AirTrunk founder and CEO Robin Khuda
The pursuit of Aussie data centre operator AirTrunk leads today’s headline roundup, with US giant Blackstone said to be closing in on a $13.5 billion buy. Also in the news, Chinese sovereign fund CIC seeks to sell its stake in developer Goodman and the mainland housing market’s slump deepens.
Blackstone Nears $13.5B Buy of Australia’s AirTrunk Data Centres
Blackstone is nearing a deal to acquire Australian data centre operator AirTrunk for more than A$20 billion ($13.5 billion) including debt, people familiar with the matter said, in what could be one of the largest digital infrastructure deals this year.
Blackstone has emerged as the preferred buyer for AirTrunk after outbidding other rival bidders, the people said, asking not to be identified discussing private matters. The New York-based alternative asset manager and AirTrunk owners Macquarie Group and PSP Investments are negotiating the final details of a transaction that could be signed as soon as this week, the people said. Read more>>
China Investment Corp Said Marketing Stake in Australia’s Goodman
Goodman is back in the spotlight, with suggestions that state-owned investor China Investment Corporation could be testing the market to sell down its A$5 billion-plus interest in the A$62 billion ($42 billion) Australian industrial property powerhouse.
CIC owns 8.9 percent of Goodman shares and also co-invests in the group’s industrial funds holding warehouses and data centres. It is understood that institutional investors have received approaches from brokers, testing their interest in acquiring CIC shares in Goodman and fuelling suggestions they could soon be on the block. Read more>>
China Housing Market Slump Deepened in August
China’s residential slump deepened in August, as expectations of a further drop in new-home prices hampered the country’s efforts to cushion the downturn.
The value of new-home sales from the 100 biggest real estate companies fell 26.8 percent from a year earlier to RMB 251 billion ($35.3 billion), faster than the 19.7 percent decline in July, according to preliminary data from China Real Estate Information Corp. Read more>>
New World Shares Plummet After Profit Warning
New World Development’s shares fell as much as 14 percent Monday morning, as Hong Kong’s property downturn weighs on the firm owned by the billionaire Cheng family.
The company said late Friday that it expects to post a loss of as much as HK$20 billion ($2.6 billion) for the financial year ended in June — its first annual loss in two decades. Read more>>
Country Garden Family Collects Dividends Through ‘Charity’ as Company Struggles
The billionaire chair of distressed Chinese developer Country Garden and a charity tied to her family received $50.6 million in dividends from a services company in her property empire.
Yang Huiyan, once China’s richest woman, was on Friday paid about RMB 160.2 million ($22.6 million) from her direct stake in Country Garden Services, while her family foundation received a payment of about RMB 198.7 million. Read more>>
China Considers Allowing Refinancing of Residential Mortgages
China is considering allowing homeowners to refinance as much as $5.4 trillion in mortgages to lower borrowing costs for millions of families and boost consumption.
Under the plan, homeowners would be able to renegotiate terms with their current lenders before January, when banks typically reprice mortgages, people familiar with the matter said, asking not to be identified discussing private information. They would also be allowed to refinance with a different bank for the first time since the global financial crisis, the people said. Read more>>
SGX-Listed GuocoLand Reports 58% Drop in H2 Profit
Singapore-listed builder GuocoLand’s net profit for the second half of its fiscal 2024 to June fell 58 percent year-on-year to S$62.8 million ($48 million).
Revenue declined to S$752.4 million, a 15 percent drop from a year earlier, said the developer controlled by Malaysian tycoon Quek Leng Chan. For the full year, net profit came in at S$129 million, down 38 percent. Read more>>
Cheng Family Family Office Appoints Younger Son as CEO in Hong Kong
The private investment vehicle of Hong Kong billionaire Henry Cheng’s family has appointed one of his sons as co-CEO, the latest development in the family’s closely watched succession saga.
Christopher Cheng will be in charge of North Asia investment for Chow Tai Fook Enterprises, according to a statement Friday. The office also appointed Patrick Tsang — an in-law to the family — as the head of Americas, Australia and Europe. Gilbert Ho, co-CEO of infrastructure-to-insurance conglomerate NWS Holdings, will look after corporate functions and operations. Read more>>
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