Yuzo Nishiyama, head of Australia at Mitsubishi Estate Asia
Mitsubishi Estate and Lendlease confirm plans for a residential-led project in suburban Sydney, with that story leading today’s headline roundup. Also in the news, Australia’s Dexus REIT reels from office property write-downs and Chinese builder Sunac posts a $2.1 billion half-year loss.
Mitsubishi Ties Up With Lendlease for $337M Sydney Project
Lendlease and Mitsubishi Estate Asia have announced the establishment of an A$500 million ($337 million) joint venture for a prime residential project at 1 Darling Point Road in Sydney’s eastern suburbs.
Located on the corner of New South Head Road and Darling Point Road, the 1,700 square metre (18,299 square foot) site will be developed as a mixed-use, residential-led scheme with associated amenity and commercial and retail spaces, subject to planning approval. Read more>>
Australia’s Dexus Falls to $1.1B Loss
ASX-listed landlord and fund manager Dexus has been slugged by sliding office values and fell to a A$1.58 billion ($1.1 billion) annual loss but insists that its big shift into property and infrastructure funds management will bring it through the cycle.
The REIT was hit by A$1.9 billion in write-downs as the bulk fell on office towers, with their values down about 25 percent from their peak before the COVID crisis struck and interest rate hikes blew out capitalisation rates. Read more>>
Sunac China Warns of $2.1B H1 Loss
Embattled developer Sunac China on Tuesday forecast a half-year attributable loss of RMB 15 billion ($2.1 billion) due to a housing market downturn.
China’s property sector, a cornerstone of the country’s economy, has been in a rough spell since 2021 as a regulatory drive on developers using excessive leverage caused a liquidity crisis. Read more>>
Warburg Pincus Gets Green Light to Buy India’s Shriram Housing Finance
The Competition Commission of India on Tuesday approved a proposed INR 46.3 billion ($550 million) deal in which private equity major Warburg Pincus will acquire Shriram Finance’s Shriram Housing Finance.
The proposed combination involves the acquisition of shareholding in Shriram Housing Finance Ltd by Mango Crest Investment Ltd, an affiliate of US-based Warburg Pincus, the CCI said. Read more>>
Hyatt to Buy Standard International Hotels
Hyatt Hotels has agreed to buy Standard International, adding to its growing portfolio of lifestyle lodging brands in a deal that could be valued at as much as $335 million.
Hyatt will pay a base price of $150 million, getting brands including the Standard, Bunkhouse Hotels and Peri Hotels, according to a Tuesday statement. The acquisition, which does not include any hotel real estate, encompasses 21 properties in places such as New York, London and Bangkok. Read more>>
Bankers Charged in Laundering Case Were Wealth Management Stars
Less than two years out of college, Wang Qiming was making waves within Citibank Singapore by bringing in millions in deposits from his rich clients.
At Swiss private bank Julius Baer in Singapore, Liu Kai was riding high. The young executive director was the envy of rivals that were trying to win more business from wealthy Chinese customers, and he was poached by another bank in 2022. Read more>>
Singapore’s Chip Eng Seng Shelves Plans for Hyatt Hotel in Adelaide
Long-standing plans for a five-star Hyatt Hotel in the heart of Adelaide’s CBD have been scrapped — the latest high-rise tower plan to come to grief at the troubled site.
The original vision of the Hyatt Regency Adelaide project was for a 28-storey, 295-room hotel to replace the vacant former Bank of South Australia building on the corner of Pirie Street and Gawler Place. The $180 million project, originally scheduled for completion in early 2023, was a joint venture of Hyatt Hotels and Singapore developer Chip Eng Seng Corp. Read more>>
China Weighs Letting Local Governments Issue Bonds to Buy Unsold Homes
China is considering a new funding option for local governments to buy unsold homes after a series of rescue packages failed to prop up the market, according to people familiar with the matter.
The latest proposal would let local governments fund their home purchases by issuing so-called special bonds, the proceeds of which are currently restricted to uses including infrastructure and environmental projects, the people said. Local governments have already used more than half the RMB 3.9 trillion ($550 billion) quota for special bond issuance this year; it is unclear what portion of the remainder might be directed towards home purchases if the plan is approved. Read more>>
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