Kei Tanaka is soon to be in charge of Japan real estate investments at Yunfeng Capital in Tokyo
A former Goldman Sachs executive in Japan joins a private equity firm backed by Alibaba’s Jack Ma, with that story leading Mingtiandi’s headline roundup today. Also making the news, KKR considers entering Japan’s private credit market and Google completes its fourth data centre in Singapore.
Former Goldman Executive Joins Jack Ma-Backed PE Firm in Tokyo
A former Goldman Sachs executive in Japan is joining a private equity firm backed by Alibaba Group founder Jack Ma, according to a person familiar with the matter.
Kei Tanaka will be in charge of Japan real estate investments at Yunfeng Capital in Tokyo when he starts later this year, the person said, asking not to be identified discussing private information. The firm is looking to invest JPY 100 billion ($636 million) in property in the country, focusing on higher-return value-add and opportunistic deals, the person added. Read more>>
KKR Weighs Entering Private Credit in Japan to Challenge Banks
KKR is considering entering the private credit market in Japan to provide an alternative to bank loans. “It will be a medium to long-term initiative,” Hiro Hirano, head of KKR Japan, said in an interview. “I think it is very important in Japan that we do it ourselves.”
The $1.7 trillion private credit industry has swelled in the US and Europe by focusing on companies with high credit risk and private equity funds that need help financing acquisitions. In Japan, most direct lending has been done overseas and the domestic loan market is dominated by major banks. Read more>>
Google Completes Fourth Singapore Data Centre
Google has completed its fourth data centre in Singapore. The news comes as Singapore’s government has announced that it will increase the power available for data centres in the country.
The fourth data centre was completed in May and $5 billion was spent on its technical infrastructure. Senior minister of state Janil Puthucheary said of the announcement: “This challenge (of sustainability) is not unique to Singapore; eventually, all of us, wherever we are in the world, are going to be faced with these constraints.” Read more>>
China Vanke Property Sales Rise in May as Developer Resumes Investments
Debt-laden developer China Vanke’s contracted sales rose in May as the country’s biggest homebuilder resumed investments in new projects after getting bank funding and following Beijing’s stimulus policies to rescue the crisis-hit sector.
The company said home sales rose 11.3 percent from the previous month to RMB 23.3 billion ($3.2 billion), according to a statement to Shenzhen Stock Exchange late Monday. That sent its shares soaring 7.7 percent on the Hong Kong stock exchange on Tuesday. For the first five months this year, it had transacted sales of RMB 102.2 billion, down 39 percent from a year ago. Read more>>
Hong Kong’s Henderson Land ‘Committed to Northern Metropolis’
Henderson Land Development says it will continue to develop its remaining 3 million square feet (278,709 square metres) of land in Hung Shui Kiu, although over a half is set to be resumed by the government.
Speaking at the developer’s annual general meeting on Monday, chairman Martin Lee said there were a lot of opportunities in the Northern Metropolis — which includes the Hung Shui Kiu/Ha Tsuen New Development project — and Henderson will not slow down developments on farmlands. Read more>>
All the Tools the PBOC Has to Support China’s Property Sector
The People’s Bank of China is the key actor in Beijing’s intensifying effort to shore up the housing market, pumping in cash through a variety of programmes with more funds available if they’re needed.
The PBOC’s latest tool is likely the most powerful so far, making RMB 300 billion ($41 billion) of cheap credit available for banks to fund local-government purchases of unsold homes. The goal is to chip away at the country’s excess housing stock and ease cash-flow strains for developers. Read more>>
PwC Defections Continue as China Cinda Asset Management Ditches Auditor
State-owned China Cinda Asset Management has become the latest major company to terminate its contract with PwC, after at least five big firms recently cut ties with the auditor amid growing concerns about alleged financial fraud tied to embattled developer China Evergrande.
China Cinda has replaced PwC’s services with those of fellow Big Four accounting firm Ernst & Young for 2024, the asset manager said in a Monday stock exchange filing. Read more>>
Singapore-Listed Sabana REIT’s EGM Will Not Proceed: Manager
The manager of Sabana Industrial REIT will not be issuing a notice of the postponed extraordinary general meeting further to the requisition notice, it announced on Monday.
The manager said that the requisitionists “are proposing entirely new and different resolutions”, despite their request in an earlier letter dated 29 May to modify the resolutions proposed in the requisition notice. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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