Warehouses lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a South Korean pension fund is committing $111 million to a French insurer’s $1.6 billion European logistics fund.
In other news around the region, an indebted mainland developer has announced plans for a $1 billion share sale, while a Tokyo and Shanghai-headquartered warehouse developer has formed a JV to develop a logistics park for $77 billion.
Elsewhere, Greenpeace is urging China’s top cloud and data centre players to clean up their server farms.
The Public Officials Benefit Association (POBA) will commit around KRW 130 billion ($111 million) to AXA Investment’s €1.4 billion ($1.6 billion) European logistics fund during the first half of this year, after it achieved a better-than-expected investment return in 2019.
POBA is the only Asian investor in the fund, which has 73 assets valued at €1.4 billion across six European countries with an investment period of 10 years, POBA’s chief executive officer Gyeong-Ho Han said in a news conference. Read more>>
Sunac China Holdings is planning to sell HK$8 billion ($1.03 billion) worth of new shares to third party investors to enlarge its shareholders’ equity base and optimize the capital structure.
The Chinese property developer plans to sell 186.92 million shares, representing 4.03 percent of its enlarged share capital, to not less than six independent investors, raising capital for general corporate purposes. Read more>>
GMR Hyderabad Aerotropolis Ltd, a subsidiary of GMR Hyderabad lnternationaI Airport Limited, has formed a joint venture with global logistics real estate firm ESR to jointly develop a 66 acre (2.9 million square foot) logistics park in Hyderabad for INR 5.5 billion ($77 million).
ESR and GMR have entered into definitive agreements with an equity interest of 70 percent and 30 percent respectively in the special purpose vehicle GMR Logistics Park Pvt Ltd. Read more>>
It may be early in the new year, but developers are already starting the ball rolling, with three freehold projects – The Avenir, Leedon Green and Van Holland – in prime Districts 9 and 10 commencing sales.
Savills’ research and consultancy executive director Alan Cheong explains why some developers are launching right off the bat: “Developers are trying their best to launch first, and see what happens. They don’t have 20/20 visibility with regards to the government’s intentions around the macro-prudential measures.” Read more>>
JPMorgan Chase is going bullish on some of Hong Kong’s biggest developers because a correction in home prices is likely to be fleeting and a HK$40 billion ($5.1 billion) build-up in liquidity over the past 12 months could help shore up market sentiment after the first quarter this year.
The US bank recommends an overweight on shares of CK Asset, Henderson Land and New World Development, while keeping a neutral stance on other property stocks on its coverage, analysts led by Cusson Leung said. Read more>>
As climate change continues to occupy headlines across the world, Greenpeace released its first ever renewable energy ranking of China’s tech giants, urging that there is still lots more to be done.
Researchers from the non-governmental organisation analysed China’s 15 largest cloud and independent data centre companies, which comprise over 70 percent of China’s public cloud market and over 85 percent of the independent data centre market. Read more>>
Caribbean mega-casino project Baha Mar’s current owner leapfrogged all rival bidders in less than two weeks to become the property’s chosen buyer despite its $1.3bn offer coming from outside the formal sales process.
Documents previously kept from public view reveal the breathtaking speed at which Chow Tai Fook Enterprises (CTFE) seemingly emerged from nowhere to become the Cable Beach mega resort’s purchaser following Sarkis Izmirlian’s failed Chapter 11 bankruptcy protection bid in 2015. Read more>>
Sun Hung Kai Properties (SHKP), Hong Kong’s biggest developer by market value, has offered some of its land bank for the construction of 2,000 homes to help ease a housing crisis in the city amid complaints from the government.
The developer has volunteered three parcels covering 400,000 square feet across the city, executive director Adam Kwok said at a media briefing on Friday. The biggest of the lots, a 300,000 sq ft parcel about 10 minutes’ walk from the Yuen Long MTR station, will be handed over for HK$1 for eight years to an NGO, Hong Kong Sheng Kung Hui. The non-profit organisation will develop 1,600 transitional homes for occupancy in early 2022, Kwok said. Read more>>