AirTrunk founder and CEO Robin Khuda
More cash for data centres leads today’s review of real estate headlines from around Asia as Blackstone-backed AirTrunk eyes more capital after a $10.4 billion refinancing. Also in the news is the completion of a Tokyo office building sale and the end of China Evergrande’s days on the Hong Kong stock exchange.
AirTrunk Said Considering Bond Sales After $10.4B Refinancing
AirTrunk has closed a A$16 billion ($10.4 billion) refinancing, the largest sustainability-linked financing ever in Asia Pacific and Japan, and is looking for ways to raise new capital in one of the hottest corners of credit markets.
The refinancing of the loans for operational and in-progress data centres in Australia, Hong Kong, Malaysia and Singapore attracted over 60 lenders, according to a Tuesday press release. Read more>>
Mapletree REIT Completes $37M Sale of Tokyo Office Building
The manager of Mapletree Pan Asia Commercial Trust announced late last week that it has completed the sale of the TS Ikebukuro Building in Tokyo after first announcing the transaction late last month.
The Singapore-listed REIT had agreed to sell the nine-storey office block in Toshima ward to an unnamed third party for JPY 5.4 billion ($36.6 million), according to a stock exchange announcement in July. A separate sale of a Yokohama office property is ongoing. Read more>>
China Evergrande Delisted From Hong Kong Exchange
China Evergrande was delisted from the Hong Kong stock exchange on Monday, in one of the largest removals by market value and volume in recent years.
Once China’s top-selling developer, Evergrande’s financial crisis became public in 2021. Since then, the developer and a string of its peers have defaulted on debt obligations amid slowing home sales and dwindling fundraising options. Read more>>
Mong Kok Residential Block to Reopen as Student Housing After $14M Sale
A Hong Kong investor has acquired a 17-storey residential tower in Kowloon’s Mong Kok area for conversion into student housing, according to a local news report.
The unnamed buyer paid HK$108 million ($13.8 million) to acquire the building at 98-104 Kam Lam Street at 53 percent below the HK$230 million asking price when the property was put on the market two years ago, per the account in the Hong Kong Economic Times. Read more>>
Shanghai Eases Home Purchase Curbs in Latest Attempt to Revive Market
Shanghai has loosened homebuying rules in the latest bid by China to stabilise its prolonged property slump. Residents — including those from outside the city — can now purchase unlimited homes in the outer suburbs, while non-residents who’ve paid pensions for three years will be allowed to buy new homes in urban areas, not just existing residences.
The measures may look modest, but they raise hopes of further policy support for the housing market. China’s economy is contending with US tariffs, deflationary pressures and a deep-rooted property crisis — all of which are weighing on growth. Still, few expect Beijing to roll out sweeping stimulus on the scale of 2015. Read more>>
Chinese Property Stocks Jump on Expectations of Fresh Stimulus
Chinese developers’ shares rallied Monday, with China Vanke hitting a six-month high, on expectations authorities will unveil more measures to support the nation’s slumping property market.
A gauge of property shares rose as much as 3 percent, the biggest move in over a month, led by builders including Vanke, Sunac China and Longfor Group. Vanke shares in Hong Kong surged as much as 16 percent, while Sunac’s soared as much as 13 percent. Read more>>
HSBC Rolls Out Cheaper Fixed-Rate Mortgages as Rate Cut Expectations Grow
Hong Kong’s largest bank has rolled out a fixed-rate mortgage plan, charging lower interest for home loan borrowers ahead of the first relaxation in monetary policy this year, expected in mid-September.
HSBC launched a mortgage plan fixed at 2.73 percent on Monday for either the first three or five years, according to a release. The rate is cheaper than HSBC’s February offer, which came with options of either 3.18 percent interest for the first three years or 3.04 percent for the first five years. Read more>>
US REIT Public Storage Said to Drop $1.4B Bid for Australia’s Abacus
A joint venture backed by NYSE-listed Public Storage and a South African billionaire has dropped its A$2.17 billion ($1.4 billion) bid for Australian mini-shed operator Abacus Storage King after failing to reach an agreement on pricing.
The JV said Tuesday that it was withdrawing the all-cash A$1.65-per-security offer — raised in July from their initial A$1.47 offer — that had given them access to Abacus Storage King’s confidential due diligence materials. 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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