In today’s roundup of regional news headlines, Singapore’s Keppel Corp agrees to sell a German data centre facility, China slaps a ban on construction of supertall buildings, and a law firm representing the co-founders of Eagle Hospitality Trust’s sponsor seeks to cut ties over unpaid legal bills.
Keppel Corp is proposing the divestment of a data centre facility in Germany for a cash consideration of €76 million ($90 million), the conglomerate said on Thursday.
The property, Keppel DC Frankfurt 1, will be sold to a wholly-owned subsidiary of records management firm Iron Mountain. It was previously held under Calcium DC, a 60:40 joint venture of Alpha DC Fund and Keppel Data Centres Holding. Read more>>
China is prohibiting construction of the tallest skyscrapers to ensure safety amid mounting concerns over the quality of some projects.
The outright ban covers buildings that are taller than 500 metres (1,640 feet), the National Development and Reform Commission said in a notice on Tuesday. Local authorities will also need to strictly limit building of towers that are more than 250 metres tall. Read more>>
Lawyers from Potter Anderson & Corroon, representing the interests of Howard Wu and Taylor Woods — the co-founders of Eagle Hospitality Trust’s sponsor Urban Commons — have applied for leave to withdraw as counsel in relation to EHT-related bankruptcy cases and adversary proceedings.
Documents lodged on 2 July in a US bankruptcy court stated that the parties the firm represents, affiliated with Wu and Woods, were delinquent on payments to Potter Anderson in the amount of at least $258,633.47 as of the end of June. Read more>>
As China Evergrande Group tries to quell concerns about its financial health, the property giant has gone to great lengths to publicise its shrinking debt load.
What the developer rarely mentions, however, is that it’s also ramping up issuance of short-term IOUs. While not technically classified as debt, Evergrande’s growing reliance on such financing — known in China as commercial bills — suggests that the company faces mounting liquidity pressure as banks and bond investors increasingly shy away from providing it with longer-term funds. Read more>>
Chinese billionaire Zhang Jindong has received a $1.36 billion state-backed bailout of the troubled retail arm of his Suning empire, marking another step in Beijing’s efforts to clean up its heavily indebted conglomerates.
A group of investors, led by the Nanjing state asset management committee and the Jiangsu provincial government, will take a 16.96 percent stake in Suning.com, according to a statement on Monday. The deal was struck at RMB 5.59 ($0.86) a share, the nearly eight-year low the stock was trading at before it was halted on 16 June. Read more>>
An e-commerce boom in India will more than double the size of warehousing space sought over the next five years, according to Knight Frank.
Annual warehousing transactions in the top eight Indian cities will grow to 76.2 million square feet (7.1 million square metres) by March 2026 from 31.7 million square feet in 2021, the agency said in a report published Tuesday. The surge would follow a drop in the past year during the COVID-19 pandemic. Read more>>
Chennai tops the list of eight real estate markets in India when it comes to warehousing leasing for the 2021 financial year, according to a Knight Frank report.
The city clocked 3.5 million square feet (325,161 square metres) of warehousing leasing activity this financial year and is the only one among the eight markets to record positive growth, the agency said. Read more>>