DBS is said selling shophouses linked to a money-laundering case for over $74 million (Image: Knight Frank)
Singapore shophouses lead Mingtiandi’s headline roundup today as a set of properties linked to a money-laundering case in the city-state are said to be selling for over $74 million. London also makes the list as a Taiwanese developer checks out the city’s office market and Mapletree Logistics Trust is selling off a western China warehouse.
DBS Said Selling Singapore Shophouses Linked to Money Launderers for Over $74M
DBS is understood to have accepted offers totalling over S$100 million ($74 million) for 13 mortgaged shophouses in Chinatown and Geylang owned separately by two individuals connected to the S$3 billion money-laundering case.
The two men — Su Fuxiang and Su Binghai — left Singapore abruptly amid the money-laundering bust last year, the Straits Times reported previously. The duo are connected to Wang Dehai, one of the 10 people convicted in Singapore’s biggest money-laundering case. DBS put the holding companies for the shophouses into receivership last September. Read more>>
Taiwan’s Farglory Said in Talks to Buy London Office Building
Taiwanese developer Farglory Land Development is in discussions to acquire a City of London office in the capital’s latest tower cluster, in what would be its first UK commercial property investment, according to React News.
Gracechurch Street has become a focal point for City development, and Farglory has reportedly agreed to buy 6 Gracechurch Street in partnership with Quadrant Estates, which has been brought in as asset manager. Read more>>
Mapletree Logistics Trust to Sell Xi’an Logistics Park for $9.7M
Mapletree Logistics Trust has entered into an equity purchase agreement with an unrelated third-party buyer to divest its equity interest in Mapletree Xi’an Logistics Park.
The sale consideration is estimated to be RMB 70.5 million ($9.7 million), or 0.7 percent above the property’s valuation of RMB 70 million as of March. Comprising a single-storey warehouse with a four-storey office and a two-storey warehouse, Mapletree Xi’an Logistics Park has a building age of almost 20 years and a net lettable area of 22,876 square metres (246,235 square feet). Read more>>
China’s Central Bank Backs Plan to Buy Up Unsold Homes
China’s central bank on Wednesday held a meeting to promote its financial support for affordable housing in a bid to accelerate sales of unsold housing stock, as a property crisis threatens growth in the world’s second-largest economy.
The central bank last month set up a RMB 300 billion ($41.4 billion) relending loan facility for affordable housing, and Wednesday’s virtual meeting hosted from the city of Jinan in eastern Shandong province is the latest effort to promote the facility among local governments and banks. Read more>>
Chinese Listed Companies Cut Ties With PwC After Evergrande Debacle
Multiple listed companies in China have announced plans to switch away from global auditing firm PricewaterhouseCoopers.
It comes after reports last month that China is mulling a hefty fine for PwC over its role in auditing property firm China Evergrande, which filed for bankruptcy last year and was ordered to be liquidated earlier this year. Read more>>
Foreign Investors Scan Japan Property Market for Failing Temples and Shrines
Four years ago, the Yakushi-dera — a Buddhist temple in Osaka’s Sumiyoshi ward with a history dating back 400 years, and much beloved of people in its neighbourhood — was sold.
“A nearby resident warned me, ‘Your family grave is going to be moved,’” a 90-year-old resident was quoted as saying. “I went to take a look, and sure enough, the graves had been shifted off to the side, along a city street. And the temple’s main hall had been demolished.” Read more>>
India Co-Working Startup Bags $12M From Investors Led by Ananta Capital
Managed workspace provider Smartworks has raised $12 million from a group of investors led by Ananta Capital.
The funding round for the Gurugram-based startup included participation from investors including Lend Lease, Plutus Capital, Dhawan Family Private Trust, Kili Ventures, Anand Dalmia and Stargazer Fund-1, among others, according to filings. Read more>>
Hong Kong Island Condo Project Fails to Sell Out Despite 20% Discount
Sales at a new residential project on Hong Kong Island petered out after starting briskly despite the developer pricing the flats 20 percent cheaper than a property launched in the same neighbourhood three years ago.
Right Honour Investments, the developer of The Highline, eventually sold 43 of the 78 units available in the first batch on Wednesday, according to Midland Realty, the project’s sole agent. A total of 306 buyers had pre-registered for the flats. 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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