Jho Low has been wanted by Interpol since 2016 (Getty Images)
Malaysian fraud suspect Jho Low leads today’s collection of real estate headlines from around Asia with an investigative report placing the 1MDB fugitive in Shanghai. Also in the news, an Indonesian heiress buys a pricey bungalow in Singapore an a Morgan Stanley executive picks up a pair of luxury condos in Hong Kong’s Wong Chuk Hang area.
1MDB Fugitive Jho Low Said Living in Shanghai with Fake Aussie Passport
A high-profile Malaysian corruption suspect is allegedly living in China under a Greek name with a forged Australian passport, according to the investigative media outlet Brazen.
Jho Low, a financier accused of being the mastermind of Malaysia’s largest corruption case, is reportedly living in an upscale Shanghai neighbourhood with a forged Australian passport under the name Constantinos Acilles Veis. Read more>>
Indonesian Heiress Buys Singapore Bungalow for $19.5M
A granddaughter of the late Indonesian billionaire Eka Tjipta Widjaja has purchased one of Singapore’s highly coveted bungalows for S$25 million ($19 million).
Mimi Yuliana Maeloa bought the house covering almost 767 square meters (8,256 square feet) on Chatsworth Avenue, according to a property filing in late June seen by Bloomberg News. The house is near the country’s main Orchard Road shopping belt. Read more>>
Morgan Stanley Banker Buys Pair of Hong Kong Luxury Apartments for $19M
David Wraight, managing director at Morgan Stanley, has bought two luxury residential units in Hong Kong for HK$147.3 million ($18.8 million), joining a growing cadre of global financiers on the hunt for high-value properties at reduced rates.
The two flats in the first phase of Deep Water Pavilia in Wong Chuk Hang, developed by New World Development (NWD) and MTR Corporation, have a combined saleable area of 3,242 square feet. They were sold last month, according to the Land Registry. Read more>>
Apollo Wins $1B Private Credit Mandate From Singapore’s Temasek
Apollo Global Management won the mandate to manage Singapore’s $1 billion private credit fund targeting local high growth enterprises, according to a government portal for procurement website.
The Ministry for Trade and Industry and Enterprise Singapore in March introduced the $1 billion Private Credit Growth Fund, which aims to provide non-dilutive customized financing for high-growth local enterprises, according to a statement then. It will announce more details about the fund by the third quarter, the statement said. Read more>>
New World Could Avoid $230M Annual Rent Liability Through Sale of Airport Mall
A potential sale of 11 Skies, a mall located near Hong Kong’s international airport in Chek Lap Kok, could help New World Development (NWD) lighten its debt burden as the developer steps up efforts to divest noncore assets to overcome its worst financial crisis, according to UBS.
“Any successful disposal of 11 Skies could be a positive catalyst for NWD,” analysts at the Swiss bank said in a report on Thursday. The project “is embedded with contingent liabilities” of HK$1.8 billion ($229.3 million) in guaranteed annual rental payable to the Airport Authority from 2028, it added. Read more>>
Hong Kong’s Chow Tai Fook, FEC in Talks with Crown Resorts for Brisbane Casino
Brisbane’s A$3.6 billion ($2.4 billion) Queen’s Wharf integrated resort appears to be preparing for an operational overhaul, with joint venture partners Chow Tai Fook Enterprises and Far East Consortium advancing talks to install Crown Resorts as the casino operator.
The Hong Kong-based developers, who hold a 50 percent collective ownership, are nearing the end of their acquisition of Star Entertainment’s remaining 50 percent stake. The process was accelerated by March’s interim A$53 million financing lifeline that preserved Star’s management role through Q1 2025. However, tensions are brewing over whether the embattled group should retain operational control of the property. Read more>>
Hong Kong Govt Opens Tender for Kai Tak Retail Space
The Hong Kong government has launched an open tender for a 4,810 square metre commercial site above Kai Tak MTR Station, the last remaining parcel within the station plaza area.
Offered under a short-term tenancy of seven years with quarterly renewal options thereafter, the site is designated for retail, dining, entertainment, and event-friendly public open space. Read more>>
Macquarie AM Reaches $1.4B First Close on European Infrastructure Debt Fund
Macquarie Asset Management has today announced that €1.2 billion ($1.4 billion) has been raised into the Macquarie European Infrastructure Debt Fund (MEID) upon the fund’s Final Close. Alongside the fund, an additional €2.3 billion was raised from separately managed accounts.
MEID is Macquarie’s first dedicated European infrastructure debt fund and was designed for insurance companies and pension fund investors. It was primarily launched due to demand from insurance companies for a pooled fund vehicle that would invest into high quality infrastructure debt assets aligned to Solvency II regulations. Read more>>
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