In today’s roundup of regional news headlines, London-based real estate investment manager Nuveen pledges to zero out carbon in its portfolio by 2040, India’s Godrej Properties raises more than half a billion dollars through a share placement, and a former central bank official says China’s policy tightening could puncture asset bubbles.
Nuveen Real Estate has committed to delivering net zero emissions across its $133 billion portfolio of assets by 2040, citing the need to future proof its investments and reduce its existing assets’ exposure to escalating climate risks.
The firm, which is one of the largest real estate managers in the world, published a roadmap yesterday that sets out how it will decarbonise its extensive portfolio and ensure the equity, debt, and development services it offers align with global climate goals. Read more>>
Mumbai-based real estate developer Godrej Properties said Monday that it raised INR 3,750 crore ($516 million) through a qualified institutional placement of shares. The company dubbed it the largest QIP by a real estate firm in the country.
The QIP was launched on 9 March and closed on 15 March. Godrej Properties raised the money at INR 1,450 per share through the QIP. Read more>>
China will risk “huge economic losses” if it tries to curb asset bubbles through monetary policy tightening, a former central bank official warned, adding to a debate that has roiled financial markets this year, Bloomberg reports.
Sheng Songcheng, a former director of the People’s Bank of China’s statistics and analysis department, said closer market supervision would be better than policy tightening measures to reduce speculation in financial assets. Read more>>
The Imperial Hotel Tokyo, a historic luxury hotel renowned for hosting international dignitaries and the world’s rich and famous, will experience a nearly $2 billion reconstruction with a reopening slated for fiscal 2036, Nikkei has learned.
The rebuild will take place towards the end of an urban renewal project for the surrounding Uchisaiwaicho district in the capital led by real estate developer Mitsui Fudosan, in what has been called the biggest post-Olympic redevelopment project in the capital. Read more>>
Ke’s success selling homes is building the wrong kind of attention. The $77 billion Chinese real estate broker’s adjusted net profit more than tripled last year, despite Beijing’s hawkish tone on frothy prices.
Its shares are trading more than 200 percent above the price set in its August IPO in New York and value the company at more than US peer Zillow and Australia’s REA combined. But hard-up property developers inspired to muscle in on the action might be disappointed. Read more>>
China’s property market was abuzz last week after a photo distributed online showed a bank letter demanding early repayment of a personal loan of nearly RMB 300 million ($46 million).
The letter, issued by the Shanghai branch of a Chinese bank, requested the full repayment of the principal loan and the interest by the end of March “because the borrower failed to fulfil the purpose of the debt according to the loan agreement”. Read more>>
NTT has announced plans to invest heavily in its Indian data centre business over the next three years, including $400 million on solar projects.
The company aims to have 2.5 million square feet (232,000 square metres) of capacity in the next three years and will spend $2 billion in the country over the same time frame on data centres, networks and solar projects. Read more>>
Mindspace REIT is to lease 630,000 square feet (58,528 square metres) to an unnamed data centre operator in northeast Mumbai.
The Indian REIT is subleasing the space at its Airoli West business park in Mumbai to a “leading data centre operator” through its Gigaplex Eratstate special purpose vehicle. Read more>>