HNA chairman Chen Feng may soon claim victory in his quest to unload overseas assets
Cross-border investments continue to lead the region’s real estate news as we head into the second week in September, with once-super buyer HNA seemingly on its way to a complete liquidation of its overseas holdings, starting with $1.8 billion in Deutsche Bank stock. While the mainland giants are selling, a major Korean investor is said to be in talks for a London office block and a Singaporean REIT takes its game to Australia with pick-ups in Canberra and Adelaide. All these stories and more await you below.
HNA to Sell Off $1.8B Stake in Deutsche Bank
Chinese conglomerate HNA plans to sell its 7.6 percent stake in German lender Deutsche Bank over the next 18 months, The Wall Street Journal (WSJ) reported on Friday.
The stake is worth around 1.5 billion euros ($1.8 billion) at current market prices. The WSJ, citing people familiar with the matter, said HNA intended to unload the vast majority of overseas investments it has made in recent years. Read more>>
Hana Financial Said in Talks for $240M London Asset
Korea’s Hana Financial Group is angling to buy an office property in the City of London that is being converted into a major WeWork coworking space. Last year, WeWork inked a deal to replace Aviva in the pink-and-yellow postmodern structure opposite the Bank of England
The current owner of the One Poultry building, Aermont Capital, is asking for about $240 milion for the property, and talks with Hana Financial have not yet been finalized, Bloomberg reports, citing anonymous sources. Read more>>
SG’s Soilbuild REIT Buying Pair of Aussie Properties for A$106M
Soilbuild REIT (real estate investment trust) announced on Friday (Sept 7) the proposed acquisitions of an office in Canberra, Australia for A$55 million (S$54.2 million) and an Australian poultry processing plant for A$61.25 million, marking its maiden entry into the Australian market.
The former is a leasehold commercial office building at 14 Mort Street comprising ground-level office lobby and office accommodation, seven upper office levels and basement car parking for 62 vehicles. The total lettable floor area is 9,383.5 sq m. Read more>>
Mitsubishi to Invest $25M in Shriram Chennai Project
In what is said to be the maiden Japanese investment in an Indian real estate project, Mitsubishi Corporation, Japan (“Mitsubishi”), has agreed to invest around rupees 180 crore ($25 million) in a large residential property being developed by Shriram Properties in Chennai.
In return for its cash, Mitsubishi will pick up 70% stake in an ongoing residential project named “Shriram Park 63”. The project is being developed at GST Road in Chennai, with over 1,450 residential units and 2 million square feet of saleable area. Read more>>
Evergrande Buys 35% of Graphene Maker for RMB 144M
Evergrande Real Estate Group, has further diversified its business as a unit of the firm will invest about CNY144 million (USD21.4 million) to gain 35 percent of the equity of a graphene technology development company in Chongqing, southwestern China, and the veto right to the target’s major business decisions.
Its subsidiary Chongqing Nanjiang Investment, and Chinese Academy of Sciences affiliate Chongqing Deling Technology have penned an agreement with Evergrande High-Tech Industry Chongqing to increase the latter’s investment in Chongqing Moxi Science & Technology, their parent, A-share listed company Deluxe Family, announced yesterday. Read more>>
Hong Kong’s URA Chief Proposes New Tax on Property Owners
A law should be introduced under which property owners must contribute monthly to a building maintenance fund to sustain Hong Kong’s ageing neighbourhoods, the head of the city’s Urban Renewal Authority has said.
In an interview with the Post, authority managing director Wai Chi-sing said the self-financing statutory body had been studying the feasibility of the arrangement, with a monthly owner fee of between HK$2,500 and HK$4,000 (US$500) for a project in To Kwa Wan. Read more>>
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