LendLease bought out the Jem complex in Jurong East earlier this year
While much of the region enjoyed a long holiday weekend, the manager of Lendlease’s Singapore-listed REIT may have been kept busy making spending plans with news of the trust’s successful fund raising leading Mingtiandi’s headline roundup today.
China housing prices are also in the news, as looser controls on home purchases in cities around the country have yet to translate into rising demand, and residential policy easing has reached the suburbs of Shanghai, if anyone can sneak outside to buy a new apartment.
Lendlease Global Commercial REIT Raises $478M From Equity Sale
The manager of Lendlease Global Commercial REIT (LREIT) says it has raised gross proceeds of S$648.8 million ($478 million) from its equity fund raising. Of the total amount, S$248.8 million were raised through the preferential offering, where 345.58 million new units were issued at 72 cents apiece.
The preferential offering was 137.4 percent or about 1.4 times subscribed, which means no excess application needed to be made by Lendlease GCR Investment Holding and the REIT manager. Read more>>
China New Home Prices Stayed Flat in March
Growth in new home prices in China was flat again in March versus the previous month, government data showed on Friday, pointing to fragile demand as growing Covid-19 lockdown measures dampened consumer confidence.
Average new home prices in 70 major cities were unchanged on a month-on-month basis for the second time in a row, according to Reuters calculations based on March data from the National Bureau of Statistics (NBS). Read more>>
Shanghai Eases Home Purchase Restrictions in Lingang Area
China’s property easing measures have reached Shanghai, the site of its worst Covid-19 outbreak, as Beijing tries to bolster the world’s second-largest economy.
Lingang Special Area of China (Shanghai) Pilot Free Trade Zone, which is home to Tesla’s first manufacturing facility outside the United States, will allow talent to buy homes in the free-trade zone after working there for three months, down from at least one year previously, according to the Lingang Special Area’s website. Read more>>
UBS Names New Manager for Fund Rocked by Developer Crisis
UBS Group AG has appointed a new manager to oversee a $2 billion Asian high yield fund, the Swiss bank said in a statement, after a five-month hiatus in top leadership at the fund that was hit hard by China’s property sector debt crisis.
Raymond Lin Gui will join UBS’ asset management arm in Hong Kong on May 2, as head of portfolio management for Asia fixed income, according to the statement on Thursday. Read more>>
Hong Kong Fitness Chain Pure to Meet Creditors Over Studio Closure
A subsidiary of one of Hong Kong’s biggest fitness chain, Pure Group, will meet creditors later this month to discuss the recent closure of one of its yoga centres.
The chain, which has 22 yoga and fitness venues in the city, said a meeting of creditors will be held in the China United Centre on the morning of April 27. The Pure chain closed the yoga centre at The Centrium in Central on March 31. The lease was held by its Pure Yoga (HK) unit. Read more>>
Wheelock Prices Kai Tak Flats at 12% Discount
The first large new residential project to be launched in Hong Kong since a ferocious fifth wave of coronavirus struck has been priced more than 10 per cent lower than a development that went on sale in the same area last summer.
It comes as developers prepare to unleash thousands of flats in the coming months that will test market demand amid a flagging economy and rising unemployment. Read more>>
Nanjing Limits Developer Access to Pre-Sale Funding
Nanjing has become the first Chinese municipality to set a ratio specifying the amount of funds gained through property pre-sales that developers can touch to help mitigate the sector’s credit crunch.
Qualified developers can freely spend 60 percent of the funds needed to finished the project, which is raised through pre-sales of the project before construction is completed, the Nanjing Housing Security and Real Estate Bureau and the Nanjing branch of the People’s Bank of China said in a document released on April 11. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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