Amit Dixit, head of Asia for Blackstone’s private equity division
Blackstone plans to double its private equity team in Singapore over the next two years, with that story leading Mingtiandi’s headline roundup today. Also making the list, Ping An Bank puts 41 firms on a list of developers eligible for funding support and a former China Everbright chairman is arrested on suspicion of corruption.
Blackstone to Grow Singapore Private Equity Staff in Southeast Asia Push
Blackstone, the world’s largest alternative asset manager, will double its private equity business headcount in Singapore within the next two years, a top executive said, as it looks to tap into a growing number of deals in Southeast Asia.
The expansion in Singapore will also bring the asset manager closer to its investor base, which includes sovereign wealth funds, family offices and individual investors, said Blackstone’s Asia private equity business head, Amit Dixit. Read more>>
China’s Ping An Bank Names 41 Developers on Funding Support List
Major Chinese lender Ping An Bank has put 41 firms on a list of developers eligible for its funding support, according to people familiar with the matter, the latest move in a widening rescue campaign for the nation’s property sector.
The bank decided to adjust criteria related to extending credit lines in order to meet builders’ reasonable funding demand, a task set out in a major annual government economic conference last month, said the people, who requested anonymity discussing private matters. The changes involve areas including risk assessment and approval procedures. Read more>>
Former Everbright Chairman Arrested in Corruption Probe
A former chairman of state-owned financial conglomerate China Everbright Group, Tang Shuangning, was arrested on suspicion of taking bribes and corruption, state media reported Monday, citing China’s top prosecutor.
Tang, 69, was expelled from China’s Communist Party earlier this month in an intensified campaign aimed at weeding out corrupt officials in the financial sector. Read more>>
China Central Bank Holds Medium-Term Rate but Adds Liquidity
China’s central bank left the medium-term policy rate unchanged on Monday, defying market expectations as signs of a weaker currency continued to limit the scope of monetary easing.
A slew of recent economic indicators continued to reflect the country’s uneven economic recovery, with a pickup in exports in December but weak credit growth and persistent deflationary pressure calling for more stimulus measures. Read more>>
Elite Commercial REIT’s Preferential Offering Closes With 61.3% Valid Acceptances
Singapore-listed Elite Commercial REIT has received valid acceptances of 61.3 percent for its preferential offering of 103.4 million new units.
The offering, which is fully underwritten and non-renounceable, was offered to existing unitholders at a ratio of 214 preferential offering units for every 1,000 existing units at £0.27 ($0.34) each. Read more>>
EC World REIT Sponsor Says Lapse Led to Properties Mortgaged Without Consent
The sponsor of EC World REIT said a lapse in an approval process had resulted in three properties being mortgaged without consent.
Earlier this month, the manager of EC World REIT revealed that the properties — Fuzhou E-Commerce, Fu Heng Warehouse and Hengde Logistics — had been mortgaged between 20 and 24 November 2023, in favour of two Fuyang government-linked financial institutions in China, without its approval. Read more>>
Cromwell E-REIT’s Portfolio Value Down 3% in 2023
Cromwell European REIT’s portfolio valuation fell 3 percent in 2023 to €2.3 billion ($2.5 billion).
The total portfolio valuation was based on a like-for-like comparison and excluding capital expenditure, as well as accounting for benefits of valuation uplifts for properties under development in Italy, Czechia and Slovakia. Read more>>
Analyst Prods Parkway Life REIT to Buy Mount Elizabeth Novena Hospital
The time has come for Parkway Life REIT to proceed with the much-touted acquisition of Mount Elizabeth Novena Hospital, SAC Capital said late last week.
The hospital has established itself as a stable asset with consistent cash flow, so it has become “an ideal target for capital recycling” for its sponsor IHH Healthcare, said SAC analyst Matthias Chan. Read more>>
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