In today’s roundup of regional news headlines, fund manager GLP weighs a spinoff of its mainland logistics portfolio into a REIT, data centre operator BDx expands capacity at its Singapore facility, and Hong Kong’s lived-in home prices are on track to hit record levels.
GLP Said Plotting $2B Hong Kong IPO of China Warehouse Assets
Asian warehouse giant GLP is considering spinning off its $4 billion mainland logistics portfolio in a Hong Kong REIT listing, IFR reported.
The Singapore-based company is aiming to raise between $1.6 billion and $2 billion through the deal and is looking to start trading on the Hong Kong bourse by the end of the year, the report said. Read more>>
CDL Says Not Under Pressure to Sell Assets
A spokesperson from City Developments Limited (CDL) says the group is “under no pressure” to divest any of its assets despite it receiving “unsolicited offers” from time to time.
“We are constantly exploring divestment and acquisition opportunities as they arise to enhance shareholder value. This is in line with the group’s strategy of capital recycling,” adds the spokesperson. Read more>>
Singapore Releases New Sites in Tanjong Katong and Tampines
Two residential sites, in Jalan Tembusu and Tampines Street 62 (Parcel B), were released for sale on Thursday under the first half of the 2021 government land sales programme.
This follows robust bids put in by developers for two other GLS sites earlier this week. Read more>>
BDx Expands Capacity at Singapore Data Centre to 8MW
Big Data Exchange (BDx), a pan-Asian carrier-neutral data centre cluster, this week announced completion of the first phase of capacity upgrades at SIN1, its Singapore data centre, adding 2 megawatts of vital capacity.
Upgrades to BDx’s SIN1 facility include four floors and an extra 8MW of IT capacity later this year. This will take the total capacity to 14MW, up from 3.6MW when BDx acquired the facility last year. The capacity upgrade also improves energy efficiency by 20 percent. Read more>>
Hong Kong Lived-In Home Prices on Their Way to Record Highs
Hong Kong’s lived-in home prices are within touching distance of pre-protest days and could set a record over the next two months.
In a reflection of the upwards trajectory in the city’s housing market and economy, the prices of lived-in homes extended a four-month rally in April and were at their highest since July 2019, according to Rating and Valuation Department data released on Thursday. Read more>>
Evergrande Deal With Bank Probed
Chinese regulators are reportedly investigating a RMB 10 billion ($1.6 billion) transaction between China Evergrande and Shengjing Bank, which holds a substantial number of China Evergrande’s bonds.
There was no immediate response from the developer and no comment from Shengjing Bank or the China Banking and Insurance Regulatory Commission, mainland media reported. Read more>>
SoftBank Adds Sweetener to Adam Neumann’s Exit Package
Nearly two years ago, SoftBank sought to part ways with WeWork co-founder Adam Neumann when it bailed out the shared-office company. It hasn’t been an easy divorce.
Securities filings from earlier this month show that WeWork in February gave Neumann an enhanced stock award worth roughly $245 million, a benefit that wasn’t extended to other early shareholders and hasn’t been previously reported. Read more>>
Boustead Singapore H2 Net Profit More Than Quadruples
Boustead Singapore’s second-half net profit more than quadrupled to S$91.3 million ($69 million now) from S$18.5 million the previous year, largely due to its real estate division’s successful launch of the Boustead Industrial Fund (BIF).
The real estate division (Boustead Projects) was able to unlock value when it divested interests in 14 leasehold properties out of its portfolio of 25 to the Boustead Industrial Fund (BIF). Read more>>
Tenants Evacuated From Swaying Shenzhen Tower Demand Redress
Tenants evacuated from a commercial skyscraper in Shenzhen that began shaking last week are seeking compensation, as investigations continue into the cause of the mysterious wobbling.
The owner of an electronics trading company in the 72-storey SEG Plaza, who declined to be named due to the sensitivity of the issue, is looking for a new premises rather than risk having to rush to safety down some 20 flights of stairs again, as he did on 18 May. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply