GIC is backing away from plans to sell a 50% interest in the Chifley Tower
Just over a week ago a survey of property professionals in the region picked Sydney as a top-three investment destination, but what could be a sign of changing market conditions, Singapore’s GIC has cancelled a plan to see a half stake in a $1.3 billion Sydney tower. There may also be some financial disappointment for Shanghai’s Fosun as it scales back a planned IPO for Club Med and HNA has taken a step away from its remaining NYC office tower by handing management control of the property to its US-based partner. All the details on these stories and more await you below.
GIC Cancels Plan to Sell Stake in $1.3B Sydney Tower
GIC has withdrawn the sale of a half-stake in a A1.8 billion ($1.3 billion) Australian office tower, blaming “increasing uncertainty” in the property market.
As reported in August, the Singapore sovereign wealth fund appointed agencies to market the Chifley Tower, one of Sydney’s most identifiable landmarks. Read more>>
Fosun Cuts Planned Club Med IPO by 45%
Fosun Tourism Group, owner of the French holiday resort chain Club Med, has cut the size of its Hong Kong initial public offering by almost half amid a slumping market and a surge in new share offerings.
The company, the largest leisure tourism resorts group in the world by revenue, plans to raise as much as HK$4.28 billion (US$547 million) by pricing 214.2 million shares to be sold at a range between HK$15.6 to HK$20 per share, it said in a statement on Thursday. Read more>>
HNA Hands Management of Manhattan Office Building to Partner SL Green
Under a new agreement with the Chinese conglomerate HNA Group, SL Green Realty will raise its total stake at 245 Park Ave. to $148.2 million. HNA paid $2.21 billion in 2017 and SL Green held a junior piece of its $1.8 billion in financing.
SL Green will also now formally serve as property manager and oversee all leasing and operations. Cushman & Wakefield currently handles office leasing and Mogull Realty the retail. Read more>>
Singapore’s URA Releases Four New Sites
The Urban Redevelopment Authority (URA) released on Friday (Nov 30) two residential sites and two other plots for mixed residential and commercial use which can yield a combined 1,915 private homes.
The 99-year leasehold sites come under the government land sales (GLS) programme for the second half of 2018. They are all subject to the recently revised development control guidelines on maximum allowable dwelling units. Read more>>
HNA Puts $40B More in Assets Up for Sale
HNA Group Co Ltd is putting more of its aviation and property assets on the block, marketing more than US$40 billion (RM167.2 billion) of domestic and international holdings as the Chinese conglomerate races to reduce its debt load.
Updated lists sent to potential buyers and seen by Bloomberg News included more than 90 assets in China, the US and UK. Among the additions: The airline leasing business purchased from CIT Group Inc for more than US$10 billion, and a 459ha artificial island project in Hainan, southern China, valued by HNA at 21.2 billion yuan (RM12.96 billion). Read more>>
Faraday Future Loses Latest Battle with Evergrande
Struggling EV startup Faraday Future was dealt a blow on Thursday, according to a press release from its main investor and confirmed by a person familiar with the matter. The arbitrator in Hong Kong that’s sorting out the company’s fight with China Evergrande Group ruled against a motion from Faraday to loosen the developer’s grip on the startup’s assets.
Without any assets left to offer up as collateral, and with Evergrande still holding the reins, Faraday chief Jia Yueting and his remaining lieutenants were now scrambling to figure out what other moves might be available in an emergency meeting held Thursday, this person said. Read more>>
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