SOHO China CEO Zhang Xin hopes to show off her 3Q platform in more cities
Fresh off of raising $250 million from CALPers for its Asia Pacific core property fund, JP Morgan appears to be focusing on opportunities in Australia. China’s second-tier cities may hold more promise for SOHO China, however, as the office developer gets ready to push co-working beyond the country’s biggest commercial centres. Read on for all these stories and more here on Mingtiandi.
JP Morgan Eyes Aussie Assets After $250M Calpers Investment
JPMorgan Asset Management, one of the largest asset and wealth managers globally, is negotiating to acquire nearly A$700 million worth of Australian office, industrial and retail real estate for its new Asia-Pacific core property fund.
The latest play is a deal to acquire a A$150 million-plus half stake in the Hoxton Distribution Park in Sydney from Aviva Investors. Read more>>
SOHO Wants to Take Co-Working Beyond SH and BJ
Commercial property developer and operator Soho China is changing tack, looking to tap into demand for shared workspaces beyond Beijing and Shanghai.
The Beijing-based company, whose profits have shrunk for three straight years as the country’s economy has slowed and urbanization has plateaued, has been branching out for the past 18 months into short-term leasing of shared working space to startups and small businesses. It is a business model that has turned New York-based WeWork Cos. into a market darling. Read more>>
GIC Teams Up to Buy 71% Stake in US Trailer Park Operator
Singapore’s sovereign-wealth fund GIC is among two investors who have bought a 71 percent stake in Denver-based Yes Communities, an owner of manufactured housing estates in the United States, the U.S. firm said. YES is a portfolio company of real estate funds managed by Stockbridge Capital Group, LLC.
The deal would lead to consolidation of YES’s three home community portfolios into a single entity, whose principal owner and sole general partner would be Yes Communities, LLC, a newly formed real estate investment trust, YES said in a statement. Read more>>
Financing Details of SMI’s Central Park Tower Deal Revealed
In a bid to keep its planned Central Park Tower afloat, Extell Development Co. agreed to a deal that might one day force it to part with the luxury condo project.
A joint venture with China’s SMI USA to build the $3 billion skyscraper on Manhattan’s Billionaires’ Row comes with a deadline: If a construction loan isn’t obtained by May 24, SMI can require Extell to buy out its stake in the partnership — about $300 million — with interest. And if Extell fails to do that, SMI can push the developer to sell the entire project, according to documents filed last week on the Tel Aviv Stock Exchange, where Extell sells debt to investors. Read more>>
Evergrande Now China Vanke’s #3 Shareholder
China Evergrande Group, China’s third-largest real estate company, has taken the offensive to capture the No. 1 position, purchasing a large stake in its bigger rival China Vanke in early August.
Industry watchers are closely watching whether Evergrande Chairman Xu Jiayin’s third bet in his life will prove successful or not. Read more>>
GLP Net Profits Fall 24% in 2016
Global Logistic Properties Limited’s net profit collapsed to S$273.4 million (US$203 million) in 1QFY17, 24% smaller than S$256.0 million (US$190 million) in the previous corresponding period. This was due to the company’s forex losses and lower revaluation gains.
Despite the profit decline, GLP’s results showed that group revenue for the quarter crept up 9% YoY to S$278.9 million (US$207 million) while core earnings increased 7% YoY to S$196.7 million (US$146 million), fuelled by expansion of overseas operations and fund management in China, Japan and US. Read more>>
China City Construction Confirms Dim Sum Bond Default
China City Construction International Co Ltd, an unlisted Hong Kong subsidiary of a mainland Chinese construction and development firm, confirmed it has defaulted on a portion of an outstanding yuan denominated “dim sum” bond traded in Hong Kong. The firm posted the notice on the website of the Hong Kong exchange Thursday.
China City Construction first ran into trouble in April when a change in ownership in its Chinese parent company, China City Construction Holding Group Co, triggered an early redemption clause for the 2.5 billion yuan ($376.51 million) offshore yuan bond maturing in 2017. Read more>>
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