GIC Backs $3.9B TPG Debt Fund and More Asia Real Estate Headlines

TPG’s Twin Brook Capital Partners leads Mingtiandi’s headline roundup today, as the private equity firm closes its $3.9 billion direct lending fund backed by GIC and the World Bank. Also making news, Singapore-listed CapitaLand Ascott Trust secures a $124.5 million green loan from OCBC and China’s Country Garden continues to see sales slide.

GIC Backs $3.9B TPG Debt Fund

TPG’s Twin Brook Capital Partners closed its fifth direct lending fund with $3.9 billion in aggregate capital commitments, surpassing a $3 billion target, according to a person familiar with the matter.

TPG AG Direct Lending Fund V received $1.7 billion of commitments in the 10 days before the offering period ended, said the person, who asked not to be identified discussing a private subject. Read more>>

Ascott Trust Lands $124M Green Loan From OCBC

CapitaLand Ascott Trust has secured a S$165 million ($124.5 million) sustainability-linked multi-currency revolving credit facility from OCBC.

Proceeds from the loan will be used by the Singapore-listed REIT for general corporate purposes. The financing solution was launched in 2023 and grants CLAS interest rate reductions upon meeting agreed annual greenhouse gas emission targets validated by the Science Based Targets initiative. Read more>>

Country Garden Sales Fell 72% in July

Country Garden saw its contracted sales plunge 72 percent to RMB 3.41 billion ($477 million) in July from a year earlier, adding to the Chinese developer’s woes as it tries to avoid liquidation.

The result follows a 73 percent slide in June, corporate filings show. The distressed real estate giant is counting on a turnaround in sales to increase its survival chances, as it fights a wind-up petition in a Hong Kong court after its 2023 default. Last week, it was given more time to work on an offshore debt restructuring plan when the case was adjourned to January. Read more>>

Korean Warehouse Market Slumps on Rising Vacancy

Logistics centres in Seoul’s suburbs are suffering from oversupply and rising vacancy rates, according to a report from South Korean advisory firm Real Estate Direct.

New supply of 184,525 square metres (1.9 million square feet) of warehouse space was introduced in the Seoul Metropolitan Area in the first half of this year, raising the accumulated supply by 0.6 percent to 33.7 million square metres, the report said. Read more>>

Mainland Developers Head Into Rough Earnings Season

Chinese developers are expected to report another round of weak results in their latest report cards, extending a streak of losses since 2020 as state support measures fail to overcome a loss of confidence among homebuyers and financiers.

Some of the nation’s biggest private homebuilders are likely to report an average 19 percent drop in core net profit for the January-to-June period, according to CGS International Securities based on its forecasts for five companies, including China Vanke, Longfor Group and Greentown China Holdings. Read more>>

SGX-Listed Hatten Land Files for Judicial Management

Singapore-listed developer Hatten Land on Monday filed an application to the general division of the city-state’s High Court to be placed under judicial management.

In a bourse filing Monday night, the group said it has proposed Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche to be appointed the joint judicial managers of Hatten Land. The group has also applied for Tan and Lim to serve as interim judicial managers pending the determination of the application. Read more>>

Dasin Retail Trust Investors Escalate War With Trustee

Dasin Retail Trust Management has been accused by a group of requisitionists of not convening an extraordinary general meeting within the timelines, thus breaching Singapore’s Business Trusts Act.

The group of requisitionists said they will now proceed to exercise their rights under the law to hold the EGM within three months of deposit of the requisition notice — that is, before 20 September. Read more>>

Mainland Economist Predicts Drawn-Out Recovery for Real Estate Market

Real estate has become the most intense issue affecting China’s economy. In the past, China’s real estate was a focus of investment for all of society. Real estate prices were rising continuously, and it was commonly accepted that every adult should have his own house, which is a unique belief.

In this context, more middle-class families kept purchasing — even those not qualified to buy a house. This pushed property prices to new highs in a very short period of time around 2017, a sign a bubble was about to burst. Read more>>