Former China Vanke CEO Said Held in Criminal Case and More Asia Real Estate Headlines

More drama at troubled China Vanke leads today’s headline roundup, with a report that mainland authorities have detained the builder’s former CEO. Also making news, WeWork India’s share price dips as an investor dumps shares and Singapore private home sales ease after August’s surge.

Former China Vanke CEO Said Held in Criminal Case

Zhu Jiusheng, former CEO of developer China Vanke, has been placed under criminal compulsory measures, Chinese media outlet Yicai reported Tuesday citing sources, though it provided no details regarding the measures.

Zhu joined Vanke in 2012 and became CEO in 2018. He resigned from the post in late January. His resignation followed a media report saying that he had been detained by public security authorities and that the company faced a possible takeover and reorganisation by the government over its financial woes. Read more>>

WeWork India Share Price Falls as CLSA Dumps Stock

WeWork India Management faces fresh selling pressure after global brokerage firm CLSA sold 840,000 shares of the recently listed co-working space provider. The shares were sold at a price of INR 618.55 each, taking the deal size to INR 520 million ($5.9 million).

The deal triggered further weakness in the stock price. Shares of WeWork India were listed at INR 650 per share on the NSE, a premium of 0.3 percent on their market debut. The issue had a price band of INR 615-648 per share, but it reached INR 606.05 on the BSE on Tuesday. Read more>>

Singapore Home Sales Fall as Developers Hold Back Projects

Singapore’s new private home sales fell in September as developers held back on major project releases during a traditionally quiet period.

Developers sold about 255 units in the month, according to data released Wednesday by the city’s Urban Redevelopment Authority. While that’s the lowest figure this year, it comes on the heels of a blowout in August. Read more>>

Singapore’s Mapletree Signs Poland Logistics Mega-Lease With Furniture Maker

Mapletree Investments has signed a lease agreement for 128,000 square metres (1.4 million square feet) of logistics space with Agata, one of Poland’s biggest furniture retailers.

The deal includes a 10-year extension of an existing lease for 87,000 square metres at Piotrkow II DC1 and Piotrkow II DC2, as well as a 10-year lease at Piotrkow II DC3, a new 41,000 square metre built-to-suit logistics development. This marks the largest warehouse lease transaction in the Polish market in 2025, according to the Temasek-owned firm. Read more>>

Sunac China Says Majority of Creditors Approve Offshore Debt Restructuring

Sunac China said Tuesday that its offshore debt restructuring plan was approved by a majority of creditors at a court-convened meeting in Hong Kong.

The developer said 98.5 percent of voting creditors, representing 94.5 percent of total voting claims, backed the plan, which covers $7.96 billion in offshore debt. Sunac said it would now seek final approval from the Hong Kong court at a sanction hearing scheduled for 5 November. Read more>>

South Korea Rolls Out Fresh Measures to Cool Housing Market

South Korea rolled out a new round of measures aimed at reining in a red-hot housing market, stepping up efforts to curb speculative buying as policymakers weigh interest rate cuts to bolster a slowing economy.

The government’s latest steps include tighter loan limits in Greater Seoul, newly designated overheated districts, a faster rollout of higher risk weights on banks’ home loans and cutting loan-to-value ratios on mortgage properties. The package comes as home prices continue to climb despite earlier interventions that included tighter mortgage caps in Seoul and restrictions on purchases by foreign buyers. Read more>>

Brookfield’s Leela Hotels to Expand Into Dubai

Brookfield-backed Leela Hotels is going to open its first property abroad: a luxury beachfront resort in Dubai’s Palm Jumeirah. It has received board approval to sign binding agreements to acquire a 25 percent stake in the resort, requiring an upfront capital of $49 million.

Upon conversion to The Leela, this will mark the brand’s first international foray with the 546-key property comprising a 361-key hotel, 182 residences and three villas. Read more>>

Korea’s NPS May Place PE Commitments on Hold After Losses

The National Pension Service, South Korea’s largest institutional investor, may skip its domestic private equity commitment this year as it grapples with fallout from steep losses tied to its investment in the troubled hypermarket chain operator Homeplus, according to people familiar with the matter.

The world’s third-largest pension fund initially planned to launch a new round of domestic private equity fund commitments in September or October. But the process has been put on hold as the fund’s investment office focuses on internal reviews and parliamentary audits regarding its investment in Homeplus, the people said Monday. Read more>>

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