In today’s roundup of regional news headlines, Aussie giant Macquarie’s fund management arm picks up a stake in the UK unit of Singapore’s ST Telemedia Global Data Centres, Hongkongers lose their appetite for Greater Bay Area homes, and luxury brand Dior opens a new boutique in Tsim Sha Tsui’s Canton Road.
Australian asset management firm Macquarie Asset Management has taken a minority stake in ST Telemedia Global Data Centres’ UK unit Virtus Data Centres.
The companies said this week that Singapore-based STT GDC has reached an agreement for Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, to acquire a “significant minority stake” in Virtus. Terms of the deal were not disclosed. Read more>>
Hongkongers are rapidly losing interest in acquiring property in the Greater Bay Area, with transactions continuing to plunge in the first half amid travel restrictions and growing fears about mainland developers’ ability to complete projects.
Transactions involving Hongkongers tumbled by as much as 80 percent year-on-year in the first six months, according to Andy Lee, CEO of Centaline China. A total of 648 deals worth RMB 2.1 billion ($310.2 million) involving buyers from Hong Kong were finalised in the same period last year, according to data from Centaline China. Read more>>
Property developers in Hong Kong continue to price new projects competitively after the total value of housing transactions declined by a quarter in July amid an uptrend in the city’s interest rate cycle.
Sun Hung Kai Properties, Hong Kong’s largest developer by sales, for instance, on Tuesday released the latest batch of 168 units at its Novo Land project in Tuen Mun that goes on sale this Saturday at an average price of HK$14,392 ($1,833) per square foot — almost the same as a previous batch released over the weekend at HK$14,385 per square foot. The developer sold all 336 units during the last round. Read more>>
Shrugging off the impact of political turmoil and the coronavirus pandemic on Hong Kong tourism, Dior has opened a new boutique on Canton Road in the city’s bustling Tsim Sha Tsui district.
The 9,500 square foot (883 square metre) flagship, featuring a facade illuminated with a deconstructed version of the French fashion house’s signature “cannage” motif, is spread over two floors carrying women’s and men’s ready-to-wear, leather goods, shoes, accessories, fine jewellery, watches, homewares and perfumes. Read more>>
Singapore-listed Daiwa House Logistics Trust on Wednesday posted a distribution per unit of S$0.0309 for the period between 26 November 2021 (its listing date) and 30 June 2022.
Net property income slid 4.5 percent to S$30 million (now $21.7 million) from the prorated forecast of S$31.5 million, while gross revenue dropped 3.6 percent to S$38.9 million from the S$40.4 million projected, the REIT’s manager said. Read more>>
Ascendas REIT on Tuesday posted a distribution per unit of 7.873 Singapore cents for the first half, up 2.8 percent from a DPU of 7.66 cents a year ago.
“This is one exceptional quarter. We have capitalised very much on this and pushed rental up as high as possible, to what is acceptable,” said William Tay, chief executive of A-REIT’s manager. Read more>>
The list of reasons to sell Chinese equities just keeps getting longer.
Stocks took another dive on Tuesday as traders braced for geopolitical risks to intensify with US House Speaker Nancy Pelosi’s planned visit to Taiwan. Beijing regards the island as part of its territory and has promised “grave consequences” for the trip. The tensions may exacerbate outflows from China after global funds sold RMB 2.3 billion ($342 million) worth of local shares on Tuesday. Read more>>
Godrej Properties on Tuesday said its first-quarter consolidated net profit nearly tripled to INR 45.55 crore ($5.8 million) while sales bookings jumped five times to INR 2,520 crore.
The Mumbai-based developer announced that managing director and CEO Mohit Malhotra has resigned with effect from 31 December this year. Gaurav Pandey will become the new MD and CEO from 1 January. Read more>>