Warehouse giant GLP leads today’s collection of real estate headlines from around the region with the industrial specialist in discussions to sell some of its mainland assets to China Railway Materials. Also in the news, iPhone maker Foxconn is reported to be the target of multiple tax audits in China and Hong Kong’s leadership is expected to roll back some restrictions on the property market in its annual policy address this week.
GLP Said in Talks to Sell Mainland Assets to China Railway Materials
Warehouse giant GLP is in talks to sell some of its mainland assets, with state-run China Railway Materials having completed due diligence on an acquisition, according to an account in ThePaper.cn citing a call with investors.
GLP was reported in late August to be making available some $7 billion of its Chinese warehouse holdings after Fitch and other ratings agencies had put its credit on negative watch during the second quarter of this year. Read more>>
Hong Kong Expected to Roll Back Housing Curbs in Policy Address
Hong Kong’s Chief Executive John Lee is set to address some major economic and social issues that the city faces in his second annual policy speech on Wednesday.
Residents of the financial hub are currently grappling with a slowing economy, high real estate prices and falling birth rates. Read more>>
iPhone Maker Foxconn Said Under China Tax Investigation
Foreign and local companies in China are increasingly the targets of tax audits and other regulatory reviews, as local governments try to steady their finances by collecting more revenue.
The latest company to come under scrutiny is Foxconn of Taiwan. Chinese state media outlets reported on Sunday that the company was facing investigations in four provinces. Read more>>
Singapore’s Centurion Signs Abu Dhabi Worker Housing MOU
Specialised accommodation assets player Centurion Corporation has signed a MOU with Abu Dhabi’s largest staff accommodation company, KEZAD Communities, to explore collaboration in the Middle East region.
Inked on Saturday, the MOU forms the basis for closer collaboration between both parties to capture opportunities amid rising demand for staff accommodation in the region, said Centurion on Monday. Read more>>
China’s Troubled Property Sector to Face More Defaults
More debt defaults are likely to emerge in China’s property sector as troubled developers struggle with a weak home sales outlook, while fund raising remains challenging, according to credit analysts.
A massive $124.5 billion worth of bonds are now in default in the entire $175 billion China property dollar bond sector, according to the latest calculations by research company CreditSights, which calculated the country’s once biggest private developer Country Garden’s entire dollar bond as defaulted due to the cross-default clause. Read more>>
Lendlease Hunkers Down Amid Headwinds, Seeks ‘Selective’ Growth Opportunities
The year 2023 was meant to be a special one for Lendlease Group, as the Australian Securities Exchange-listed construction and real estate company celebrates 50 years since it expanded its operations into Singapore. But the group has found little reason for cheer.
Lendlease reported a statutory loss after tax of A$232 million ($146 million) for the full year ended June, deepening from a loss of A$99 million the year before. Read more>>
Japan’s Property Market Shows Signs of Overheating, Central Bank Says
Japan’s property market is showing signs of overheating because of an inflow of foreign money and growing investments by major real estate developers, the central bank warned on Friday.
The findings come as the bank kept interest rates ultra-low for decades to reflate a fragile economy and prop up inflation, prompting warnings from some analysts that its massive money printing was sowing the seeds of a future asset bubble. Read more>>
China to Bolster Economic Recovery and Curb Risks: Central Bank Head
China will promote a sustained economic recovery, focusing on expanding domestic demand, while fending off financial risks, People’s Bank of China Governor Pan Gongsheng said in a report published on Saturday.
The central bank will make its policy more “precise and forceful”, while guiding financial institutions to cut real lending rates and reducing financing costs for firms and individuals, Pan said in the report published on the bank’s website. Read more>>
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