In today’s roundup of regional news headlines, Singapore’s Far East Orchard reports a surge in first-quarter earnings as tourism revives, and investment firm Chuan Hup closes on a majority stake in a student accommodation provider. Also making the list, Vietnam expects a surge in data centre projects and Shenzhen developers look for buyers in Hong Kong.
Singapore-listed real estate firm Far East Orchard posted a 67.9 percent year-on-year jump in net profit to S$4.7 million (now $3.6 million) for the first quarter of 2023 on the back of a recovering hospitality sector.
Revenue grew 55.2 percent to S$46.1 million compared with a year earlier, the company said in a business update Friday. Read more>>
Singapore-listed Chuan Hup Holdings on Monday announced the completion of its acquisition of 51 percent of the total shares in Homestead Capital.
Homestead Capital is a newly incorporated investment holding company that holds all the paid-up shares in Homestead KS, a company that holds, leases, operates and manages properties for the student accommodation business. Read more>>
Vietnam’s data centre market is thriving like never before, with both local and foreign companies looking to develop more facilities in the country as demand for data storage continues to grow.
A key reason is the implementation of a new data localisation rule in Vietnam last year, resulting in increased activity in data centre investments. Read more>>
Fantasia Holdings on Friday announced that holders representing 76.44 percent of the Chinese developer’s existing debt instruments have acceded to a proposed restructuring agreement.
The company said it appreciates the broad support from its offshore creditors and will make further announcements on the progress of the proposed restructuring when appropriate. Read more>>
Zhenro Properties on Friday announced that it did not expect to pay a principal amount of $300 million on bonds maturing on Saturday.
The bonds were delisted from the Hong Kong stock exchange on Friday. Read more>>
Chinese developers across the Greater Bay Area are intensifying their marketing of high-end properties to Hong Kong residents amid slow sales growth in the region, including in Shenzhen, where a recent policy shift failed to revitalise the market.
Developers in Shenzhen offered more promotions last month in Hong Kong, where residents have shown increasing interest in mainland properties since the border reopened, given convenient transport options and lower home prices, said Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau. Read more>>
Operators of nightlife establishments at Singapore’s Orchard Towers say they are struggling to find alternative sites for their clubs, even with the extension of a deadline for the outlets to cease public entertainment operations in the development.
Harry, who declined to give his full name, said operators were told they could switch to running eateries to remain at the mixed-development site. Read more>>
Shanghai resident Daniel Bian drank in the sweeping views over the Thai capital as he lay on a deckchair beside a swimming pool on the 19th floor of a luxury condominium.
“I feel alive. I feel free,” said an excited Bian, dapper in tinted sunglasses, flat-topped navy blue hat and a wraparound tunic cinched at the waist, his hair hanging loosely to his shoulders. “This is my dream.” Read more>>