Alibaba looks to build logistics centre and expand businesses in South Korea
Alibaba leads today’s headline roundup from around the region with a plan to invest over $1 billion in South Korea over the next three years. Also making the list, KKR aims to keep buying Japan properties and Goldman Sachs turns positive on US commercial real estate.
Alibaba to Invest $1.1B in Logistics Centre, Business Expansion in South Korea
Alibaba Group plans to invest $1.1 billion in South Korea over the next three years to build a logistics centre and expand businesses, South Korean news agency Yonhap reported on Thursday, citing a business strategy document of the company.
The Chinese e-commerce giant plans to spend $200 million this year on building the logistics centre and $100 million to help small and mid-sized South Korean firms sell their products overseas, the report said. Read more>>
KKR Keen to Buy Japan Real Estate Even as Rates Rise
KKR plans to keep buying real estate assets in Japan even if the central bank raises interest rates for the first time since 2007.
Japan is now the alternative asset manager’s main focus for property in Asia, and KKR has the capacity to spend anywhere from $20 million to more than $1 billion on individual deals, said Ralph Rosenberg, the US firm’s global head of real estate. Read more>>
Goldman Sachs Asset Management to Resume US Commercial Property Buys
Goldman Sachs Asset Management will resume “actively investing” in US commercial real estate this year because the market is bottoming out, the co-head of its real estate business said Wednesday.
Prices of US offices and other commercial properties such as multi-family apartment blocks have fallen sharply in the face of higher interest rates and office vacancies that have soared far more than elsewhere since the pandemic. Read more>>
DBS Provides $140M Sustainability-Linked Loan to Hong Kong’s Link REIT
DBS Bank has provided a A$212 million ($140.5 million) five-year sustainability-linked term loan to Hong Kong-listed Link REIT.
Loan proceeds will be used for general corporate funding purposes, including sustainability initiatives. The loan was taken in Australian dollars to match the currency of Link REIT’s acquisition of 100 Market Street, an office tower in Sydney. Read more>>
Lippo Malls Indonesia Retail Trust Not Paying Distribution on $105M Perp
Lippo Malls Indonesia Retail Trust will not pay distribution on its S$140 million ($105 million) tranche of 7 percent perpetual securities on 27 March, the trust’s manager said Wednesday in a regulatory filing.
LMIRT Management said that Perpetual (Asia), in its capacity as trustee for LMIRT, has decided against paying distribution on the perpetual securities issued in September 2016. Read more>>
China Vanke Says Moody’s Junk-Level Downgrade Is Manageable
Indebted developer China Vanke said it remains financially sound and can manage the impact of Monday’s credit rating downgrade to junk-level status. The company’s shares and bonds both gained ground after weeks of losses amid reports of a state-backed bailout.
International ratings agency Moody’s withdrew the state-backed developer’s Baa3 issuer rating late Monday, replacing it with a Ba1 corporate family rating on concerns about the company’s liquidity. Read more>>
South Korea Pension Fund Backs Government Push to Fix ‘Korea Discount’
South Korea’s pension fund supports the direction of the government’s corporate reform plan aimed at resolving the so-called “Korea discount” in the stock market, its investment strategy director said on Thursday.
The National Pension Service, manager of the world’s third-largest public pension fund, will make a decision on whether and to what extent it will allocate its assets after details of the reform plan are available, Director Lee Suc-won told a press conference held in Seoul. Read more>>
Foreign Investors Poured $4B into India Real Estate Since 2019
Foreign investors have on average infused $4 billion annually in the last five years as India’s economic resilience, coupled with favorable investment climate and rapid urbanization, has enhanced its appeal as a promising investment destination for global funds, said property consulting firm Colliers in a report.
With IMF’s projected GDP growth rate of 5.7 percent in 2024, India remains one of the fastest-growing economies globally, and one of the most preferred emerging countries within the Asia-Pacific region, offering attractive pricing, better valuations, and higher yields, noted Colliers. Read more>>
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