CapitaLand Close to Buying Stake in Fosun’s Club Med and More Asia Real Estate Headlines

CapitaLand Investment leads today’s Mingtiandi headline roundup, with the Singaporean firm said to be eyeing a stake in Fosun International’s Club Med resort chain. Also in the news, Singapore home sales are on track to hit their lowest since the global financial crisis and troubled developer Kaisa wins creditor support for a debt restructuring plan.

CapitaLand in Talks to Acquire Stake in Fosun’s Club Med

Singapore’s CapitaLand Investment is in advanced talks to buy a minority stake in French luxury resort chain Club Med from its Chinese owner, Fosun International, according to people with knowledge of the matter.

The Temasek-controlled investment firm is seeking to acquire between 20 and 30 percent in the hotelier for several hundred million euros, the people said, asking not to be identified discussing private information. The Singaporean firm has emerged as the likeliest buyer for the stake after outbidding other rivals including private equity firms, the people said. Read more>>

Singapore Home Sales Tracking to Hit Lowest Level Since Crisis Years

Singapore new-home sales are likely to fall this year to the lowest since the global financial crisis, according to property consultancies that cut their forecasts after yet another month of weak transactions.

Developers sold fewer than 2,700 units this year through August, according to Bloomberg calculations based on Urban Redevelopment Authority figures. CBRE and JLL now see the total for 2024 dropping below last year’s 6,421, which was the lowest since 4,264 in 2008. Read more>>

Kaisa Shares Surge as Creditors Support Restructuring Plan

Kaisa Group surged by as much as 42 percent in Hong Kong trading as traders bet that the Chinese developer would overcome its financial crisis after enough creditors consented to its proposed debt restructuring plan.

The stock rose as much as 3.6 Hong Kong cents to 12.2 Hong Kong cents before closing at 10.1 Hong Kong cents on Tuesday, according to stock exchange data. It has declined 42 percent this year. The broader market advanced, with the Hang Seng Index rallying 1.4 percent. Read more>>

Brookfield Closes on Buy of American Tower’s India Business

American Tower Corporation announced the closing of the previously announced sale of 100 percent of the equity interest in its operations in India to Data Infrastructure Trust, an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management.

DIT takes ownership of 76,000 towers in India, increasing the number of sites managed to 257,000 and putting it ahead of rival tower operator Indus Tower, owned by Indian carrier Bharti Airtel, which operates 226,000 sites. Read more>>

Investors Watch for Malaysia’s YTL to Deliver Johor Data Centre

All eyes are on the delivery of YTL Power International’s AI data centre in Johor after the company recently concluded second-quarter earnings. Kenanga Research said the Blackwell Nvidia chip housed in the AI data centre is scheduled to be delivered in the first quarter of 2025.

Despite its second-quarter results being on track, YTL Power continued to experience a decline in PowerSeraya’s earnings. The turnaround of its telecom unit was also mainly due to construction profit from the MYR 950 million ($223 million) Sabah Point of Presence project for laying of fibre over three years. Read more>>

India’s Top Mortgage Lender Sees Competition Ebbing

Bajaj Housing Finance, the country’s most valuable mortgage lender after its blockbuster trading debut Monday, sees competition in the housing market easing as larger banks retreat from retail segments and switch focus to corporate credit, where demand is picking up.

Sanjiv Bajaj, chairman of the home-loan unit of India’s largest shadow lender and part of one of the country’s oldest conglomerates, said banks have focused on retail business in recent years, given softer demand from corporate borrowers, and this has made housing finance “a very competitive market at this point of time”. Read more>>

Japanese Authorities Hint That 7-11 May Not Be Vital to National Security

Any company that seeks to take over a Japanese business will require prior notification to the government, making it hard to say that Seven & i Holdings’ designation as “core” to national security would make any buyout deal difficult, said Finance Minister Shunichi Suzuki.

Circle K owner Alimentation Couche-Tard, which approached Seven & i last month with a proposal to buy the operator of 7-Eleven shops for $38.7 billion, has been seeking to enter negotiations to buy the company but rebuffed because the indicated price was deemed too low. Read more>>

Student Housing, Rental Apartments Gain Investor Favour as Sheds Slide

Investors are favouring student housing, co-living and serviced apartments among top assets in the emerging living sector in Asia Pacific as growth in traditional areas like offices and logistics wanes, according to CBRE.

These assets remain underinvested in the region and have the potential to deliver better returns as investors look to hedge against inflation, the consultancy said. Rising demand from expatriates and low homeownership levels are also aiding the market fundamentals, it said in a report on Monday. Read more>>

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