Fosun opened the Atlantis Sanya just in time for the island province to enjoy a tourism boost
Most of the region had the day off on Tuesday, but Asia’s real estate investors and developers seem to have stayed on the job as we lead off today’s news with reports of Fosun opening the doors to its $1.7 billion Atlantis Sanya Resort in Hainan. In southwestern China, Evergrande Real Estate is staying in acquisition mode with its buyout of a RMB 1.6 billion project, and India continues to be a hotspot with developer DLF planning a share sale and warehouse builder Logos doing its own fund raising. Read on for all these stories and more.
Fosun Opens $1.7B Atlantis Sanya Resort
China’s Fosun International Ltd (0656.HK) on Saturday launched its Atlantis Sanya luxury resort in a $1.74 billion bet that the sail-shaped development will become an icon in Hainan – China’s Hawaii – and a beacon to both domestic and foreign tourists.
The conglomerate’s 11 billion yuan ($1.74 billion) investment in China’s southernmost province is in line with the central government’s desire to further boost tourism in Hainan, already popular among Chinese holidaymakers. Read more>>
Evergrande Buys Chongqing Project From SG’s Ying Li for RMB 1.6B
Property firm Ying Li International Real Estate on Monday (April 30) said it has received 1.62 billion yuan (S$338.7 million) from purchaser Shengyu BVI on April 28, in relation to its divestment of interests in the Ying Li International Commercial Centre Project.
Accordingly, the company has waived the 0.02 per cent late payment penalty per day on the amounts due under the sale and purchase agreement (SPA) between both parties. The remaining tranches of consideration remain payable in accordance with the original payment schedule and the terms under the SPA, Ying Li said. Read more>>
Logos India Said Close to Raising $100M for Logistics Projects
Warehousing firm Casagrand Distripark Pvt. Ltd (CGD), a developer and operator of industrial and warehousing parks, is in talks to raise around $100 million from LOGOS India, a warehousing and logistics investment platform, said two people aware of the development.
In August, LOGOS Group and Assetz Property Group, based in Sydney and Singapore, respectively, partnered to set up a logistics and warehousing platform that would invest to build and manage specialized logistics and industrial parks in India. Read more>>
India’s DLF Plans Share Sale
India’s largest realty firm DLF plans to launch QIP in June for raising Rs4,000-4,500 crore through sale of shares to institutional investors as part of its objective to become debt free company. The company plans to issue up to 17.3 crore shares through qualified institutional placement (QIP).
According to officials, the company is planning to launch QIP in June and is looking to raise Rs4,000-4,500 crore, which will be used to repay its loan and become debt-free by March 2019. The company spokesperson declined to comment on the issue. Read more>>
Singapore Still Needs More Hotel Rooms Says Colliers
Singapore still needs a “significant” number of hotel rooms to keep pace with rising tourist numbers in future despite substantial growth in room supply over the last three years, according to real estate agency Colliers International.
Room supply increased by over 5,500 in 2015, with another 2,567 rooms added in 2016 and about 3,400 new rooms last year. Colliers noted that hotel room supply will slow to 628 rooms in 2018, and to 1,300 rooms in 2019. Read more>>
China’s Landing Intl Announces Manila Casino Plan
A Hong Kong-based integrated leisure and entertainment resort developer is planning to build a resort-casino complex in the Entertainment City, the gaming complex on reclaimed land along the Manila Bay in Parañaque City.
In an announcement on its website, Landing International Development Ltd. said the Parañaque City Council has approved the request of Landing Resorts Philippines Development Corp. to operate a resort and a casino in Entertainment City in Barangay Tambo, Parañaque City. Read more>>
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