In today’s roundup of regional news headlines, Mapletree Logistics Trust completes its acquisition of five Korean properties, China’s JD.com readies an $800 million capital commitment for delivery platform Dada Group, and a former New South Wales politician could face jail time over attempts to secure projects for mainland developer Country Garden.
Mapletree Logistics Trust has completed the acquisition of five logistics properties in South Korea with a total value of S$334.8 million ($250 million).
According to an announcement posted by the Singapore Exchange, MLT now indirectly wholly owns CoreLogis and Gwan-ri through a 99.9 percent interest in the logistics assets known as AbleLogis, Bukuk and Dongsan (REF Properties). Read more>>
China’s JD.com said on Monday that it would invest $800 million in on-demand delivery platform Dada Group, following which the e-commerce firm will own about 51 percent of Dada.
The investment comes at a time when JD.com is spinning off its logistics business, the in-house delivery network that gave it competitive advantage over larger rival Alibaba Group. Read more>>
Hong Kong property company New World Development expects its investments in China, particularly the Greater Bay Area development zone, to generate double-digit growth over the next several years.
The company’s investment in the zone is the largest among its Hong Kong peers, Adrian Cheng Chi-kong, NWD’s executive vice-chairman and chief executive, told the 24th Credit Suisse Asian Investment Conference on Monday. NWD currently owns 5.6 million square metres (60.3 million square feet) of land in China, of which 62 percent is in the Bay Area, he added. It has invested about RMB 20 billion ($3.1 billion) in the zone since 2016. Read more>>
The NSW corruption watchdog has referred former Liberal MP Daryl Maguire for possible criminal charges for giving false evidence during a long-running inquiry into serious corruption within Canterbury council.
The Independent Commission Against Corruption has released its findings from its Operation Dasha inquiry into the council’s planning processes, recommending the Director of Public Prosecution consider charges against the former Wagga Wagga MP and four former members of council. Read more>>
CGS-CIMB is reiterating an “add” for CapitaLand with a higher target price of S$4.04 ($3.01), while OCBC is maintaining a “buy” and raising its fair value to S$4.03, up from S$3.42 and S$3.79 respectively, according to their research teams.
This comes after CapitaLand announced its proposed restructuring to consolidate its investment management and lodging platforms into CapitaLand Investment Management (CLIM), as well as the privatisation of its real estate business. Read more>>
Executives of mainland Chinese companies that are either listed or have a presence in Hong Kong are beginning to have a bigger influence on the city’s luxury homes rental market.
“Up until a few years ago, we received few enquiries from mainland Chinese clients,” said Chin-yee Wong, general manager of Hong Kong property investment company Pokfulam Development. “Now, out of every 10 enquiries, two to three are from people with roots on the mainland. And they are venturing beyond The Peak area.” Read more>>
Agile Group Holdings reported that core net profit in the year ended 31 December 2020 increased by 31.2 percent from the year before to RMB 11.12 billion ($1.7 billion in current terms), while net profit increased by 32.7 percent to RMB 12.24 billion.
Basic earnings per share came to RMB 2.44, up 6.1 percent from the year before. Read more>>