In today’s roundup of regional news headlines, Morgan Stanley enters a deal to help develop a logistics park near Mumbai, HSBC agrees to buy an Indian mutual fund business to expand its asset management business on the subcontinent, and Chinese developer Longfor is checking prospects for an IPO of its property management unit on Hong Kong’s default-damaged stock exchange.
Morgan Stanley Real Estate Investing and local developer Lodha have agreed to develop a logistics park spread over 72 acres (29 hectares) at Palava Industrial and Logistics Park near Mumbai.
The development of the logistics park with 1.9 million square feet (176,516 square metres) of Grade A warehousing space is expected to entail an investment of INR 600 crore ($80 million) for development. Read more>>
HSBC is buying the mutual fund arm of India’s L&T Finance Holdings for $425 million, the international bank said Thursday, as it looks to build up its wealth business in Asia.
Under a strategy spearheaded by group CEO Noel Quinn, HSBC is ploughing $3.5 billion into its wealth and personal banking business — including asset management — in line with its ambition to become Asia’s top wealth manager by 2025. Read more>>
Longfor Group Holdings is considering an initial public offering for its property management business in Hong Kong that could raise as much as $1 billion, people with knowledge of the matter said.
The Chinese real estate developer is working with China International Capital, HSBC and JPMorgan Chase on the proposed first-time share sale, the people said. Read more>>
Luxury British store chain Selfridges is being sold to Thai mall developer Central Group and Austrian property firm Signa in a deal that a source close to the matter said was worth around £4 billion ($5.4 billion).
Central and Signa already jointly own major department stores across Europe. They said Thursday that they had struck a deal for the chain best known for its Oxford Street store in London. Read more>>
An executive condominium site in Singapore’s Bukit Batok West Avenue 8 was launched for sale via public tender on Thursday.
The 12,449 square metre (134,000 square foot) site has a lease period of 99 years and can potentially yield about 375 residential units across a maximum gross floor area of 37,348 square metres. Read more>>
China’s property firms are set for a difficult January as authorities in Beijing pressure the industry to pay millions of workers on time.
On top of increasing offshore bond bills, developers and their contractors need to pay RMB 1.1 trillion ($170 billion) in deferred wages to migrant construction workers by the end of the Lunar Year, according to Nomura estimates. The deadline falls on 31 January. Read more>>
Hong Kong’s transactions of new residential property may rise 15 percent next year as buyers continue their demand in every segment of the market, from micro-apartments to mansions on The Peak, according to one of the city’s largest real estate agencies.
Up to HK$280 billion ($36 billion) of new homes may find buyers in 2022, marking the second year that annual transactions have risen, according to Centaline Property Agency. Read more>>
The governor of India’s Telangana state on Thursday asked real estate developers to come up with affordable housing models.
Speaking at a meeting of developers in the state, Tamilisai Soundararajan suggested the idea of eco-friendly green housing to save on energy consumption. “The houses should be constructed in such a way that they should have plenty of natural light and ventilation and promote quality and healthy living inside the houses,” she said. Read more>>