Evergrande Liquidators Sue Hong Kong Golf Club and More Asia Real Estate Headlines

Bankrupt builder China Evergrande’s liquidators zero in on golf club memberships as they attempt to claw back cash for creditors, with that story leading today’s headline roundup. Also in the news, Hong Kong’s CK Hutchison spars with auditors of its Panama port operations and Singapore’s Soon Hock Group buys an industrial property.

Evergrande Liquidators Sue Hong Kong Golf Club in Hunt for Cash

China Evergrande’s liquidators are suing Hong Kong Golf Club as they broaden their efforts to recover more money from the defaulted developer’s assets.

Liquidators say the club’s rules may affect their ability to fulfil their duties to maximise recoveries for Evergrande’s creditors, according to a writ seen by Bloomberg that was filed in Hong Kong’s High Court on 31 March. The lawsuit relates to the builder’s membership in the city’s prestigious golf club and rules governing transfers of membership, the writ shows. Read more>>

CK Hutchison Pushes Back on Panama Port Audit Claims

A company controlled by Hong Kong-based CK Hutchison has invested $1.7 billion in two ports near the Panama Canal, it said Wednesday, surpassing the amount required under its contract, which is being audited by Panamanian authorities.

Panama Ports Company, in which CK Hutchison owns a 90 percent stake, had its 25-year operating concession for the Balboa and Cristobal ports renewed in 2021. The Panamanian government launched an audit of the contract in January, potentially complicating a high-profile deal by a group led by US investment firm BlackRock for most of CK Hutchison’s global port business, including the two ports. Read more>>

Singapore’s Soon Hock Group Buys Shaw Road Industrial Project for $85M

Singapore’s Soon Hock Group has agreed to purchase the Ching Shine Industrial Building near Tai Seng MRT station with a bid of S$113.2 million ($84.5 million), according to JLL, which marketed the property via a collective sale.

The deal gives the privately held developer a 49,308 square foot (4,581 square metre) freehold site with a 100 metre (109 yard) frontage along Shaw Road, with the deal representing a price per square foot of potential built area of S$824. Read more>>

Warburg-Backed Kio Plans $620M Aussie Living Sector Portfolio

Australia’s build-to-rent sector is poised to go through a second wave of growth, according to the newly launched Kio Investment Management operation. The company, founded by Hines alumnus Sam Bisla, has kicked off an ambitious range of projects that will see it complete developments with an end value of about A$1 billion ($620 million).

Kio, with the backing of international private equity group Warburg Pincus, has secured a number of sites in capital cities, with its operations to span both traditional build-to-rent and studio-living projects. Read more>>

CapitaLand Breaks Ground on Chennai Data Centre

CapitaLand India Trust has commenced construction of CapitaLand Data Centre Chennai 01 in the heart of Ambattur’s industrial and IT corridor, according to an announcement this past week on LinkedIn.

WIth a gross power capacity of 54 megawatts and an IT capacity of 34MW, CapitaLand says the facility will be AI-ready and hyperscale designed, incorporating liquid cooling systems and green building practices. Read more>>

Johor, Singapore Lead $15.5B APAC Data Centre Surge in 2024

Johor and Singapore are at the forefront of a surging Asia Pacific data centre boom, as the region attracts record cross-border investment and reshapes the global digital infrastructure landscape, according to Knight Frank.

APAC attracted $15.5 billion in cross-border data centre investment in 2024 — more than any other region globally — said the consultancy’s latest global data centre report. Read more>>

CDL’s Sherman Kwek Gives Up $1M Incentive as Family Feud Fades

City Developments Ltd CEO Sherman Kwek has voluntarily forgone his long-term incentive grant of S$1.35 million ($1 million) for financial 2024, according to CDL’s annual report released Tuesday.

Kwek received S$2.97 million in total compensation for 2024, down 15.4 percent from S$3.52 million the previous year. Read more>>

Health Facility on Singapore’s East Coast on the Market for $47M

Charitable healthcare organisation Sata CommHealth has put on the market a health and medical care site in Singapore’s Bedok area for S$63 million ($47 million).

The organisation, which provides healthcare and medical services to seniors and the vulnerable, is selling a 60-year leasehold interest in its freehold property at 351 Chai Chee Street. An outline application has been submitted for the site’s redevelopment into a 12-storey assisted-living facility with a medical centre at a plot ratio of 2.5, said marketing agent CBRE. Read more>>

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