Retail leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a China footwear retailer that partners with Nike and Adidas has filed for an initial public offering with a target of $1 billion, while a Malaysian department store shows that its not extinct yet by renewing a lease in Beijing.
Elsewhere, house prices in the least affordable market in the world are said to be at the mercy of Donald Trump, and a mainland developer is turning its buildings into a bird-lover’s paradise.
Chinese footwear retailer Belle International filed plans on Thursday to spin off its sportswear business via a Hong Kong initial public offering, a deal which two sources with knowledge of the matter said could raise $1 billion.
The company aims to list the unit Topsports International Holdings Ltd, a large Chinese distributor and retail partner of foreign brands Nike Inc and Adidas, in the second half of the year, said the sources. Read more>>
Lemon Tree Hotels, which has been in a capital deployment phase to expand operations and create assets, will start scouting for buyers to divest a minority stake after the fiscal year 2021-22, Patanjali Keswani, chairman and managing director of Lemon Tree, has said.
“We have been in a capital deployment cycle. We had to deploy $800 million (INR 5,524 crore). Most of it is done,” Keswani said. The move will be a change in tack for the New Delhi-based company that has been investing in assets. Read more>>
A Hong Kong-based real estate fund manager has acquired the historic Accountants House in Sydney’s The Rocks for A$21.05 million ($14.8 million).
Terraform Capital purchased the leasehold interest in the six-storey commercial building at 117 Harrington Street on a 5.25 percent yield. Read more>>
Parkson Holdings’ Beijing operation Parkson Retail Development (PRD) has extended a department store lease in the city until the end of 2021.
PRD’s Hong Kong-based owner PRGL announced in a stock exchange filing in Hong Kong the firm has signed a new lease agreement for a 189 square metre area from the China National Arts and Crafts Group in Beijing’s Fuxingmen. It has agreed to pay a quarterly rental of RMB 2.5 million ($361,800). Read more>>
Washington could set the pace for Chinese real estate. Home prices are notching up annual increases of nearly 11 percent, in spite of official restrictions and a cooling economy.
It’s a reminder that property remains a powerful potential lever for Beijing to crank up growth. Fallout from a prolonged trade war will determine how forcefully it gets used. Read more>>
Property developer SOHO China, together with environmental NGOs, launched a swift protection project Thursday in Beijing, which will make new buildings more bird-friendly by including nesting places in the design.
Henry Paulson, chairman of the Paulson Institute and former US treasury secretary, said in a video message delivered to the launch that the project would influence not only the building sector in China and overseas but also act as an example to other sectors to show that consideration of biodiversity was possible at low cost and with considerable benefits in terms of biodiversity, company reputation and value. Read more>>