A Wanda shopping centre in Nanchang, Jiangxi province
Dalian Wanda is nearing an agreement that could help the troubled developer pay some of its pre-IPO investors, with that story leading Mingtiandi’s headline roundup today. Also making the list, a local executive is named as the buyer of three Hong Kong mansions and Singapore’s Golden Mile Tower goes back up for collective sale.
Dalian Wanda Nears Loan Deal to Pay Pre-IPO Investors
Dalian Wanda Commercial Management Group told some investors this week that a loan that could be used to pay some pre-IPO investors in one of its units is close to being finalised, according to people familiar with the matter.
The property management company told the investors that several banks, including Shanghai Pudong Development Bank, have committed to a combined amount of more than RMB 10 billion ($1.4 billion) in loans, the people said, citing private conversations. Read more>>
Techtronic Scion Pegged as Buyer in $106M Hong Kong Mansion Deal
An executive with ties to a Hong Kong-listed power-tools maker has emerged as the buyer of three luxury houses on The Peak, the second such distressed sale in weeks by the beleaguered owners in the city’s upmarket district, according to sources.
Stephan Horst Pudwill, the vice chairman of Techtronic Industries, has bought 99, 101 and 103 Peak Road, which were put up for sale by the family of Ho Shung-pun, a low-key clan of developers, one of the sources said. Read more>>
Singapore’s Golden Mile Tower Back on the Market at $420M
Singapore’s Golden Mile Tower will be relaunched for collective sale again — this time at a lower reserve price of S$556 million ($420 million), down from S$600 million in its previous attempt. The lower reserve price translates to a land rate of S$1,117 per square foot, before factoring in land-betterment charges and a premium to upgrade the lease to a fresh 99-year period.
Anna Tan, business development director at sales agent Tag Realty, told the Business Times that the current attempt is “quite promising”, with the owners submitting an outline application to the Urban Redevelopment Authority for the redevelopment of the site. Read more>>
Singapore Land Reports 38% Drop in H1 Net Profit
Singapore Land Group reported a 38 percent year-on-year decline in net profit to S$103.7 million ($78.4 million) for the six months ended 30 June.
The result was mainly due to a sharp decline in fair-value gain on subsidiaries’ investment properties for the period, which amounted to S$5.3 million, down from S$93.5 million previously. Excluding fair value and other gains or losses, net profit stood at S$97.6 million in the first half, up 11 percent. Read more>>
CtrlS Datacenters Buys India Project Site
CtrlS Datacenters has acquired a parcel of land in India’s Patna for an Edge data centre development. The site is less than 300 metres (328 yards) from CtrlS’s existing Patna DC1 data centre in the Patliputra Industrial Area.
The company intends to invest around INR 400 crore ($47.7 million) in the facility, which will have 10 megawatts of IT capacity and house 1,000 racks at full build-out. Patna is in the Bihar region of India, in the northeast of the country. The land parcel, size unspecified, was acquired through the Bihar Industrial Area Development Authority. Read more>>
SGX-Listed BHG Retail REIT Posts 28.6% Drop in Distributions
BHG Retail REIT’s distribution per unit fell by 28.6 percent year-on-year to S$0.0025 for its first half-year ended June.
The drop comes despite a sustained net property income during the period, as the China-focused trust recorded lower income from early lease termination amid a weakening yuan. Revenue for the period grew 0.9 percent to S$31.3 million ($23.7 million) from year-earlier levels, based on financials released Thursday. Read more>>
Cash-Rich Buyers Dominate Distressed Mansion Deals in Hong Kong
Hong Kong’s recent streak of distressed luxury property sales should persist through the rest of the year, helped by buyers flush with cash, according to Savills brokers.
The market is “dominated” by cash-rich buyers who can step in right away to meet the financial needs of sellers and receivers, top executives from the real estate firm said at a media briefing in the city this week. Read more>>
Korea Policy Change Seen Bringing 80,000 Homes Into Pipeline
The South Korean government said Thursday that it plans to announce new residential land sites capable of supplying a total of 80,000 housing units in the capital region by lifting greenbelt restrictions, Yonhap reported.
The government also vowed to promote reconstruction and redevelopment projects in Seoul and the surrounding regions by easing regulations and extending various tax incentives, which is expected to supply more than 427,000 homes combined by 2029. Read more>>
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