GIC and KKR are teaming up for a bid on Ramsay Health Care’s property spin-off
In today’s roundup of regional news headlines, Singapore’s GIC emerges as a potential financier for KKR’s buyout of an Australian hospital operator, a court approves Blackstone’s acquisition of the Crown Resorts casino group, and analysts expect rising interest rates to drive down Hong Kong’s housing prices.
GIC, KKR Said Teaming Up For $5.5B Aussie Health Care Property Deal
Singapore sovereign wealth fund GIC is lining up to tip billions of dollars into the proposed Ramsay Health Care property spin-off, should KKR pull off Australia’s biggest-ever private equity buyout.
The Australian Financial Review reports that GIC has emerged as the investor most likely to bankroll the mooted A$8 billion ($5.5 billion) Ramsay real estate property spin-off, which is being prepared as a funding option for the hospital group’s suitor KKR. Read more>>
Australian Court Approves Blackstone’s $6.3B Crown Resorts Deal
Australia’s Federal Court on Wednesday approved the $6.3 billion acquisition of the country’s largest casino operator Crown Resorts by US private equity giant Blackstone.
The approval follows nods from state regulators in Western Australia, New South Wales and Victoria last week and gives billionaire James Packer an exit route from the Australian casino firm, beset by scandals and regulatory setbacks, in which he owns a 37 percent stake. Read more>>
Dunman Road, Pine Grove Sites Awarded to High Bidders in Singapore
The tenders for state-owned residential sites in Dunman Road and Pine Grove have been awarded to the highest bidders, the Urban Redevelopment Authority said Tuesday.
Sing-Haiyi Jade, a unit of SingHaiyi Group, was awarded the tender for the mega site in Dunman Road for S$1.28 billion ($920 million), or S$14,536.62 per square metre of gross floor area. Located near Dakota MRT station and Geylang River, the 99-year leasehold plot spans 25,234 square metres (271,617 square feet) and can yield 1,040 private homes, the URA said. Read more>>
Hong Kong’s Rate Hikes to Drive Down Housing Prices
Rising interest rates in Hong Kong are pushing up costs for homeowners and threatening to drive down prices in the world’s most expensive housing market.
With the US Federal Reserve hiking rates aggressively and Hong Kong forced to follow, consumers are being saddled with higher debt, another drag on an economy that’s struggling to rebound. Analysts at Citigroup and Moody’s Analytics expect demand for home loans to fall, cooling property prices further. Read more>>
China Home Sales Post First Monthly Gain Since December
China’s property market showed a tentative sign of improvement in May, with new-home sales posting the first month-to-month gain this year.
Residential sales rose 26 percent from April, the first increase since December, according to Bloomberg calculations based on official figures released Wednesday. From a year earlier, sales dropped 42 percent in May, easing from a 49 percent decline in the previous month. Read more>>
Singapore Residential Rents Continued to Rise in May
Residential property rentals in Singapore maintained their upward trend in May, climbing on a monthly basis in terms of both rental prices and volumes for condominium and HDB units alike.
Huttons Asia’s Mark Yip attributes May’s robust gains to a “much stronger-than-expected” return of foreign employment, which pushed up rental demand for both private condos and Housing Board flats. The chief executive does not foresee tight rental market easing any time in 2022, with rents expected to increase in the months ahead. Read more>>
Independent Advisor Says Hwa Hong Buyout Offer Is Fair And Reasonable
The revised offer of S$0.40 ($0.29) per share to privatise property player Hwa Hong Corporation is “fair and reasonable”, the independent financial advisor to the deal said Tuesday.
Provenance Capital advised the directors to recommend shareholders accept the offer from Sanjuro United, even though the deal represents a 20.8 percent discount to the adjusted revalued net asset value of the group of S$0.5052 per share. Read more>>
China Under Pressure To Reform Debt Market as Foreign Inflows Slow
Worries over deeply entrenched structural issues in China’s $21 trillion debt market are keeping foreign investors at bay, even as Beijing prepares to grant unprecedented access to local currency bonds.
Global fixed-income traders sold about $35 billion worth of RMB-denominated bonds in the first four months of this year, and many are warning that the outflows will only get worse as concerns grow about poor liquidity — the ability to buy and sell the debt easily — and the country’s opaque process for resolving defaults. Read more>>
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