In today’s roundup of regional news headlines, Mapletree Logistics Trust eyes the purchase of a Changi warehouse property, merger talks give a boost to Beijing Capital Land’s Hong Kong-listed shares, and China resumes efforts to sell off assets of fallen conglomerate Anbang.
Singapore-listed Mapletree Logistics Trust has been granted an option to buy a property in Changi for S$24.5 million ($18.1 million) from RSH Holdings, with the purchase expected to be accretive to its distribution, said MLT’s manager.
In a regulatory statement to the Singapore Exchange, Mapletree Logistics Trust Management announced that the property is made up of a low-rise temperature-controlled warehouse building with ancillary offices that will be sold with vacant possession. Read more>>
Shares in Beijing Capital Land Ltd jumped in Hong Kong as trading resumed Monday after a proposed merger with Beijing Capital City Development Group Co.
Under the merger, the Chinese real-estate developer will be absorbed into Beijing Capital City Development, the two said in a joint statement dated 9 July. Beijing Capital City Development will pay HK$2.80 ($0.36) per share to the company’s H-share holders, representing a 63 percent premium to the share price before trading was suspended on 8 July. Read more>>
Justin Ma, the 29-year-old heir of the family that controls Tai Sang Land Development, hopes to ramp up investment in hospitality, in a break from the investment strategy of the 53-year-old company, which is better known for industrial buildings, shops and office buildings in Hong Kong.
Ma founded Yulan Group, a company focused on the hospitality segment, in 2019, and it is now operating two hotels, the 46-room Figo in Sheung Wan and the newly-opened 187-room Arca in Wong Chuk Hang. Read more>>
Dajia Insurance Group Co Ltd, the state-owned company created to take over the assets of fallen financial conglomerate Anbang Insurance Group Co Ltd, has resumed looking for new investors after last year’s failed attempt during the pandemic, sources close to the company told Caixin.
Bringing in new investors for Dajia would bring Chinese authorities a step closer to putting Anbang’s remaining assets into private hands. Currently, state-run bailout fund firm China Insurance Security Fund Co Ltd holds a 98 percent stake in the company. Read more>>
Hong Kong’s homebuyers continue making their beeline for the first waterfront flats built on the city’s former airport runway, as low-cost mortgages combine with signs of an economic recovery and easing COVID-19 outbreaks to lure them back into the property market.
China Overseas Land and Investment sold 118 apartments, or 41 percent of the 286 units on offer, at One Victoria at the weekend, sales agents said. The project, built on a strip of land that protrudes into Victoria Harbour, is about 45 minutes’ walk from Kai Tak MTR station. The distance — considered far by Hong Kong standards — did little to deter buyers. Read more>>
CapitaLand’s opening of the mall at Shanghai integrated development Raffles City The Bund drew over 300,000 shoppers on its opening day Saturday.
The mall, comprising over 120,000 square metres (1.29 million square feet) is the final component to the 300,000 square metre integrated development, which is CapitaLand’s third and largest Raffles City development in the city. Read more>>
Realty firm Godrej Properties Ltd plans to invest more than $1 billion over the next couple of years to acquire and develop new projects as part of its target to achieve higher growth, says executive chairman Pirojsha Godrej.
Addressing shareholders in the company’s annual report, he highlighted that, for the first time, Godrej Properties was “India’s largest developer by the value and volume of sales it achieved”. Read more>>
Private equity investment inflows into the Indian real estate sector stood at $2.7 billion during the first half of 2021, according to a report by Savills India.
This inflow is equivalent to 41 percent of the investment that the sector saw in the entire year of 2020, an indication that investors’ confidence remains intact despite the pandemic-induced slowdown. Read more>>