Far East Consortium Bucks Trend With 31% Profit Rise and More Asia Real Estate Headlines

Far East Consortium leads today’s headline roundup as the Hong Kong developer outshines its peers with a hefty profit increase. Also making the list, Joseph Lau’s Chinese Estates eyes exits from key London assets and Japan’s NTT preps a domestic data centre REIT.

Hong Kong-Listed Far East Consortium Posts 31% Profit Jump 

Far East Consortium International said its attributable net profit for the year to the end of March rose 31.3 percent to HK$226 million ($28.9 million).

Revenue rose 57.5 percent to HK$10.2 billion as the property development and recurring-income businesses experienced growth. Read more>>

Joseph Lau’s Chinese Estates Eyes $1.1B Double London Exit

Hong Kong-based Chinese Estates has put a West End scheme up for sale and is weighing its options on one of the largest office developments currently ongoing in London.

The company controlled by Joseph Lau has appointed Colliers to market the 51K SF 14 George Street office block in Mayfair for £135 million ($144.3 million). Read more>>

NTT to Set Up Data Centre REIT in Japan 

NTT Data is to form a data centre-focused REIT in Japan next year. The trust will initially manage assets totalling up to JPY 100 billion ($625.2 million).

It will be the first domestic data centre REIT in Japan; the move will reportedly make it easier to raise funds for projects. NTT will potentially look at listing the REIT, according to reports. Read more>>

Ascott Appoints Six Executives Amid Global Expansion

The Ascott has announced six key appointments in the functions of business development, strategy and operations.

On Thursday, the lodging business unit of CapitaLand Investment said the move would support its global expansion in management and franchise contracts, as well as catalyse strategic growth. Read more>>

Nikko Asset Management Picks Up Equity Stake in Tikehau Capital 

Japan’s Nikko Asset Management is set to pick up an equity stake in Temasek Holdings-backed alternative asset manager Tikehau Capital as the firms finalise their strategic partnership in Asia.

The partnership, which came into effect earlier this week, also includes a distribution agreement and the establishment of a joint venture. The key aims of the agreement are to enhance both firms’ global investment capabilities and presence. Read more>>

New World Courts Creditors With Asset Sale, Bond Redemption Plan

New World Development plans to redeem a perpetual bond and complete $1 billion in non-core asset sales as the Hong Kong-based property company tries to revive confidence in its financial health.

New World told some investors Tuesday that it would try to redeem its perpetual bond callable in March 2025 and that the coupon would be much higher than the company’s average funding cost of 5 percent if it forgoes the call option. The bond was indicated at 95.7 cents on the dollar Thursday, according to Bloomberg-compiled data. Read more>>

Country Garden Gets Trading Resumption Guidance From HKEX

Debt-laden developer Country Garden said Thursday that it had received guidance from the Hong Kong stock exchange over resumption in trading of its shares, which have been halted since 2 April.

The stock exchange has asked the cash-strapped real estate firm to publish all its outstanding financial results along with any audit modifications, the company said in an exchange filing. Read more>>

Soho, Shimao, R&F Among Developers at Risk of Losing Mainland Cash

A clutch of Hong Kong-listed Chinese developers risk losing the backing of mainland investors, as their market values fall below the threshold limit for inclusion in the Stock Connect programme.

The cross-border investment scheme gives mainland investors access to a large pool of stocks traded in Hong Kong, while overseas investors are able to buy RMB-traded shares on the mainland’s exchanges. Read more>>