COFCO Property chairman Zhou Zheng may get to launch one of Chinas first REITs
The launch of India’s first REIT last month may have served as a wake up call for Chinese regulators, who have been millimetring toward listed property trusts for more than a decade, but now seem ready to launch a pilot programme including a vehicle sponsored by COFCO’s Grandjoy unit, according to a new report late in the week. The shared office segment also gets into the news with WeWork appointing a new COO and IWG’s Spaces unit opening its sixth India centre. Read on for all these stories and more.
GIC and COFCO’s Grandjoy Said Launching Mainland REIT
Singaporean sovereign wealth fund GIC and its long-term Chinese ally, the mall operator Grandjoy Holdings Group, have been selected for a pilot programme that will allow individual Chinese investors to buy shares in rent-yielding properties for the first time.
Grandjoy, the property arm of state-owned conglomerate Cofco, was picked by the securities regulator as one of several firms to try China’s first publicly listed real estate investment trust its chief financial officer, Xu Hanping, told South China Morning Post. Read more>>
Spaces Opens 6th India Co-Working Centre
Spaces, the Amsterdam based creative workspace provider division of Regus-parent IWG, recently inaugurated its 6th property in India and second in Mumbai. The new facility adds to Spaces existing locations in Delhi, NCR, Bengaluru and Mumbai.
Located at Adani’s Inspire Hub in the city’s Andheri area, the centre comes with a 142 seating capacity spread over an area of 50,000 square feet. According to recent reports, co-working firms leased nearly 7 million square feet in India during 2018 and the country is expected to have over 13.5 million co-working space users by 2020. Read more>>
WeWork Appoints New COO to Focus on Overseas Growth
WeWork is shuffling around some of its most senior executives as it tries to build out its international presence, which is a big test for the office-rental company in justifying its recent $45 billion valuation.
Eugen Miropolski, who previously oversaw WeWork operations in all of Europe and Asia excluding Japan, has been named the company’s chief operating officer, the company told Recode, and will remain based in London — a move the company says is out of a desire to charge forward in new overseas markets. Read more>>
Sun Hung Kai New Territories Project Fails to Rise for Easter
The first day of the Easter holiday has proved to be big disappointment for Sun Hung Kai Properties.
Hong Kong’s largest developer by market value sold just six out of 113 flats on offer at its Park Yoho Napoli project in Yuen Long – the worst for any builder since late November when only two out of 27 units were sold at Jiayuan International Group and Stan Group’s T Plus micro flats project in Tuen Mun. Read more>>
HNA Not Dead Yet as CWT Unit Redeems S$100M Bond
HNA’S Singapore-based logistics unit CWT Pte Ltd has redeemed in full its $100 million notes maturing yesterday, together with the accrued interest, it announced.
Note holders had been bracing themselves for the worst when CWT’s parent company, Hong Kong-listed CWT International, said on Tuesday that it had failed to pay interest on a HK$1.4 billion (S$243.2 million) facility. It faces asset seizure for the default. Read more>>
SG’s Frasers Raises A$600M Green Bond
Frasers Property boosted its environmental credentials with a A$600m (US$429m) five-year Green loan, the Singaporean company’s third since its debut late last year and the first Aussie dollar-denominated Green deal.
The loan, which targets energy-efficient projects under the developer’s Green Loan Framework, falls under the Green Loan Principles (GLP) established in March 2018 by the Loan Market Association and Asia-Pacific Loan Market Association to create consistency across the Green loan market. Read more>>
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