Link REIT is heading back down under after buying 100 Market Street in Sydney in 2019
In today’s roundup of regional news headlines, Hong Kong-listed Link REIT continues to diversify geographically with more Australian property buys, financial woes caused by COVID-19 are pushing firms out of Shanghai’s main business areas, and affiliated Thai companies scarf up 87 percent of Frasers Property’s rights offering.
Link REIT Said to Sign Mandate for Aussie Acquisitions
Link REIT, which paid almost A$700 million for a Sydney office building in late 2019, is back on the hunt for premium investment-grade Australian properties after signing an open-ended mandate with fund manager EG.
It is part of a geographic diversification strategy for Link REIT, which is based in Hong Kong and has A$33 billion in assets under management, all but two of which are located in Tier 1 Chinese cities. Read more>>
COVID Fallout Pushing Businesses Away From Shanghai’s Core Areas
An increasing number of companies in Shanghai have been relocating away from the main business areas to save office rental costs owing to financial damage caused by the COVID-19 pandemic.
According to property services firm JLL, a gap of RMB 4 ($0.61) per square metre in daily rental expenses between central business districts and emerging commercial districts has resulted in a rising number of office relocations since the middle of last year. The trend is likely to continue amid the ramped-up development of the city’s more business-friendly non-CBD regions. Read more>>
Frasers’ Thai Cousins Subscribe to 87% of S$982.9M Offering
Frasers Property Ltd, at the close of its rights issue on 25 March, received valid acceptances and excess applications of 982.9 million rights shares, or 90.6 percent of the 1.09 billion rights shares available under the rights issue.
The applications include the ones put in by TCC Assets and IBIL, which represent about 86.63 percent of the 1.09 billion rights shares. Read more>>
Soilbuild REIT Removed from FTSE Singapore All Cap Index
Soilbuild REIT has been removed from the FTSE Singapore All Cap Index and the Benchmark Index, announced the manager of Starhill Global REIT on 30 March.
The Benchmark Index is relevant to the determination of the performance fee that may be paid to the manager under the trust deed constituting Starhill Global REIT dated 8 August 2005. Read more>>
Shares of SG Landlords Surge on Expected Return of Office Workers
Shares of office landlords have been gaining since the government’s announcement last week that a bigger proportion — up to 75 percent — of staff can return to the workplace from 5 April.
Units of Keppel REIT on Tuesday rose 0.8 percent to hit a one-year high of S$1.24 ($0.92), the highest it has been in a year. United Industrial Corp, which owns assets such as Singapore Land Tower, Clifford Centre and SGX Centre, rose 1.1 percent to a one-year high of S$2.67, while Suntec REIT added 1.3 percent to S$1.58, and CapitaLand Integrated Commercial Trust gained 1.4 percent to S$2.18. Read more>>
Central Group Turns to Overseas Buyers for Upscale Bangkok Project
Dusit International is joining other Thai companies in tapping foreign investors by marketing its first residential project in Hong Kong after the COVID-19 pandemic crimped demand from local buyers and worsened a supply glut.
The hotel operator is building a THB 46 billion ($1.48 billion) mixed-development project in the heart of Bangkok’s central business district, as part of an effort to speed up its income diversification plan, group CEO Suphajee Suthumpun said. Read more>>
Shimao Sets RMB 330B Sales Goal as Net Profit Jumps 16%
After recording a nearly 16 percent rise in net profit to RMB 126.3 billion ($19.3 billion), developer Shimao Group has set this year’s sales target at RMB 330 billion.
Vice chairman Xu Shitan also revealed yesterday that Shimao-owned land valued at RMB 50 billion to RMB 60 billion in Hong Kong will help springboard the launch of property sales this year. Read more>>
Contractors on Jack Ma’s Peak Pad in HK$37M Fight
Wing Keung Construction has filed a writ against Paul Y Engineering, the main contractor of Jack Ma’s 22 Barker Road property, alleging failure to pay HK$37.88 million ($4.9 million).
Ma bought the luxury house on The Peak for HK$1.5 billion from the former deputy chairman of PCCW, Francis Yuen, and his wife in 2015. Read more>>
New World Said Attempting to Exit Construction Equipment Business
The owners of Hyva Holding BV are reviving a sale of the Dutch maker of cranes and hydraulics that could value the business at about $700 million, people with knowledge of the matter said.
NWS Holdings Ltd, the infrastructure arm of New World Development controlled by Hong Kong’s billionaire Cheng family, and Asian buyout firm Unitas Capital are working with advisers on the potential disposal, the people said, asking not to be identified because the matter is private. Read more>>
Wife of SG Tech Tycoon Makes Record S$128.8M Bungalow Buy
A good-class bungalow in Nassim Road has sold for S$128.8 million ($95.8 million) to the wife of the founder of Nanofilm Technologies International.
Property website EdgeProp reported on Tuesday that Jin Xiao Qun bought the 32,159 square foot (2,988 square metre) property — about the size of 33 four-room HDB flats — for about S$4,005 per square foot. Read more>>
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