A luxury home in the Repulse Bay enclave changes hands in Hong Kong’s latest fire sale, with that story leading today’s headline roundup. Also making the list, a proposed buyout of ESR bogs down over valuation and DigitalBridge completes a telecom tower buy in Japan.
Hong Kong Mansion Sold for $20.5M in Latest Distressed Deal
A mansion in Hong Kong’s Repulse Bay was sold for HK$160 million ($20.5 million), adding to a streak of distressed property disposals this year. The sale of House 3 at the Beachfront in the luxury residential neighbourhood was completed Tuesday, according to land registry records.
The unit was used to back a HK$168 million loan taken out by Hong Kong firm Accufast from moneylender Lei Shing Hong Credit, according to court documents. Read more>>
ESR Takeover Draws Out Over Valuation
A potential buyout of Hong Kong-listed ESR is drawing out as shareholders struggle to agree on a price for the company, according to people familiar with the situation.
While discussions are ongoing, more time is also needed to complete due diligence on the logistics and warehouse firm’s global assets, the people said, asking not to be identified discussing a private matter. ESR’s fragmented ownership represents a key hurdle to a take-private deal as they have different value expectations and it would take only a few opponents to block the transaction, the people said. Read more>>
DigitalBridge Completes $466M Buyout of Japan’s JTower
DigitalBridge has completed its buyout offer for Japanese infrastructure provider JTower.
The deal was first announced in August and has been completed with DigitalBridge snapping up a 75.62 percent controlling interest in JTower for JPY 70.1 billion ($466 million). As part of the acquisition, DigitalBridge said it plans to take JTower private. Founded in 2012, JTower has around 6,700 telecom towers across Japan. Read more>>
Mitsubishi Estate Breaks Ground on Vietnam Logistics Project
Mitsubishi Estate held a groundbreaking ceremony for the Logicross Nam Thuan project in Long An on 18 October, marking its official entry into Vietnam’s logistics facility market.
Logicross Nam Thuan is located within Nam Thuan Industrial Park in Duc Hoa district, Long An province, an hour drive from Ho Chi Minh City. The Logicross Nam Thuan project spans 11.5 hectares (28.4 acres) and offers 61,200 square metres (658,751 square feet) of warehouse space across three blocks. Read more>>
Ascott Ties Up With China’s Jin Jiang Hotels for Apartment Management JV
The China business segment of Ascott has entered into a joint venture with Jin Jiang Hotels to expand their respective apartment hotel brands in China. Ascott China will hold a 50 percent interest in the JV, with Jin Jiang Hotels (China region) to hold the balance.
Ascott, the wholly owned lodging business unit of Singapore’s CapitaLand Investment, on Wednesday said the tie-up would boost the growth of its Quest brand and Jin Jiang’s Tulip LODJ to meet China’s demand for apartment-hotels in the upscale and upper midscale segments. Read more>>
Singapore-Listed OUE REIT Reports 3.7% Income Dip
OUE REIT reported a 3.7 percent year-on-year dip in net property income in the third quarter to S$60.3 million ($45.7 million).
The slight decline was due to an upward revision of prior-year property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport, the REIT’s manager said Wednesday. Read more>>
Country Garden Malaysia Project Turns Property Dreams into Nightmares
It was an audacious project undertaken a decade ago by a Chinese developer: a $100 billion city in Malaysia built on sand and shrubby mangroves and sold as a luxury “dream paradise” for China’s middle class.
Many of Forest City’s residents today are transient — the caretakers of the grounds who sweep the empty roads and pick up the garbage, trim the hedges and water the plants. Read more>>
Hong Kong Developers Trim Discounts as Sales Improve
Hong Kong developers are showing greater confidence in the city’s market outlook after a series of support measures. A consortium including Wheelock Properties and New World Development is offering smaller discounts for their new units in Kai Tak after buyers returned in droves.
At Double Coast I, the two developers and their partners China Overseas and New World Development set the price for the first 78 units at HK$17,899 ($2,304) per square foot on average. That is about 3 percent below the average for units at Twin Victoria in Kai Tak when the project was launched last month. Read more>>
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