William Huang, chairman and CEO of GDS Holdings, also chairs DayOne
Chinese data centre operator GDS explores a US listing of its international DayOne unit, with that story leading today’s headline roundup. Also making the list, Australian fund manager Elanor seeks buyers for hotel assets and a Melbourne skyscraper project faces an uncertain future.
GDS Said Considering US IPO for International Data Centre Unit
GDS Holdings is considering a US initial public offering of its international arm that could raise $500 million, according to people familiar with the matter.
The Chinese data centre operator may try to list DayOne, which runs its facilities in Hong Kong and Southeast Asia, as soon as this year, the people said. DayOne, which was formerly known as GDS International, is in talks with banks about working on the IPO, they said, asking not to be identified discussing a private matter. Read more>>
Australia’s Elanor Marketing $100M in Hotels
Troubled fund manager Elanor has launched a A$160 million ($100.6 million) sell-down of its best hotel assets, including luxury resort Peppers Cradle Mountain Lodge, as it battles to get its debt under control and resume trading on the Australian Securities Exchange.
The clock is ticking for Elanor ahead of a 19 March deadline to address part of its overall debt — its unsecured notes — which were carved out of a refinancing deal the ASX-listed fund manager struck in November. Read more>>
Australia’s Tallest Condo Project Stops Paying Bills
Australia’s property sector troubles have deepened, putting the future of the country’s tallest residential development in question, after developer Beulah International put the project manager of its high-profile Sth Bank project into voluntary administration.
Pitcher Partners’ David Vasudevan and Lindsay Bainbridge were appointed administrators of BSSPV Pty Ltd after architecture firms Cox Architecture and UN Studio — designers of the $2.7 billion twin-tower project in Melbourne — lodged wind-up orders against it. Read more>>
Hong Kong Restaurant Boss Puts Sha Tin Industrial Building on Market
The chairman of one of Hong Kong’s largest restaurant chains is selling an industrial building in Sha Tin as a highly competitive retail environment takes a toll on the hospitality sector. The owner of Big Orange, a nine-storey building in Tai Wai, on Monday appointed CBRE to hold a public tender for the asset in April.
The 236,148 square foot (21,939 square metre) building with its distinctive orange facade was acquired in 2013 by Hansun Investments for HK$498 million ($64 million), according to government records. Yeung Wai, the chairman of Fulum Group, is listed as a director of Hansun. Read more>>
Mainland Market Bailout Seen Falling Short
Once one of the country’s biggest growth drivers, China’s property market has been in a downward spiral for five years with no signs of abating. Real estate values continue to plummet, households in financial distress are being forced to sell properties, and apartment developers that have racked up enormous debt on speculative projects are on the brink of collapse.
There was some optimism that the government’s measures to end the crisis had been working to reinvigorate the market, but on 27 January, government-linked developer Vanke forecast a record $6.2 billion annual loss, reigniting concerns about the sector and showing just how deep the problem runs. Read more>>
China Vanke Takeover Seen as Turning Point for Govt Intervention
It was the moment China’s leaders finally blinked.
After four years of standing by as developers like China Evergrande spiralled into default, Communist Party officials decided in late January that China Vanke — one of the country’s last surviving real estate giants — was, for now at least, too big to fail. With Vanke’s bond prices collapsing and its warning of a first annual loss of a record $6.2 billion, officials from the developer’s hometown in Shenzhen stepped in to take operational control and shore up funding. Read more>>
New World Raises Prices on Project in Hong Kong’s North Point
New World Development raised prices for a new batch of units in a sought-after residential project on Hong Kong Island, as prospective buyers outnumber the project’s supply of flats by more than 28 times.
The developer said the response to the 388-unit State Pavilia project on King’s Road in North Point has been “enthusiastic”, as more than 4,800 buyers had written cheques for a chance to buy one of 168 listed units as of Tuesday night. Read more>>
Far East Hospitality Trust Distributable Income Drops 18%
Singapore-listed Far East Hospitality Trust on Wednesday posted a distribution per stapled security of S$0.0208 for the second half ended December, down 4.1 percent year-on-year.
The result brings total DPS for 2024 to S$0.0404, down 1.2 percent. The distribution for the second half will be paid on 20 March after books closure on 20 February. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply