The Li Ka-shing foundation funding a share buy-back for CK Asset in a show of confidence
Hong Kong’s richest man is showing some faith in the future of the city’s second-largest property developer, as CK Asset leads today’s real estate headline roundup with a report that the Li Ka-shing Foundation will fund a buy-back of shares in the builder.
Also in the news, Singapore continues to pump out green financing, with UOB providing a green loan for Ascendas India Trust, and the city-state’s reputation as a haven for characters with unusual wealth origins may grow a bit as a Fujian tycoon with Cambodian citizenship buys a Sentosa bungalow for $29 million.
Li Ka-Shing Family to Boost Stake in CK Asset to 41%
CK Asset Holdings, one of the listed flagships of Hong Kong’s richest billionaire Li Ka-shing, plans to spend an additional HK$2.4 billion (US$309 million) to boost its stock buyback programme and restore the family’s stake in the group.
The company, the city’s second-largest developer by market value, will offer to buy back 380 million shares at HK$51 each or HK$19.4 billion, according to an exchange filing late Wednesday. That is an increase from 333.3 million shares previously proposed in March. Read more>>
Ascendas India Trust Lands $75M Green Loan From UOB
Ascendas India Trust (a-iTrust) has successfully obtained a five-year S$100 million ($75 million) unsecured sustainability-linked loan facility from UOB, Singapore. The facility is a-iTrust’s first sustainability-linked loan.
The Trust intends to use the proceeds from the loan for general corporate and working capital requirements, including refinancing existing borrowings, the redevelopment of properties, acquisitions, capital expenditure or asset enhancement works of the Trust’s properties. Read more>>
Fujian Tycoon Buys Waterfront Singapore Bungalow for $29M
Buyers from China’s Fujian province continue to acquire Singapore property. One of the latest deals involves a sea-facing bungalow in Sentosa Cove that is being bought for slightly over S$39.33 million ($29 million).
Located along Ocean Drive, the property is being bought by Su Baolin, who is understood to hail from Xiamen city in Fujian Province, holds Cambodian citizenship and has stakes in two Singapore-incorporated companies – one in software development/programming, and the other in e-commerce. Read more>>
Singapore Govt Launches Pair of Site Tenders
Market experts are expecting keen competition for two government land sale (GLS) sites for private housing launched on Thursday (April 15), given their location, the strong state of the housing market and developers’ need to build up their land banks.
The Urban Redevelopment Authority (URA) called the tender for a site in Lentor Central, while the Housing Board is tendering a parcel in Tampines. Read more>>
Sale of Six Shenzhen Sites Not Expected to Cool Housing Market
Shenzhen, China’s tech and manufacturing hub in southern Guangdong province, faced with a land shortage and housing affordability crisis, has put a mere six plots up for grabs in the first of three land auctions this year.
Analysts said the number – which pales compared to other big city land auctions – is nowhere near enough to cool the piping hot property market. Read more>>
Boustead to Pay Veolia $4.9M to Settle Dispute
Boustead Projects’ wholly owned subsidiary Boustead Projects E&C (BP E&C) has agreed to a settlement with Veolia ES Singapore Industrial in relation to a 2017 contract.
In an exchange filing on Wednesday, Boustead said the companies have amicably agreed to settle their disputes regarding the project, with BP E&C to pay Veolia a net sum of S$4.9 million as part of the settlement. 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.
Leave a Reply