Asia’s largest real estate investment trust leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the Hong Kong-based REIT has completed its acquisition of a 10-storey office tower in Sydney from funds managed by Blackstone for A$683 million ($429 million).
In other news around the region, home sales in a major Asian financial hub dropped by one third in March, while a US retailer is planning to invest $425 million in Wuhan.
Elsewhere, the Singapore prime minister’s wife, who is the CEO of a sovereign wealth fund, is reported to be on an annual salary of S$99 million ($69 million).
US private equity giant Blackstone Group has defied market jitters and pulled off a mega sale of an office tower above the Westfield mall in Sydney’s CBD to Hong Kong-based Link REIT for A$683 million ($429 million).
The sale will be a much-needed shot in the arm for the office sector which has seen commercial real estate investment falling sharply in the first quarter of 2020 to A$3 billion from A$15.9 billion in the previous quarter. Read more>>
Developers in Singapore sold 660 private homes in March, down 32.4 percent from February’s 976 units, as the coronavirus pandemic situation deteriorated.
It was 37.4 percent lower over March 2019’s 1,054 units. The fall was due to the dive in sales in the core central region (CCR), where 45 units were sold, down 89.1 percent from the previous month’s 412. Read more>>
Trading in a bond issued by China’s HNA Group was suspended in a sign of how liquidity problems at the heavily indebted conglomerate have worsened after the coronavirus pandemic buffeted capital markets.
The Shanghai stock exchange said in a statement on Wednesday that trading in the seven-year, RMB 3 billion ($425 million) bond — issued by the company in 2015 — was initially halted shortly after the market opened due to “abnormal fluctuations”. After a brief resumption, trading was again stopped after the bond fell below 30 percent of its par value. Read more>>
In a Taiwan news show recently, it was reported that Ho Ching, wife of Singapore prime minister Lee Hsien Loong, earns S$99 million ($69 million) a year or about S$300,000 a day as the incumbent CEO of Temasek Holdings.
This report relates back to the recent saga sparked by Mdm Ho’s Facebook post about Taiwan’s donation of face masks to Singapore where she shared a news report and included a caption that simply said, “Errr…” Read more>>
New home prices in China returned to growth in March after stalling in February, according to Reuters calculation, in a hopeful sign of a pick-up in the property market after the coronavirus health crisis halted economic activity.
Average new home prices in China’s 70 major cities rose 0.1 percent in March from the previous month, after staying unchanged in February, Reuters calculated based on official data on Thursday. Read more>>
Private home sales slipped last month and are poised to stay low this month as show-flats close and more launches are expected to be pushed back on account of the circuit breaker measures.
Developers in Singapore sold 660 private homes last month – the worst showing in five years – down 32 percent from 976 in February, as the property market grappled with increasingly stringent safe distancing measures. Read more>>
Over the next five years, Walmart China is to invest $425 million to expand its presence in Wuhan, the origin of the coronavirus pandemic.
The US-headquartered retail giant will open at least four Sam’s Club membership stores as well as 15 new malls in the territory within the period. It will also set up additional community stores around the provincial capital, to add to its existing 34 outlets and two distribution centres within Wuhan. Read more>>