In today’s roundup of regional news headlines, Morgan Stanley’s real estate investment management arm raises $3.1 billion for a global fund, mainland insurer Ping An’s biggest shareholder offloads part of its stake, and JP Morgan slashes its price target for China Evergrande shares by more than 60 percent.
Morgan Stanley Real Estate Investing, the global private real estate investment management business of Morgan Stanley, has raised $3.1 billion for North Haven Real Estate Fund X Global (G10), exceeding its original fundraising target and surpassing the size of its predecessor fund, North Haven Real Estate Fund IX Global.
Morgan Stanley said G10 investors include a sophisticated group of public and private pension funds, sovereign wealth funds, insurance companies and individuals from around the world, with over 80 percent of the institutional capital representing commitments from existing North Haven Real Estate clients. Read more>>
Ping An Insurance Group, China’s largest insurer by market value, has become the largest shareholder of China Fortune Land Development, raising hopes that the developer will survive its liquidity crisis after a debt default.
The group overtook China Holdings as the single largest holder of the cash-strapped developer after the latter trimmed its ownership to 24.92 percent from 25.82 percent in a debt restructuring exercise, according to a Shanghai Stock Exchange filing late Thursday. The Ping An group and its concerted parties own 25.19 percent of the developer. Read more>>
CP Group offloaded part of its stake in Ping An Insurance at HK$60.577 ($7.79) a share on Monday, a premium of 1.64 percent compared with yesterday’s closing price.
The sale brought in HK$463 million, bourse data showed. That took the stake held by Thailand’s top agro-industrial conglomerate from 17.02 to 16.91 percent. The sell-off came after Ping An’s share price plunged 36.8 percent in the year to date, despite promises of a share buyback by the company and its executives. Read more>>
Flynn Park in Pasir Panjang has been sold for S$371 million ($275 million) to a joint venture of Hoi Hup Realty and Sunway Developments, property consultancy Savills Singapore announced Friday.
The sale price works out to S$1,355 per plot ratio, which exceeds the S$365 million reserve price, or S$1,284 ppr, when the property was launched for sale by public tender on 28 July. The development’s first attempt at a collective sale in June 2018 ended without a buyer. Read more>>
Ascott Residence Trust’s private placement closed about 2 times covered and was priced at the bottom end of its price range at 98.3 Singapore cents ($0.73) per new stapled security.
The private placement saw participation from new and existing institutional and other accredited investors, the managers of the REIT said in a bourse filing Friday. Read more>>
Investment bank JP Morgan slashed its price target for China’s debt-hobbled property giant Evergrande Group to HK$2.80 ($0.36) from HK$7.20 on Friday, saying there was likely to be more negative news about its finances.
The bank also cut its recommendation to underweight from overweight. Evergrande, which has about $20 billion worth of international bonds, has seen its share price slump 85 percent over the last year, and rating agencies have issued a flurry of warnings over the last couple of weeks that it could default. Read more>>
Singapore Press Holdings said on Thursday that winding up the media business may incur “potentially heavy financial costs” and any sale of the media business would also require regulatory approval.
This was in response to questions sent by shareholders on why the board did not consider selling or shutting down the media business, ahead of the extraordinary general meeting to be held on 10 September. SPH is seeking to get shareholders’ approval of its proposed restructuring and formation of a new constitution. Read more>>
State-owned developers with massive land banks in Qianhai stand to benefit the most from an expansion of the economic zone, as demand for houses is likely to increase on the back of a steady influx of talent.
The zone, which was originally created in 2009 to foster cooperation between Shenzhen and Hong Kong, will increase in size from 14.9 square kilometres (5.8 square miles) to 120.6 square kilometres to entice more businesses to open operations in the area, according to a blueprint unveiled by the State Council, China’s cabinet, on Monday. Read more>>