E-commerce giant JD.com is said to be mulling an IPO for its logistics unit
The logistics unit of an ecommerce giant leads the way in Mingtiandi’s roundup of Asia real estate headlines today as the the e-commerce giant mulls an IPO that could potentially raise $10 billion.
In other news around the region, the latest figures for home prices in mainland China show mixed results, while the son of Dalian Wanda’s chairman has reached a $285 million settlement deal with his creditors. Elsewhere, one of India’s largest developers is racing to raise funds to pay debt repayments falling due in March.
JD.Com Logistics Unit Said Eyeing $10B IPO
The logistics unit of Chinese e-commerce company JD.com Inc has held early discussions with banks about a potential overseas IPO that could raise $8 billion to $10 billion, according to two people with direct knowledge of the matter.
JD Logistics is targeting a valuation of at least $30 billion, according to the people, who declined to be named as the information is confidential. Read more>>
Beijing Home Prices Drop 18% Since 2017
Beijing’s housing prices have hit its lowest level since 2017, falling by about 18.5 percent compared to its peak in April 2017, according to a report.
Home prices across first-tier cities have diverged since July 2019, with Shenzhen in southeast China’s Guangdong Province alone continuing its rising momentum, while Beijing, Shanghai and Guangzhou have experienced downward or stable trends, said the National Academy of Economic Strategy, a department of the Chinese Academy of Social Sciences. Read more>>
Son of Dalian Wanda Chairman Reaches RMB 2B Deal with Creditors
Wang Sicong, the high-profile son of one of China’s richest men and the chairman of private equity company Prometheus Capital, has reached a settlement with more than 10 creditors of Shanghai Panda Entertainment, a company he founded in 2015 that went bankrupt in March.
Wang and Prometheus Capital had compensated the investors, shouldering losses that amounted to nearly RMB 2 billion ($285 million), Prometheus Capital said in a statement on its website. Read more>>
City in China’s Jiangsu Province Bans Resale of Below-Market Homes for 5 Years
The eastern Chinese city of Nantong, with a population of more than seven million, has introduced a new rule to ban near-term resale of certain cheap homes in the latest step by authorities in the country to curb property market speculation.
On Wednesday the government of Nantong, near Shanghai and a number of other port cities, said property buyers who have bought new homes at prices much lower than the market average are not allowed to resell their properties for five years. Read more>>
Lodha In Race to Meet $225M in March Debt Deadlines
Lodha Group, one of India’s largest property developers, is in a race against time to raise close to $225 million (around ₹1,600 crore) by selling bonds to meet its debt repayment obligations due next year.
The group, which has renamed itself as Macrotech Developers Ltd, has been reaching out to overseas investors, including several existing ones, to raise funds, two people directly aware of the ongoing discussions said on condition of anonymity. Read more>>
Central Retail Plans to Raise Up to $2.7B in Thailand’s Biggest IPO
Thailand’s largest retailer, Central Retail Corporation, plans to raise up to THB 81.1 billion ($2.7 billion) in an initial public offer (IPO), the company said in a filing on Thursday, in what would be the country’s largest IPO.
Central Retail, part of the billionaire Chirativat family’s Central Group, set an IPO price range at between THB 40 and 48 per share and will sell up to 22.1 percent of the company’s stock or 1.69 billion shares with an overallotment option of 169 million shares. Read more>>
Japan Keeps Building Suburbs Despite Homes Standing Empty
As Japan’s population shrinks, consolidating scattered residents into denser, more compact cities is increasingly seen as a must. Yet the steady outward creep of the suburbs continues unabated.
In the ten years through 2015, residential areas expanded by 1,773 square kilometres, an area three times the size of Tokyo’s 23 central wards, according to an analysis by Nikkei and the Nikken Sekkei Research Institute. Read more>>
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