In today’s roundup of regional news headlines, a joint venture featuring Singapore’s Metro Holdings buys an Australian shopping centre, shares of Evergrande’s EV unit jump after chairman Xu Jiayin touts a long-term plan to make electric cars the group’s main business, and ousted WeWork founder Adam Neumann toasts the firm’s New York IPO at a booze-soaked party.
Metro Holdings JV Buys New South Wales Shopping Centre for $99.4M
Singapore’s Metro Holdings, along with its joint venture partner Sim Lian, has announced the acquisition of a shopping centre in New South Wales, Australia for A$132.8 million ($99.4 million).
Back at home, Metro has acquired 351 Braddell Road via the Boustead Industrial Fund after Boustead Projects divested the property to its subsidiary BIF for S$89.9 million ($66.8 million). Read more>>
China Once Again Prepares Plans for a Property Tax
China’s legislature will enact a property tax in selected regions across the country, rolling out the pilot plan as part of a wider “common prosperity” programme to enhance housing affordability and tame runaway prices.
The State Council, as the government’s cabinet is known, will select the first regions and the timing for implementing the dutiable tariff on land, as well as owners of residential and commercial real estate, according to state news agency Xinhua. Read more>>
Evergrande NEV Shares Jump After Chairman Signals Business Shift
Shares in China Evergrande Group’s electric vehicle unit rose Monday as the embattled property developer moved to prioritise the growth of its nascent EV business over its troubled core real estate operations.
Evergrande, reeling under more than $300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday. Read more>>
Keppel DC REIT Q3 DPU Up 4.5%
Keppel DC REIT on Monday posted a distribution per unit of S$0.02462 (now $0.018) for its third quarter ended 30 September 2021, up 4.5 percent from the S$0.02357 it posted a year ago.
The data centre trust’s manager attributed the increase in DPU to contributions from DPU-accretive acquisitions and asset enhancement initiative works. These include the acquisition of the Eindhoven Campus in the Netherlands for €37.2 million ($44.1 million) in September. Read more>>
Chinese Developers’ Overseas Spending Spree Dries Up
Chinese developers, who were among the most active investors in overseas property markets, have seen their investments slump in 2021 and they are likely to remain depressed for many years, as Beijing cracks down on capital outflows and curbs risky borrowings to improve the sector’s financial health, according to analysts.
Their overseas investments have fallen to about $1.9 billion so far this year, from a peak of $17.5 billion in 2017, when they snapped up development sites, offices, industrial, retail, residential, hotel and senior housing and care projects in the US, Britain and elsewhere, according to data from Real Capital Analytics. Read more>>
Commercial Building Along Singapore’s Hindoo Road for Sale at $17.5M
A freehold commercial building located at 7 Hindoo Road is on sale for an indicative guide price of S$23.5 million ($17.5 million), which translates to roughly S$1,682 ($1,250) per square foot of area, the exclusive marketing agent of the property PropNex announced in a press release on Monday.
The sale, held via an expression of interest exercise, will be led by the real estate agency’s senior associate division director, Loyalle Chin, and will close at 3pm on 21 December. Read more>>
Adam Neumann Hosts Booze-Soaked WeWork IPO Party
Ousted WeWork founder Adam Neumann hosted a booze-soaked party for more than 100 of his earliest employees as shares of the company finally began trading on the New York Stock Exchange and soared as much as 10 percent.
“I’m feeling amazing,” Neumann told the New York Post as he gathered a crowd of hangers-on at the beer garden of the posh Standard Hotel in Manhattan’s Meatpacking District. Read more>>
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