Leading Mingtiandi’s latest roundup of regional news headlines is a $2 billion Hong Kong IPO which could help China’s most highly leveraged developer pay down some of that debt load.
Also in the news, northern India’s tallest residential tower is on track to begin handing over units next year and a new report shows home rents falling rapidly in 20 of China’s largest cities.
Evergrande Property Services Group Ltd is planning to seek listing approval as soon as next week for its Hong Kong initial public offering, which could raise at least $2 billion, according to people familiar with the matter.
The property management arm of China Evergrande Group could even raise as much as $3 billion depending on market conditions, said one of the people, who asked not to be identified as the information is private. Read more>>
Real estate group Supertech on Thursday said about 90 percent of the work has been completed for its ambitious Supernova project, billed as northern India’s tallest residential tower, and possession for it is expected in 2021.
In a statement, Supertech group chairman R K Arora said the mixed-use tower has a height of 300 metres (984 feet), with 80 floors consisting of modern high-end luxurious branded residences, suites, service apartments, futuristic offices and malls, plus a world-class restaurant and bar. Read more>>
China’s home rents in 20 major cities in October fell at their fastest pace in at least a year due to persistent weakness in demand, a private survey showed.
Average home rental prices declined 2.48 percent from a year earlier, widening from a 1.3 percent drop in September, according to data from Zhuge House Hunter. Read more>>
REA Group Ltd announced that it had entered into a binding agreement to acquire a controlling interest in Elara Technologies Pte Ltd, the owner of Housing.com, PropTiger.com and Makaan.com, in a deal that includes cash and newly issued REA shares.
The transaction is expected to close in the current quarter, subject to confirmatory due diligence. Read more>>
Hong Kong is seeing a surge in home listings as the recession and a security crackdown by China prompt more residents to sell their properties.
Listings at Centaline Property Agency, the city’s largest realtor, have jumped 44 percent from a year ago to more than 26,000, the company said. Read more>>
India’s office space market witnessed a net absorption of 5.4 million square feet (501,676 square metres) in Q3 2020, an increase of 64 percent versus Q2 2020. The third-quarter office rebound was led by Bengaluru and Hyderabad, which together accounted for nearly 80 percent of the net absorption.
The IT hub of the country, Bengaluru witnessed a net absorption of 2.7 million square feet of office space in the third quarter, on a par with first-quarter levels, according to a report from real estate services firm JLL. Read more>>
ARA US Hospitality Trust on Friday posted gross revenue of $20.4 million for the third quarter, more than double the $7.6 million reported in the second quarter. The rebound comes amid a portfolio recovery backed by reopening and weekend leisure travel in the US.
Gross operating profit came in at $3.9 million, reversing a loss of $2.3 million the second quarter, according to a business and operational update. Read more>>
Manulife US Real Estate Investment Trust’s manager on Wednesday said portfolio occupancy declined to 94.3 percent for the three months ended Sept 30.
The drop was largely due to known expiries unrelated to the Covid-19 pandemic and a slowdown in new leasing nationwide, according to a business update. Read more>>