HNA had acquired the Melbourne property for around A$100 mil in 2016
In today’s roundup of regional news headlines, failed Chinese conglomerate HNA’s conference centre in Australia is seized by receivers, a Singapore-listed REIT picks up a Florida office building, and indebted developer Evergrande seeks liquidity from a bottled water IPO.
HNA Melbourne Prize Seized by Receivers
The collapse of giant Chinese conglomerate HNA Group has hit its Australian investments after receivers took control of the Aitken Hill Conference Centre near Melbourne Airport earlier this month.
Martin Ford and Daniel Walley of PwC Australia were appointed as receivers and managers by an overseas lender of HNA subsidiary Zhong Ao Zhi Hong Investment Holding, which paid almost A$100 million (now $73 million) in 2016 for the 69 hectare (170.5 acre) property at 20 Dunhelen Lane in Craigieburn. Read more>>
SGX-Listed Prime US REIT Buys Florida Office Tower for $99.5M
CP Group, the developer formerly known as Crocker Partners, and joint venture partner Siguler Guff have announced the sale of One Town Center, a 10-storey office tower in Boca Raton, Florida for $99.5 million.
The buyer is Singapore-listed Prime US REIT. KBS, which serves as the US-based asset manager for the portfolio, has retained CP Group to provide property management services for the building. Read more>>
China Evergrande Shares, Bonds Continue to Slide
Shares and bonds of China Evergrande, the country’s most indebted developer, stayed in the red on Tuesday as worries over its financial health persisted even after a local housing authority removed an earlier sales suspension at two real estate projects
Evergrande’s Hong Kong-listed shares tumbled as much as 19 percent to a fresh four-year low in morning trading, following Monday’s 16 percent plunge, after the housing authority in Shaoyang city in south-central Hunan province ordered a sales halt for the two residential projects. Read more>>
Evergrande Touts Bottled Water IPO Amid Cash Crunch
China Evergrande is considering an initial public offering in Hong Kong for its bottled water business, people with knowledge of the matter said, as the country’s most indebted real estate developer seeks new sources of funding.
The company is holding exploratory discussions with investment banks on a separate listing for Evergrande Spring, said the people, asking not to be identified discussing private information. A potential IPO could raise several hundred million dollars and take place next year, the people said. Read more>>
Australia Inquiry Urged to Strip Crown of Licence for Melbourne Casino
Australian casino operator Crown Resorts Ltd should be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday.
The lawyer running the inquiry expressed “little confidence” in the former Australian communications minister chairing the company. Read more>>
SG Investor, JV Partner Secure $24.5M Loan for UK Student Housing
Singapore-based private equity investment firm Q Investment Partners and its joint venture partner, UK property developer HG Developments, have secured a £18 million ($24.5 million) loan for two purpose-built student accommodation projects in Edinburgh and Egham.
The development in the Scottish capital is at 65 London Road and comprises 76 beds in self-contained studios. The Egham development in southeast England is a 107-bed student accommodation that has been repurposed from a retail space. Read more>>
Savills Acquires Malaysian Supply Chain Consulting Firm
Savills has acquired a strategic interest in the Malaysian supply chain consulting business LCA.
The acquisition is in line with a plan to expand Savills’ industrial and logistics business and strengthen its supply chain platform by investing in key Southeast Asian markets with strong growth potential. Read more>>
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