Adani Group founder and chairman Gautam Adani (Getty Images)
AI in India leads today’s look at real estate news from around the region as Google aims to tie up with Adani for data centres. Also making the list, the Yang family behind China’s Country Garden agrees to swap debt for equity and Brookfield aims to finish its buyout of Oaktree.
Google Ties Up With Adani for $15B South India Data Centre Plan
Alphabet Inc’s Google aims to invest about $15 billion building an AI infrastructure hub in southern India over the next five years, making its biggest bet on the fast-growing country.
The US company outlined plans Tuesday for a data centre in the port city of Visakhapatnam linked to new energy sources and a fibre-optic network. Indian tycoon Gautam Adani said his company AdaniConneX would partner with Google on the project, along with Bharti Airtel, the country’s No.2 wireless carrier. Read more>>
Country Garden Controlling Family to Convert $1.1B in Shareholder Loans to Equity
Embattled Chinese developer Country Garden said Monday that its controlling shareholder had agreed to convert $1.14 billion in loans to equity as part of its offshore debt restructuring.
Concrete Win Ltd, an entity controlled by Country Garden’s controlling shareholder, has committed to buying new shares to settle $1.14 billion in shareholder loans once the restructuring takes effect, the company said in a filing to the Hong Kong stock exchange. Read more>>
Brookfield Buying Out Remaining Oaktree Stake for $3B
Brookfield will acquire the remaining parts of distressed-debt specialist Oaktree Capital Management that it doesn’t already own, adding further heft to a credit business that’s emerged as a key driver of growth in recent years.
New York-based Brookfield Asset Management and Canadian parent company Brookfield Corp will acquire the outstanding 26 percent stake in Oaktree for about $3 billion, according to a Monday statement, which confirmed an earlier Bloomberg report. Read more>>
Mapletree Logistics Trust Completes Sale of Aussie Warehouse
The manager of Mapletree Logistic Trust said Monday that it has completed the sale of 28 Bilston Drive, a warehouse in Barnawartha North, near Melbourne.
The SGX-listed trust had announced in August that it would sell the 57,440 square metre (618,279 square foot) single-storey facility for A$60 million ($38.8 million). Read more>>
Warburg Pincus Executive Buys Singapore Bungalow for $18M
A Singapore-based managing director of private equity giant Warburg Pincus is buying a S$23.9 million ($18 million) mansion, adding to a wave of high-end property deals that are bolstering the country’s luxury housing market.
Saurabh Agarwal, who is also the head of Southeast Asia private equity at the firm, is buying the house on 835 square metres (8,989 square feet) of land in Jalan Pelangi, according to details of a September deal seen by Bloomberg. The property being sold is co-owned by Loi Pok Yen, a former chief executive of logistics services firm CWT. Read more>>
Casino Operator Genting Bids to Privatise Malaysian Unit in $1.6B Deal
Genting has unveiled plans to buy out the minority shareholders of its subsidiary Genting Malaysia in a MYR 6.7 billion ($1.6 billion) deal that would lead to the gaming and hospitality arm’s delisting from Bursa Malaysia.
In a filing to the stock exchange on Monday, Genting said it has launched a conditional voluntary takeover offer at MYR 2.35 a share, representing a premium of almost 10 percent to Genting Malaysia’s last-traded price before trading of its stock was suspended. Read more>>
Hong Kong Fashion Tycoon Sells Apartment as Distressed Sales Continue
The chairman of Hong Kong-listed women’s apparel retailer Moiselle International Holdings sold a property last week, the latest in a slew of disposals over the past few months amid a gradual improvement in the city’s residential market.
A 2,429 square foot (226 square metre) four-bedroom flat in Tregunter Tower in Mid-Levels was handed over Friday to an entity called New Pacific Investment for HK$81.8 million ($10.5 million), according to the Land Registry. Read more>>
Korean President Warns of Property Bubble Risks
South Korean President Lee Jae-myung said Tuesday regarding rising property prices that increasing wealth through real estate speculation is “now a thing of the past,” adding: “An accident is bound to happen eventually.”
The president made the remarks while presiding over a cabinet meeting at the Yongsan Presidential Office, saying: “Isn’t this like playing with a bomb? It will explode sooner or later.” This appears to be a warning as real estate prices continue to surge in parts of Seoul and the metropolitan area despite government regulations. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply