Cityplaza One in Hong Kong’s Quarry Bay district
Fund manager Gaw Capital Partners tries to refinance the debt used to buy a Hong Kong office tower, with that story leading Mingtiandi’s headline roundup today. Also in the news, Citigroup takes a hit on a block trade in Goodman shares and Goldin Group’s Australian assets enter receivership.
Gaw-Led Consortium Seeks $694M Refinancing of Hong Kong’s Cityplaza One
A consortium of investors led by Hong Kong-based fund manager Gaw Capital Partners is seeking a HK$5.4 billion ($694 million) loan to refinance the debt used to back the acquisition of Cityplaza One office tower.
Sponsors of the consortium — including Gateway Real Estate Fund VI, a real estate vehicle managed by Gaw Capital — have appointed banks to arrange the three-year financing, which is split into a HK$5 billion term loan and HK$410 million revolving credit facility, according to a person familiar with the matter, who asked not to be named discussing a private matter. Read more>>
Citi Loses $17M on Sale of CIC Stake in Goodman
Citigroup undercut rivals this week to win the biggest block trade in Australia in seven years, only to see the deal unravel and leave the US bank with unsold stock on its books.
The firm outbid other rivals on a block trade in property firm Goodman Group by China Investment Corp with a discount of between 1.4 and 1.5 percent to Tuesday’s closing price, according to people familiar with the matter. At least four other banks invited to pitch by CIC to offload the stake had teased a 3.5 to 4 percent discount, the people said, asking not to be named because they weren’t authorised to speak publicly. Read more>>
Aussie Winery, Horse Ranch of Hong Kong’s Goldin Group Fall to Receivers
The Australian arm of bankrupt former billionaire Pan Sutong’s empire has collapsed, with a wine company and the entity which formerly owned the famed Lindsay Park Stud falling into administration.
Pan’s Goldin Group acquired the Lindsay Park Stud — which it sold in early 2023 — in 2013, nearly 50 years after it was founded by legendary trainer Colin Hayes. The plan was to restore the Angaston, Barossa Valley property and continue its rich heritage of breeding champion racehorses — an ambition which appears to have been realised — with Goldin branching out into wine production in 2020, launching associated winery Tarrawatta. Read more>>
China Vanke Sales Fell 34% in November
China Vanke’s sales slump worsened in November, adding to concern over its worsening finances during a prolonged property crisis.
Contracted sales for November declined 34.4 percent from a year earlier to RMB 20.1 billion ($2.8 billion), widening from a 22.8 percent drop in October, corporate filings show. Read more>>
Singapore Regulator Approves EQT Buy of PropertyGuru
Singapore’s competition regulator on Friday said it had given the go-ahead for EQT Private Capital Asia’s proposed takeover of Southeast Asia property tech firm PropertyGuru.
The Competition and Consumer Commission of Singapore said after a public consultation last month that the deal was “unlikely to substantially lessen competition in Singapore’s digital real estate advertising services market”. Read more>>
GIC-Backed US Mobile Home Maker Explores 2025 IPO
Yes Communities, one of the largest operators of manufactured housing communities in the US, is exploring an initial public offering, according to sources with knowledge of the matter.
The Denver-based company, which is backed by Singapore sovereign fund GIC, is discussing a 2025 listing in which it could raise $1 billion or more, said the sources, who asked not to be identified discussing confidential information. Yes is working with Goldman Sachs and is set to add other underwriters in the coming months, the sources said. No final decisions have been made and the company could opt to remain closely held. Read more>>
GuocoLand to Redeem $298M in Perpetual Securities
GuocoLand’s wholly owned GLL IHT will redeem S$400 million ($298 million) in subordinated perpetual securities.
They will be redeemed at S$250,000 for every S$250,000 in nominal amount of the perpetual securities, together with distribution accrued to but excluding 23 January 2025, GuocoLand said Friday. The perpetual securities were issued by GLL IHT with a coupon of 4.6 percent under the group’s S$3 billion multicurrency medium-term note programme. Read more>>
Amazon Acquires Mumbai-Area Data Centre Plot From India’s Lodha
Amazon India has acquired a 38.2 acre (15.5 hectare) land parcel in Palava near Mumbai from developer Lodha, listed as Macrotech Developers, for more than INR 450 crore ($53 million) with a plan to develop a hyperscale data centre.
As part of the deal, Amazon’s India subsidiary Amazon Data Services India will also get access to the already sanctioned floor space of 4.16 million square feet (386,477 square metres). Read more>>
New World CEO Drama Highlights Hong Kong Succession Challenges
In a town hall meeting on 29 November, Hong Kong billionaire Henry Cheng introduced his new pick for chief executive to the hundreds of employees gathered virtually, pledging that Echo Huang would help the ailing developer cut debt and rebuild its residential property pipeline.
The cautious crowd did not ask New World Development’s incoming CEO — its third in two months — any awkward questions about the suddenness of her appointment. But concerns are growing among staff and investors over the company’s stability amid the rapid leadership changes, people familiar with the matter said. Read more>>
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