Reliance Industries chairman Mukesh Ambani is testing the waters in commercial real estate (Getty Images)
In today’s roundup of regional news headlines, Asia’s richest man sets sights on India’s commercial property market, Morgan Stanley is set to exit an India industrial development, China’s home sales reverse months of declines as demand recovers, and troubled developer Aoyuan makes headway with its creditors.
India’s Reliance Industries Enters Commercial Real Estate With RSOUL
Indian billionaire Mukesh Ambani’s Reliance Industries has entered the commercial real estate business.
According to a regulatory filing, Reliance has incorporated a wholly owned subsidiary called Reliance SOU Ltd. Through RSOUL, the conglomerate will enter the commercial real estate sector, ready to compete with existing big players like Adani Properties and Tata Realty & Infrastructure. Read more>>
Indian Warehouse Developer Pragati Raises $200M From Singapore Fund
Indian industrial and logistics developer Pragati Group has raised $200 million in equity from a Singapore-based private equity fund.
With this fund infusion, existing financial partner Morgan Stanley has been provided an exit, the Gurugram-based company said, without disclosing the name of the private equity firm. Read more>>
China Home Sales Rise for First Time in 20 Months on Policy Aid
China’s home sales rose for the first time in 20 months, signalling recovering demand after policymakers expanded support for the struggling sector.
The value of new home sales by the 100 biggest real estate developers climbed 14.9 percent in February from a year earlier to RMB 461.6 billion ($67.1 billion), according to preliminary data from China Real Estate Information Corp. Read more>>
China Aoyuan Moves Closer to Deal With Offshore Creditors
China Aoyuan Group announced Tuesday that an ad hoc group of bondholders representing 20 percent of the outstanding principal amount of offshore senior notes have provided their in-principle agreement in writing in connection with a non-binding term sheet outlining key terms of a proposed standstill arrangement.
The term sheet includes conditions such as creditors forgoing enforcement action in respect of offshore indebtedness during the standstill period. Read more>>
Yanlord Land’s Second-Half Earnings Fell 92%
Yanlord Land Group reported earnings of RMB 155.6 million (now $22.7 million) for the second half of 2022, down 92 percent year-on-year.
The Singapore-listed Chinese developer said full-year earnings stood at RMB 1.53 billion, down 42 percent. The lower earnings were attributed to lower revenue and a fair value loss on investment properties compared with the previous year’s fair value gain. Read more>>
China Charges Ex-Merchants Bank President Over ‘Huge’ Bribes
Chinese authorities charged Tian Huiyu, the former president of China Merchants Bank, over suspected violations including taking bribes and insider trading, after an almost one-year-long investigation of the ex-official at the nation’s top retail bank.
Tian, 57, will be prosecuted on charges that also include the abuse of power and leaking information, the Supreme People’s Procuratorate said Tuesday. He was arrested and expelled from the Communist Party in October. Read more>>
China’s Abrupt Reopening Sparks Student Housing Crisis in Australia
For Zoey Zhang, a student from China who is heading to a top Australian university, finding accommodation Down Under has been tough — so much so that she has even considered sleeping “rough on the streets”.
Like Zhang, around 700,000 students from China enrolled to study overseas have been left in the lurch after a surprise January edict by Beijing said they would have to return to on-campus learning for their education to be recognised back home. Read more>>
Socialite’s Death Shows Hong Kong Property Market’s Dark Side
A gruesome death is sending shockwaves across Hong Kong, a city known for its safety and low crime rates.
The 28-year-old socialite and model, Abby Choi, met her untimely end over what was believed to be a luxury apartment she had bought under the name of her former father-in-law. When she planned to sell the flat, the family reportedly objected. 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.
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