1.6 billion), the company said on Wednesday.
The plot can yield 450,000 square metres (4,843,760 square feet) in gross floor area, of which about 385,000 square metres has been earmarked for homes. The rest of the land has been set aside for commercial use, such as the development of hotels, shopping malls and community facilities. Read more>>
South Korea’s Hana Alternative Asset Management Co is cashing out of its Amazon.com logistics centres in Poland with better-than-expected returns.
Hana Alternative is negotiating the sale with multiple foreign candidates for an Amazon fulfilment center in Wroclaw and another in Poznan, both in Poland, at an estimated KRW 240 billion ($217 million), according to industry sources on Thursday. Read more>>
Equinix has announced plans to build a third International Business Exchange data centre in Osaka.
The facility, to be known as OS3, will be the company’s 14th in Japan, with 11 already in Tokyo. Equinix said the additional Osaka data centre comes as the region has developed into a hub for startup companies and innovation. Read more>>
COVID-19 has decimated demand for flexible accommodation, even as leading Singapore co-living operator Hmlet continues to expand its footprint locally and elsewhere in the region. Co-living accommodations and private condominiums have seen occupancy hit by the departure of expatriates who lost their jobs due to the worsening business climate. COVID-19 travel restrictions have also prevented the arrival of new expatriates to Singapore.
With most companies adopting work-from-home policies, co-living accommodation in CBD locations has suffered sharper declines in occupancy rates compared with those in the city fringe. Hmlet’s properties have been similarly affected. Read more>>
China appears to be strengthening its oversight of financial risks in the economy by putting the new-energy vehicle (NEV) manufacturing industry under the microscope, days after shackling fintech companies and their anti-competition practices.
The National Development and Reform Commission has told provincial-level government officials to investigate construction and production details of NEV projects approved by state planners since 2015, according to a 13 November circular seen by the South China Morning Post. Read more>>
China-based property developer Sincere Property Group on Thursday posted RMB 150 million ($22.8 million) in sales for the first day of the third phase launch of its TianFengHe Mansion project in Chengdu, Sichuan province in China.