HMC Capital managing director and CEO David Di Pilla
HMC Capital completes its acquisition of Global Switch’s Australia arm, with that data centre deal leading today’s headline roundup. Also in the news, Singapore’s Golden Mile Complex reveals redevelopment details and K Wah founder Lui Che-woo dies at age 95.
HMC Capital Completes $1.4B Acquisition of Global Switch Australia
HMC Capital has acquired Global Switch Australia from Chinese-owned data centre group Global Switch Holdings for A$2.1 billion ($1.4 billion).
To underwrite the buy, Sydney-based HMC is undertaking a A$300 million fully underwritten institutional placement. Read more>>
Singapore’s Golden Mile to Add Four Floors, New 45-Storey Residential Tower
Four storeys will be added to the conserved Golden Mile Complex in Singapore, along with a new 45-storey residential tower named Aurea.
The Urban Redevelopment Authority in August granted developer GMC Property — a joint venture of Perennial Holdings, Far East Organization and Sino Land — permission to add four storeys of office space to the complex, which was gazetted for conservation in October 2021 and will be renamed The Golden Mile. Read more>>
Hong Kong Property and Casino Magnate Lui Che-woo Dies at 95
Lui Che-woo, who rose from humble beginnings selling peanuts and snacks to become one of Asia’s biggest casino magnates, with a portfolio of hotels, resorts and property in Hong Kong and Macau, has died. He was 95.
Lui, chairman and founder of the K Wah group of companies, died peacefully on 7 November, according to filings to the Hong Kong stock exchange by K Wah International, which develops property, and Galaxy Entertainment Group, which runs a casino and resort in Macau. Read more>>
Sichuan Tycoon Dumps Hong Kong Mid-Levels Luxury Home at 35% Off
A tycoon from Sichuan province sold a luxury flat in Hong Kong’s Mid-Levels at a 35 percent discount, as buyers hunt for bargains amid falling interest rates and eased restrictions on borrowing.
A 1,674 square foot (156 square metre) duplex in the Alassio luxury project — developed by Swire Properties — at 100 Caine Road changed hands for HK$65 million ($8.35 million), 35 percent lower than its last sale price of HK$101 million in 2016, according to a Centaline Property agent who is familiar with the deal. The seller is An Zhifu, president of Sichuan-based conglomerate Fulin Group. Read more>>
China Plans to Slash Homebuying Taxes in Fiscal Stimulus
China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter.
Regulators are working on a proposal that would allow megacities including Shanghai and Beijing to cut the deed tax for buyers to as low as 1 percent from a current level of as much as 3 percent, the people said, requesting not to be identified discussing private information. City governments have leeway to tweak the rules, the people added. Read more>>
Singapore Private Housing Leasing Activity Up 24% in Q3: Savills
Singapore’s private housing market saw more leasing activity during the third quarter, with leasing volume of private homes (excluding executive condominiums) climbing 24.4 percent on a quarterly basis to 25,731 units.
The rise was due to seasonal factors such as the school year and corporate relocation cycles, as well as lease renewals and expiries, Savills Singapore said Wednesday. Read more>>
Boustead Singapore Posts 34% Higher H1 Profit
Infrastructure-related engineering and technology group Boustead Singapore posted a 34 percent year-on-year rise in net profit to S$36 million ($26.8 million) for its fiscal first half to the end of September.
The increase in net profit from S$26.9 million in the previous year was mainly due to higher gross profit and interest income, the SGX-listed company said Tuesday. Read more>>
Carlyle, Warburg Pincus Hunting Talent in Japan as Deals Boom
Carlyle, Warburg Pincus and a host of global investment firms plan to beef up headcount in Japan as deals there surge, but the country’s relatively low number of buyouts for much of the past two decades has made it tough to find people with expertise.
Carlyle, which has been investing in Japan for more than two decades, raised $2.8 billion for its fifth and largest Japan buyout fund in May. It wants to add 10 more people to its local 25-strong investment team in the next two years, said Takaomi Tomioka, the firm’s co-head of Japan. Read more>>
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