Macrotech boss Mangal Prabhat Lodha is ready to make a big splash in the IPO market
In our latest roundup of regional news headlines, Indian developer Macrotech offers details of this week’s IPO, Chinese real estate group Gemdale acquires an office campus in California, and Japanese mall chain Lalaport gets ready to open its first foreign branch in Shanghai.
Macrotech Developers’ $341M India IPO to Open Wednesday
The initial public offering of Mumbai-focused Macrotech Developers — earlier known as Lodha Developers — will open for subscription on Wednesday and close on Friday to raise INR 25 billion ($341 million) from the primary market.
The company proposes to put the net proceeds from the issue towards reduction of debt totalling up to INR 15 billion, acquisition of land or land developmental rights aggregating up to INR 5.75 billion, and general corporate purposes. Read more>>
Gemdale USA Buys California Office Campus for $79M
Gemdale USA, a subsidiary of China-based Gemdale Corp, has acquired The Park Calabasas, an office campus on the western edge of Los Angeles County. Rising Realty Partners and Fortress Investment Group sold the asset for $79 million.
The low-rise campus features 222,524 square feet (20,673 square metres) of office space with expansive outdoor courtyards, on-site amenities, landscaped gardens and executive parking. At the time of sale, the property was 92 percent leased to six tenants. Read more>>
Japan’s Lalaport Mall Starts Asian Expansion From Shanghai
Japanese real estate giant Mitsui Fudosan will open the first Lalaport shopping mall outside of Japan in Shanghai on 28 April.
It marks the beginning of an international expansion for Lalaport, which has 18 locations around Japan, that will also encompass two properties in Taiwan and one in Kuala Lumpur in the near future. Read more>>
China Homebuyers Suffer as Indebted Developers Fail to Finish Projects
In Zhuozhou, a small city in China’s north, Zhu has stopped making mortgage payments on her apartment after its developer did not build a promised rail line that would have allowed residents to commute to Beijing for work.
The accountant is one of some 1,000 homeowners in the housing project who ceased payments in anger last year, according to Zhu and two other buyers campaigning for compensation who spoke to Reuters. Read more>>
Vietnam’s Vingroup to Raise $500M in First International Bond Sale
Vingroup, Vietnam’s biggest listed company, is seeking to raise $500 million through its inaugural issue of international bonds this year to pay loans and pump up the capital of its subsidiaries, the company said.
The international fundraising plan has just been approved by Vingroup’s shareholders, according to a company statement seen on Friday. Read more>>
Mainland Developer Country Garden Bets on Robot Catering
Chinese property developer Country Garden is looking beyond its core real estate operations to power growth as regulators tighten the screws on the country’s highly leveraged property sector to prevent any financial shocks.
As part of this strategy, the company is betting on its catering robot business — Qianxi Robotics Group — with the aim of turning it into the world’s largest intelligent catering group. And it aims to take it public when the timing is right. Read more>>
S-REITs Seek Out Green Financing
In 2020, global sustainable debt issuance surpassed $700 billion, up from $566 billion in 2019, according to BloombergNEF. The notion of sustainable debt, which started off with an initial focus on green bonds, has evolved significantly in the last few years.
The scope of sustainable debt has expanded to include instruments such as sustainability-linked and social bonds, as well as green and sustainable-linked loans. Read more>>
Mainland Casino Developer Landing Posts $272M Loss for 2020
Landing International Development Ltd has reported a loss of HK$2.12 billion ($272 million) for full-year 2020, slightly narrowed from the loss of HK$2.13 billion in 2019.
The Hong-Kong listed casino operator posted revenue of HK$788 million, a 3 percent decline from the prior-year period. Landing’s gaming business represented HK$186.5 million of the total revenue, a 12.5 percent year-on-year decline. 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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