TPG chief executive Jon Winkelried
TPG leads Mingtiandi’s roundup of real estate headlines from around the region today with the fund manager announcing this week that it has raised nearly $400 million for a Japan-focused investment vehicle. Also in the news, SGX-listed Far East Hospitality Trust is boosting its distributions by more than a quarter, thanks to a travel rebound and a China mall REIT has parted ways with its chief investment officer after the executive complained of not being paid.
TPG Raises $398M for Japan Real Estate Fund
TPG on Tuesday reported that it raised $398 million in capital commitments for its Japan Value real estate vehicle by the end of 2023, after the value-add fund had been established by Angelo Gordon earlier in the year.
The Texas-based private equity major said in the same update that it had assets under management of $222 billion as of 31 December, a 64 percent increase after it completed its buyout of Angelo Gordon in November. Read more>>
Far East Hospitality Trust Boost Payouts by 25.1% for 2023
Far East Hospitality Trust has reported a distribution to stapled security holders of 4.09 cents for 2023, up 25.1 percent over a year earlier. The SGX-listed REIT’s distributions per unit for the second half of the year also rose by more than 25 percent.
The trust sponsored by Singapore’s Far East Organisation said it saw gross revenue, net property income and distributable income all rise last year as the city-state’s travel sector rebounded post-pandemic. Read more>>
Dasin Retail Trust Fires CIO Who Complained Over Missed Paychecks
The trustee-manager of SGX-listed Dasin Retail Trust has appointed a new chief investment officer after firing the previous CIO who demanded alleged outstandings owed by the trustee-manager, according to a Tuesday bourse filing.
It received letters of demand on 24 January from four individuals — CEO Wang Qiu, chief financial officer Ng Mun Fai, executive secretary Liu Ting and former CIO Lu Zhiqi — for payments totalling S$783,376 ($579,909) in respect of monthly salaries, payments made on behalf and/or a loan extended to it. Read more>>
Hong Kong’s Top Housing Estates Saw Zero Deals During Holiday
Hong Kong’s top 10 private housing estates had no sales during the Lunar New Year holiday for the first time since records began in 2010, according to data from Midland Realty.
There were no transactions at the sites over the four-day weekend, Midland said. Buyers are waiting for more government measures to aid the property market in the city’s annual budget due later this month, the real estate agency added. Read more>>
CCB, BOC, China Everbright Sink Cash into ‘Whitelist’ Housing Projects
Leading Chinese banks have injected billions of RMB into housing projects with the aim of financing the completion of pre-sold but yet-to-be-completed homes across the country, according to figures released by the lenders.
The initiative, which falls under the so-called whitelist mechanism, is part of Beijing’s efforts to revive a weakening property sector that accounts for a quarter of China’s GDP. Read more>>
MSCI Removing Swath of China Stocks From Indices as Markets Sink
MSCI is cutting dozens of Chinese companies from its global benchmarks following a market rout that has erased trillions of dollars in value from the nation’s stocks.
The index provider is removing 66 companies from its MSCI China Index in its latest quarterly review, the highest tally in at least two years. The changes, effective as of the close on 29 February, also apply to the MSCI All Country World Index. Stocks to be cut include property developers Gemdale and Greentown China Holdings, as well as China Southern Airlines and Ping An Healthcare and Technology. Read more>>
StanChart Weighs Breakup of Corporate, Investment Bank
Standard Chartered is considering restructuring its institutional banking arm, the unit that houses the firm’s investment bankers and traders, as part of the latest effort by CEO Bill Winters to improve the lender’s returns.
The lender has been weighing options including separating its investment bank from its corporate and commercial banking operations, according to people familiar with the matter. The move could lead to job cuts and is one of several possibilities being weighed with no final decisions made yet, the people said, asking not to be identified discussing matters still under consideration. Read more>>
Carlyle Partner Joins Hines to Build Wealth Unit
US real estate giant Hines hired Carlyle Group veteran Paul Ferraro to build out its unit for the world’s rich, joining a growing number of money managers focusing on individual investors.
The Houston-based developer and investment manager, which oversees $95 billion in assets, named Ferraro global head of its private wealth solutions strategy, according to a statement Tuesday. He previously held a similar role at Carlyle and worked for more than a decade at the private equity firm, which has at least 10 percent of its $426 billion in assets under management tied up in its own wealth unit. Read more>>
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