Sherman Kwek could be forgiven for breaking out into song after making $166 million in 24 hours
Property dynasties lead the way in Mingtiandi’s roundup of Asia real estate headlines today with news that the net worth of Singapore’s richest family jumped $166 million in a single day following a deal to buy out a London-listed hotel chain, while Beijing looks likely to loosen its grip on China’s property market as the trade war begins to bite.
In other news around the region, romance is in the air as the French government wants to kiss and make up with a Singaporean REIT after a Paris affair goes sour, and a South Korean booking platform that has reinvented love hotels for people looking for some good, clean fun reaches a $1 billion valuation climax.
Elsewhere, the founder of Ctrip.com has his sights set on foreign lands, while a Shanghai conglomerate is hoping to get a budget holiday with a British travel agency that has lost its bucket and spade.
Kwek Family Net Worth Jumps $166M in 1 Day
City Developments Ltd’s offer for the rest of Millennium & Copthorne Hotels Plc it doesn’t already own isn’t just good news for the struggling UK-based hotel group.
With stock in Singapore’s second-largest developer jumping as much as 6.1 percent Monday, the Kwek family’s net worth shot up by S$227 million ($166 million), according to Bloomberg calculations. Read more>>
GIC Helps Korean Love Hotel Valuation Reach a $1B Climax
Yanolja’s gentrification of South Korean love hotels has brought the company a valuation of more than $1 billion from investors keen to capitalize on the globalization of a novel approach to short-stay accommodation, its chief executive told Reuters.
The budget hotel and online booking platform operator reached the valuation having secured $200 million from US peer Booking Holdings Inc and Singapore sovereign wealth fund GIC Pte Ltd, CEO Kim Jong-yoon said. Read more>>
Sacré Bleu! France Pays Cromwell E-REIT €907K for Rental Losses
France has agreed to compensate Cromwell European Real Estate Investment Trust (E-Reit) €907,128 ($1.03 million) for the trust’s loss of potential rental income from its Paris logistics property since its listing, after the French government’s decision to not expropriate the site.
The French government had earlier been mulling whether to take possession of the Reit’s Parc des Docks site to develop a hospital, university complex and school, according to Cromwell E-Reit’s fourth-quarter results presentation. Read more>>
Beijing to Loosen Grip on Property Market as Trade War Bites
Beijing may begin to unwind restrictions designed to keep property prices in check as it battles to prop up economic momentum amid the escalating trade war, according to experts.
The property sector and related industries, which account for more than 25 percent of China’s gross domestic product according to CLSA, could be used to help offset the deteriorating trade outlook. The policy approach may be winning hearts and minds in Beijing as data showed exports contracted 2.7 percent in April. Read more>>
RMZ Corp in Talks to Buy $288M Commercial Buildings in India
Bengaluru-based property developer, RMZ Corp, is looking to get a foothold in the Mumbai realty market.
Promoted by the Menda family, RMZ is in talks with Mumbai-based Omkar Realtors & Developers to buy the latter’s commerical buildings at the localities of Bandra and Mahalaxmi, said sources. According to one source, RMZ is looking to buy 600,000 square feet to 700,000 square feet, with a value up to Rs 2,000 crore ($288 million). Read more>>
Fosun Steps in to Whisk Away Thomas Cook after 3 Profit Warnings
The world’s oldest travel company Thomas Cook edged closer to a break up on Monday after its biggest shareholder, China’s Fosun Tourism, made a preliminary approach for the British group’s core holiday operations.
The 178-year-old company, battered by fading demand for its package holidays, high debt and a hot 2018 summer in Europe which deterred bookings, is also weighing approaches for its airline business and Nordic operations as it seeks to raise cash. Read more>>
Huazhu’s Ji Qi Says He’s Looking to Buy Abroad
Ji Qi, the hotel mogul who took three Chinese start-ups including the country’s largest online travel agency Ctrip.com to list on the Nasdaq, said now is the time to expand abroad while the competition is being cowed to stay homebound by the trade war and China’s crackdown on freewheeling.
Outbound acquisitions have stalled among Chinese companies since April 2017, when regulators put half a dozen highly leveraged asset buyers – including the Anbang Group, CEFC, Dalian Wanda and the HNA Group – under heightened scrutiny. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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