A Shanghai-based apartment rental platform leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the company has raised $300 million from investors including a private equity firm founded by the soon-to-be-retiring chairman of e-commerce giant Alibaba.
In other news around the region, a Chinese-backed investor has sold a Sydney office block for $41 million after an attempt to win planning approval for a redevelopment fell through, and a major Singapore developer has launched its $3.4 billion project in Chongqing.
Elsewhere, a financially strapped conglomerate is said to be seeking offers for its container unit, which it values at $1 billion.
Jack Ma’s Yunfeng Among Investors Raising $300M for Cjia.com
Shanghai-based apartment rental platform Cjia.com closed its Series A round financing bagging nearly $300 million from investors led by private equity firm Boyu Capital.
Other investors include Yunfeng Capital, which was set up by Alibaba’s founder Jack Ma, and CCB International, the investment banking arm of China Construction Bank, one of the four largest financial institutions in the country. Read more>>
China Venture Sells Sydney Office Block for A$60M
Private Chinese-backed investor China Venture has sold its office strata block at 270-272 Pacific Highway in Sydney for close to A$60 million ($41 million), after plans on getting high-rise office development uplift fell through.
The group spent a couple of years amalgamating the roughly 45 office strata units in the block from individual owners, paying a total price of roughly the same as the sale price, hoping to get a sizeable uplift on the back of its access to the new Crows Nest metro station across the road. Read more>>
SPH Student Digs Portfolio Pegged at £338M
Singapore Press Holdings (SPH) has recorded a revaluation gain of 6.7 per cent, or £22.8 million ($28 million) on its purpose-built student accommodation portfolio in the UK.
The gain comes within a year of the media and property group’s expansion into the student accommodation sector, with an initial £180.5 million investment, it said in a statement on 9 September. Read more>>
Finance Firms Brace as INR 700B in Commercial RE Loan Obligations Loom
The commercial real estate loan portfolio of non-banking financial companies could see stress building up from January, with around INR 700 billion ($9.7 billion) of these loans coming up for staggered repayment, according to credit rating agency India Ratings and Research.
As of now, only the interest component of these loans is being serviced, and the principal will start coming up for repayment only from quarter four of fiscal year 2020. Read more>>
Raffles City Chongqing Opens at 95% Occupancy
CapitaLand announced on Monday that its shopping mall Raffles City Chongqing in China saw over 900,000 visitors during its opening weekend, following its launch on 6 September.
The 235,000 square metre (square metre) shopping mall, with 95 percent committed occupancy, is the first component of the integrated Raffles City development which spans 1.12 million square metres. Read more>>
Under 24% of New Flats in Singapore Priced Below S$1M
Unit prices of new condominiums in Singapore trended higher in the second quarter of this year, with the proportion of apartments priced under $1 million falling to 24 per cent of new units sold, from 37 per cent in the first quarter, according to a report out on 9 September.
The proportion of new units priced above $3 million also rose to 5 per cent, up from 3 per cent in the previous quarter. Read more>>
HNA Group Said to Be Seeking $1B for Seaco
HNA Group is considering reviving a sale of its container-leasing business Seaco as the troubled Chinese conglomerate seeks more cash to pay down debt, people with knowledge of the matter said.
The company has decided to restart work with advisers to identify potential buyers for Seaco, said the people, asking not to be identified because the matter is private. That came after HNA earlier this year decided to shelve a sale of the business due to disagreements over valuation. Read more>>
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