China Vanke Preps REIT Listing to Raise $138M and More Asia Real Estate Headlines

China Vanke leads Mingtiandi’s headline roundup today as the distressed developer eyes a capital raise through the listing of its long-term rental business. Also making the news, Japan’s Tokyu REIT makes a multi-family acquisition and industrial giant ESR breaks ground on a Thailand factory.

China Vanke Hopes to Raise $138M From Rental Housing REIT

China Vanke plans to raise RMB 1 billion ($138 million) by listing its long-term rental business via a REIT as the developer seeks to generate more liquidity, according to people familiar with the matter.

The company is in discussions to list rental projects operated by its Boyu unit via a REIT in China, the people said, requesting not to be named discussing private matters. The plans are preliminary and could be subject to change, the people said. Read more>>

Japan’s Tokyu REIT Buying Yokohama Apartments for $6.3M

Tokyu REIT on Thursday announced its planned acquisition of a rental apartment building in Yokohama for JPY 1 billion ($6.3 million).

The TSE-listed trust expects the purchase of ISM Tsunashima from an undisclosed seller to further stabilise cash flow and increase total returns. Read more>>

ESR Breaks Ground on Thailand Plant for Electronics Firm Harman

Hong Kong-listed ESR on Thursday broke ground on a factory in eastern Thailand for US electronics maker Harman International.

ESR and Harman are jointly working on the 47,000 square metre (505,904 square foot) plant in Chonburi province. When completed in 2025, it will house multiple assembly lines, office spaces and ancillary amenities for 1,200 workers. Read more>>

Hong Kong’s HKRI Reports Attributable Annual Loss of $60M

Hong Kong-listed HKR International reported an attributable loss of HK$468 million ($60 million) for the 12 months to the end of March.

The developer of Hong Kong’s Discovery Bay reversed a year-earlier profit of HK$455.6 million. The annual loss was despite revenue increasing 133 percent to HK$3.9 billion. Read more>>

Macquarie Seoul Data Centre Deal Priced at $722M

Macquarie Group’s Korean infrastructure investment arm is set to buy its first domestic data centre, valued at up to KRW 1 trillion ($722.4 million), amid expectations of a surge in the asset price.

South Korea’s IGIS Asset Management, the developer of the new data centre in the Seoul metro area, has tapped Macquarie Korea Infrastructure Fund as the preferred bidder with JLL as the lead manager, investment banking sources said Wednesday. Read more>>

Keppel REIT Sells $117M in Green Notes to Fund Sydney Office Deal

Singapore-listed Keppel REIT has priced A$175 million ($117 million) in floating-rate green notes due in 2027, the trust’s manager said Thursday.

Net proceeds from the notes, less issue expenses, will be used to fund the acquisition of a Grade A office building at 255 George Street in Sydney’s central business district. Read more>>

Oceanwide Los Angeles Project Headed for September Foreclosure Sale

The unfinished Oceanwide Plaza in downtown Los Angeles could be up for auction as soon as 17 September.

The development, three towers reaching as high as 49 storeys, is expected to cost at least $865 million to finish, The Real Deal reported. China Oceanwide, the parent company of the project developer, had previously estimated spending more than $1 billion to finish construction on top of the $1.2 billion it had already spent to get the project where it is today. Read more>>

Frasers Hospitality Makes Taiwan Debut With Serviced Apartments

Singapore-based Frasers Hospitality announced Thursday its entry into Taiwan with a premium serviced apartment complex in partnership with Taiwanese developer Hongtai Group.

Fraser Residence Taipei, which will offer more than 200 suites ranging from one to three bedrooms, is due to open in 2027. The launch marks Frasers Hospitality’s increased presence in North Asia, with properties already operational across China, Japan and South Korea. Read more>>

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