Wang Jianlin, the founder of Dalian Wanda Group
The Abu Dhabi Investment Authority is considering buying a minority stake in Dalian Wanda’s mall unit, with that story leading Mingtiandi’s headline roundup today. Also making the list, PGIM Real Estate ramps up its Asian private wealth business and a Hong Kong church acquires floors at North Point’s Kiu Fai Mansion for $95 million.
Abu Dhabi Wealth Fund Considers Stake in Wanda Mall Unit
The Abu Dhabi Investment Authority is considering buying a minority stake in Dalian Wanda’s mall operator, people familiar with the matter said, as the unit revamps its shareholding structure.
ADIA has held initial discussions over the potential stake purchase in Zhuhai Wanda Commercial Management Group, the people said. ADIA may buy shares from existing holders, said the people, who asked not to be identified discussing private information. Read more>>
PGIM Real Estate to Tap Asia’s Rich in Private Wealth Drive
PGIM Real Estate Asia is ramping up its private wealth business as it looks to tap a new source of capital from a growing pool of high-net-worth individuals and family offices in the region.
The real estate manager, which traditionally focuses on institutional investors, is “actively in discussion” with several private banks as intermediaries, Asia Pacific head Benett Theseira told Bloomberg in an interview. The business works closely with its affiliate PGIM Investments for access to private wealth. Read more>>
Hong Kong Church Confirms $95M Purchase of North Point Theatre
Hong Kong-based Christian church Island ECC has acquired several floors at Kiu Fai Mansion in North Point, which houses the Sunbeam Theatre famous for its Cantonese opera performances, for HK$750 million ($95.8 million).
The church secured the floors at the property at 413-423 King’s Road as its “future permanent home in Hong Kong”, it said in a statement on its website. Read more>>
Mapletree Industrial Trust to Sell Singapore Workshops for $37M
Mapletree Industrial Trust will divest a cluster of two factories located at Tanglin Halt for S$50.6 million ($37.6 million) to an unrelated third party, its manager said on Wednesday.
The selling price is 3.9 percent above the properties’ independent valuation of S$48.7 million as at 31 December 2023. It also implies an 8.4 percent premium above the book value of S$46.7 million as at the end of the financial year ended 31 March 2023. Read more>>
Embezzlement Trial Set for Boss of Vietnam’s Van Thinh Phat
Vietnamese real estate tycoon Truong My Lan is set to go on trial next month, along with 85 alleged accomplices, on charges of embezzling $12.5 billion from Saigon Joint Stock Commercial Bank.
Truong faces a sentence of 20 years to life in prison or the death penalty if convicted. Read more>>
Digital Realty Singapore REIT Proposes $100M Private Placement
The manager of Digital Core REIT has proposed a private placement to raise gross proceeds of no less than $100 million.
The issue price ranges between $0.60 and $0.625 per new unit, said the manager on Wednesday. The price range represents a discount of between about 8.8 percent and 5 percent to the volume weighted average price of $0.6579 per unit on the preceding market day. Read more>>
Wing Tai H1 Net Profit Tumbles 68% to $15M
Singapore-listed property and retail company Wing Tai recorded a net profit of S$20.5 million ($15 million) for the first half of its financial year ended 31 December 2023.
This was a 68 percent drop compared with the same period a year ago. The decline was partly because the S$63.3 million net profit recorded in the first half of its previous financial year included a one-off writeback of S$21.8 million, which was for a deferred tax provision that was no longer required. Read more>>
Embassy Group Inks Residential JV in Bengaluru’s Whitefield
Bengaluru-based estate developer Embassy Group has inked a joint development pact for 3.75 acres (1.5 hectares) of land in Whitefield to develop a premium residential project.
The land, located on Whitefield Main Road, is also close to Hoodi Junction, with an estimated revenue potential of INR 5.5 billion ($66 million). Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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