The market is bouncing back on Percival Street
In today’s roundup of regional news headlines, Hong Kong’s New World Development acquires a further stake in three run-down Causeway Bay buildings, flexible office provider IWG contemplates a spin-off of its digital assets, and a CapitaLand-CDL venture is set to preview homes for sale at the tallest residential development along the Singapore River.
New World Buys Up Causeway Bay Assets for $164.5M
New World Development has acquired a further 20 percent ownership in three dilapidated buildings in the heart of Causeway Bay for HK$1.28 billion ($164.5 million), according to people familiar with the matter.
The price was about 29 percent lower than the market expectation of HK$1.8 billion, analysts said. Read more>>
WeWork Rival IWG Ponders Spin-Off of Tech Assets
Office rental company IWG is considering whether to separate its digital and technology businesses from its real estate assets, the company said Tuesday, breaking its silence over a media report in September about a possible break-up.
The owner of the Regus and Spaces brands, which has offices in more than 3,300 locations across 110 countries, said it had started to assess the strategic and commercial rationale for such a move and would provide updates in the first half of 2022. Read more>>
CapitaLand-CDL JV Prices Clarke Quay Homes From $860K
The 696-unit luxury residence CanningHill Piers, developed by CapitaLand Development and City Developments Ltd, will begin its sales gallery preview on 5 November before bookings commence on 20 November.
Set to be the tallest residential development along the Singapore River when it is completed in 2025, the 99-year leasehold CanningHill Piers will be part of the sprawling integrated redevelopment on the former Liang Court site. Read more>>
China Vanke Shares Fall to 5-Year Low on Industry Woes
If you want to see just how bad sentiment has got towards Chinese property firms, take a look at the share-price performance of China Vanke, the nation’s largest listed residential developer.
Vanke ranks among the minority of real estate firms that have not breached a single of the country’s “three red lines” on debt and leverage. Read more>>
Evergrande Says 57,400 Properties Delivered to Buyers
Troubled Chinese developer Evergrande said Wednesday that it has delivered over 57,400 units to buyers between July and October, in a latest bid to calm worries over its liquidity crunch.
As one of China’s biggest property developers, fears around Evergrande’s debt mountain have battered investor sentiment and shaken the country’s mammoth real estate market. Read more>>
US Calls Eagle Hospitality Liquidation Plan ‘Convoluted, Complex’
The office of the US Trustee, which is the US Justice Department’s bankruptcy watchdog, has raised objections to liquidation plans filed by units of beleaguered Eagle Hospitality Trust, saying the plan is “quite complex, convoluted and difficult to digest”.
The US Trustee is now urging Delaware bankruptcy court judge Christopher Sontchi, who is handling the cases, to deny the motion and relief sought by debtors of the various EHT-linked units. Read more>>
Digital Realty and Mitsubishi Open Data Centres in Osaka, Tokyo
MC Digital Realty, the joint venture between Digital Realty and Japanese conglomerate Mitsubishi Corporation, has opened data centres in Osaka and Tokyo.
The 18,334 square metre (197,300 square foot), 20-megawatt KIX12 opened in August and is the JV’s third facility in the Kansai region around Osaka, while the 37,850 square metre, 38MW NRT10 is the company’s third data centre in Tokyo and opened in September. Read more>>
Zillow Seeks to Sell 7,000 Homes for $2.8B After Flipping Halt
Zillow Group is looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business.
The company is seeking roughly $2.8 billion for the houses, which are being pitched to institutional investors, according to people familiar with the matter. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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