New World is selling off its bus service as Hong Kong’s economy slides
After selling some of its peripheral property holdings in Hong Kong during June, New World Development seems to be freeing up more cash with an agreement to sell off its Hong Kong bus franchises to a private equity fund managed by an affiliate of South Africa’s Investec.
Hong Kong dominates still more of our news from around the region with a land sale in Sai Kung, and new tension between retail landlords and shop owners as the Covid-19 crisis wears on. Meanwhile India attracts still more private equity attention as Ivanhoe Cambridge is said to be chasing a deal with Embassy Group.
New World Agrees to Sell Hong Kong Bus Unit for HK$3.2B
Infrastructure firm NWS Holdings has agreed to sell one of Hong Kong’s largest franchised bus operations – Citybus and New World First Bus – for HK$3.2 billion (US$410.2 million), saying the objective of the deal is to save jobs in a coronavirus-hit business environment.
NWS, a unit of Hong Kong property developer New World Development, sold the firms to a consortium led by private equity fund Templewater Bravo in a cash deal, according to a filing with the Hong Kong stock exchange after trading hours on Friday. Read more>>
At Least 16 Bids Placed for New Territories Residential Site
At least 16 bids were received for a residential site in Ho Chung, Sai Kung, Hiram’s Highway near Heung Chung Road.
Emporer International (0163), Wing Tai Properties (0369), CK Asset (1113), Chinachem Group, K&K Property, Grand Ming (1271), Chevalier International (0025), New World Development (0017), Far East Consortium International (0035), Kingboard (0148), Sino Land (0083), K Wah International (0173) and Orion Land tendered. Read more>>
Ex-Warburg Real Estate MD Said Teaming Up with China’s Hillhouse
A former Warburg Pincus LLC managing director focusing on Asia real estate has left the firm to explore opportunities with Hillhouse Capital Group, sources with knowledge of the matter told Reuters.
Joe Gagnon is said to be in talks with Asia-focused private equity firm Hillhouse to develop its real estate capabilities, said one of the sources, adding his role there has not been finalized. Read more>>
Ivanhoe Cambridge Said Talking India Office Platform with Embassy Group
Ivanhoe Cambridge, a real estate subsidiary of Canadian institutional fund manager CDPQ, is in advanced talks with Bengaluru-based Embassy Group to set up a platform to invest in office properties across India, said two people with direct knowledge of the development.
The platform, to be set up in the form of an Alternative Investment Fund (AIF), will see Ivanhoe Cambridge initially investing $150 million (about 1,110 crore). Read more>>
Wharf Seals Off Stores, Sues Tenants as Retailers Struggle
The months-long stand-off between Hong Kong’s commercial landlords and retailers is taking a turn for the worse, as a third wave of coronavirus outbreak amid the city’s worst recession crimped retail sales, pushing many businesses to the brink of bankruptcy.
Harbour City, one of Hong Kong’s best-known luxury shopping centres and a favourite for mainland China’s shopping tourists, last week sealed off the stores of clothing retailers G2000 and Anagram in a dispute between the owners and the landlord Wharf Real Estate Investment Corp. Read more>>
Genting Restructuring Seen Undermining Overseas Projects
The Malaysian firm that rocked Miami with the purchase of the former Miami Herald building is in financial distress, a development that could spark fresh questions about one of downtown’s prime building sites.
On Wednesday, Genting Hong Kong Limited, the cruise-operating unit of The Genting Group, which bought the Miami Herald site in 2011, told the Hong Kong stock exchange that it would temporarily suspend payments to its financial creditors, citing the impact of the COVID-19 epidemic. The suspensions encompass $3.4 billion in payments. Read more>>
CDL Sells New Zealand Hotel Site for Undisclosed Sum
A SUBSIDIARY of mainboard-listed City Developments Limited (CDL), Millennium & Copthorne Hotels New Zealand (MCK), on Friday said it had reached an agreement for the sale of a plot of land at 776 Colombo Street in Christchurch to the Roman Catholic Diocese of Christchurch.
The 2,154-square metre freehold plot is the site of the former Copthorne Hotel Christchurch Central. In 2012, CDL recognised a gain on the disposal of the hotel – which was damaged by an earthquake in 2011 – following an insurance settlement. Read more>>
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