In today’s roundup of regional news headlines, Asia’s biggest listed property trust gets a strong response to its rights issue, and troubled mainland China developer Shimao puts a Hong Kong hotel up for sale as it struggles to pay down debts and reopen trading of its Hong Kong-listed shares.
The manager of Link REIT announced Tuesday that its HK$18.8 billion ($2.4 billion) rights issue was 240.25 percent subscribed upon “overwhelming support” from qualifying unitholders and investors.
The Hong Kong-listed trust had offered a one-for-five rights issue at a subscription price of HK$44.20 and received valid acceptances and applications for more than 1 billion units from qualifying unitholders and investors, the manager said. Read more>>
Indebted Chinese developer Shimao Group is putting its large hotel property located near Hong Kong’s airport on the market and expects to garner strong interest amid an expected recovery in the city’s tourism sector, according to sales agent JLL.
The asking price for the 18-storey, Sheraton-branded hotel in Tung Chung, which opened in 2020, is HK$6.5 billion ($828 million), Reuters reported. Read more>>
Resale volume of private condominiums in Singapore rose for the first time since October 2022, driven by pent-up demand after the Chinese New Year period.
Flash estimates from SRX and 99.co on Tuesday showed that 756 units were resold in February, a 50.3 percent increase from the 503 units resold in January. Read more>>
NovaGroup wants to sell a 2 percent stake in Novaland — and if the transaction goes through, chairman Bui Thanh Nhon and his family will become minority shareholders.
In a notice sent to the Ho Chi Minh City stock exchange on Monday, NovaGroup said it would sell 38 million shares between 30 March and 28 April to balance its investment portfolio and restructure debts. Read more>>
The real estate sector has received equity capital of $32 billion during the last five years and is expected to attract between $12 billion and $13 billion during 2023-24, with office assets likely to garner the most funding, according to CBRE.
The property consultancy estimates that equity flows in the real estate sector will remain steady over the next two years, with an average flow per year between $6 billion and $7 billion. Read more>>
A portfolio comprising 11 Housing and Development Board shophouses, along with a 999-year leasehold strata retail shop in Peninsula Plaza, are up for sale at a guide price of S$52.2 million ($39.3 million).
Each HDB shophouse is located in mature residential hubs with prominent frontages and high footfall, nearby road junctions, grocery markets, coffee shops or food centres, marketing agent CBRE said Tuesday. Read more>>
Far East Hospitality Trust received an additional S$18 million ($13.6 million) from its divestment of Central Square to City Developments Ltd.
This is the maximum amount of the conditional incentive fee that CDL said it would potentially pay FEHT — on top of the property’s S$313.2 million purchase consideration. The deal was first announced in December 2021. Read more>>
Web Werks has launched a new data centre in India’s Bengaluru.
The company announced this week that the Web Werks-Iron Mountain Data Centers joint venture has launched the first phase of a new 4-megawatt facility in the Karnataka region of the country. Read more>>