William Huang, chairman and chief executive of GDS Holdings, also chairs DayOne
In today’s review of real estate news from around Asia Pacific, a spinoff of China’s largest data centre operator plots a $5 billion dual listing in Singapore and New York, SingLand takes full control of the Novena Square mall joint ventures, and Japan’s Mori Building reports record earnings for fiscal 2025.
GDS Spinoff DayOne Said Planning $5B Dual Listing in Singapore and New York
DayOne, the former international arm of Shanghai-based GDS Holdings, plans to list simultaneously in Singapore and New York in a bid to raise $5 billion, in what would be one of the biggest Singapore listings in a decade, according to people familiar with the plans.
The proposed IPO comes as Singapore courts more Asian companies to list in the city-state, even as Chinese firms that have relocated there face scrutiny over the practice dubbed “Singapore washing”. Read more>>
SingLand Acquires UOB’s Novena Square JV Stakes for $233M
Singapore Land Group has acquired UOB’s shares in two joint venture companies linked to the Novena Square shopping mall in Singapore for S$299 million ($233.4 million) in cash, according to a bourse filing.
SingLand’s unit purchased UOB’s stakes in Novena Square Development and Novena Square Investments. The filing was submitted on Friday. Read more>>
China New Home Price Decline Eases for Third Straight Month
China’s new home price declines eased for a third month in a row in April, reinforcing hopes that the country’s multi-year property downturn may be approaching a bottom. New home prices in 70 cities fell 0.19 percent from March, the smallest drop in a year, according to data from the National Bureau of Statistics.
Resale home values, which face less government intervention, declined 0.23 percent, the slowest fall since March 2025. Read more>>
Citadel Moves Quantitative Researchers Out of Hong Kong
Hedge fund Citadel has moved members of its global quantitative strategies team out of Hong Kong, telling researchers they had to relocate or leave the firm, the Financial Times reported.
Miami-based Citadel told Reuters the moves were part of a global strategy to bring teams closer together. The firm disputed reports that data security concerns drove the relocations, saying it continued to hire quantitative researchers in both Hong Kong and Singapore. Read more>>
GLP Japan Plans Logistics Facility in Western Tokyo
GLP Japan, a subsidiary of Ares Management, plans to develop a multi-tenant logistics facility spanning 184,000 square metres (1,980,560 square feet) in Ome, a city in western Tokyo, the company announced.
The facility, named Marq Ome, is located within the Ome Interchange northern zone and is scheduled to break ground in February 2027, with completion targeted for March 2029. Read more>>
Lofter Group Sued for $17M Days After Founder’s Death
A Hong Kong court has received a writ naming developer Lofter Group as defendant in a HK$130 million ($16.6 million) lawsuit alleging breaches of guarantor obligations on two bond subscription agreements, filed by Cayman Islands-registered Earth Core Holdings.
The action follows the sudden death of Lofter’s founder earlier this week. Earth Core subscribed to bonds issued by Our Country HK and Our Dream HK in December 2023, in principal amounts of HK$87 million and HK$121 million. Read more>>
Japan Real Estate Investment Corp Plans $629M Bond Issuance
Japan Real Estate Investment Corporation has approved plans to issue up to JPY 100 billion ($628.9 million) in unsecured investment corporation bonds between May and November 2026, according to a resolution passed at its board meeting.
The bonds, denominated in units of JPY 100 million, may be issued in tranches or in foreign currency. Proceeds will fund asset acquisitions, property maintenance, loan repayments and working capital. Read more>>
Mori Building Posts Record $2.6B Revenue in Fiscal 2025
Mori Building posted record operating revenue of JPY 411.1 billion ($2.6 billion) in fiscal 2025 to the end of March 2026, up 6.5 percent, with operating income rising 16.2 percent to JPY 97.9 billion, the company said. Rental income from Azabudai Hills and Toranomon Hills Station Tower drove results.
For fiscal 2026, Mori Building forecasts operating revenue of JPY 437.0 billion, up 6.3 percent, with operating income projected to rise 8.7 percent to JPY 106.5 billion. Read more>>
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