New World chairman Henry Cheng is making headway with his bankers (Image: New World Development)
Hong Kong’s New World Development receives commitments from 10 banks for an $11 billion loan refinancing, with that report leading today’s headline roundup. Also in the news, Brookfield eyes more Singapore property investments and Japan’s richest man buys a Milan building from Hines.
New World Said to Win Support From 10 Banks for $11B in Refinancing
New World Development has secured commitments from about 10 banks for its HK$87.5 billion ($11.2 billion) loan refinancing, according to people familiar with the matter, as the cash-strapped builder races to complete the deal before the end of next month.
Major banks Bank of China, HSBC and Standard Chartered, local lenders Bank of East Asia, Fubon Bank and Hang Seng Bank, and French lender CIC, along with several other financial institutions, have completed the internal approval process to join the deal, with total commitments exceeding HK$20 billion, the people said. More banks are going through internal credit approvals and expect to finalise their commitments in the coming weeks, they added. Read more>>
Brookfield Sees Opening to Acquire More Properties From Singapore REITs
Brookfield Asset Management sees the potential for more property acquisitions from REITs in Singapore after its first deal in the city-state.
Many listed REITs in the country are trading at discounts to their net asset value, said Andrew Burych, managing partner and head of East Asia for the Canadian investment giant’s real estate group. It’s “pretty interesting to work with these REITs to see if there’s transactions we can do with them, so that they can recycle the capital into more core businesses,” he said. Read more>>
Uniqlo Founder Buys Milan Building From Hines for $339M
The family office of Japanese billionaire Tadashi Yanai, founder and CEO of Uniqlo operator Fast Retailing, has agreed to buy a building in Milan for about €300 million ($339 million), a source close to the matter said Thursday.
Yanai, Japan’s richest man, is buying the building from US property firm Hines, the source added. Hines declined to comment. Yanai could not immediately be reached for comment. Hines bought the building in 2016 and renovated it. Located near Milan’s main Duomo square, the building stands across from the city’s Starbucks Reserve Roastery in the elegant Piazza Cordusio. Read more>>
Brookfield Eyes Tripling India Assets to $100B in Five Years
Brookfield Asset Management will triple its India investments to $100 billion within five years, as it bets on the country’s strong growth prospects and rising demand in the infrastructure and clean energy sectors, a senior executive said Thursday.
Brookfield has been doubling down on India investments and has in recent years invested $12 billion in infrastructure assets like gas pipelines, telecom tower assets and data centres; as well as $12 billion in real estate including offices and hotels, and $3 billion in clean energy projects. Read more>>
Fugitive Hong Kong Tycoon Joseph Lau Sells Wine Portfolio for $9.3M
Hong Kong businessman Joseph Lau sold a collection of fine wine for HK$72.9 million ($9.3 million) in an auction, fetching more than $41,000 a bottle for some rare French vintages.
All of the wine lots sold, and the amount raised exceeded the $4.5 million estimate from Christie’s, according to a statement Thursday from the auction house. The sale offered more than 200 lots of wine, including rarities from producer Henri Jayer, vintages from Petrus and selections from Domaine de la Romanee-Conti as part of Christie’s Hong Kong Luxury Week. Read more>>
Victor Li Says CK Asset Set to Weather Market Stress
CK Asset Holdings, the flagship developer of Hong Kong billionaire Li Ka-shing’s family, will weather the “doldrums” in the city’s commercial leasing market amid global economic uncertainties, according to chairman Victor Li.
It will take time for the Hong Kong office market to emerge from its malaise, Li said. The overall occupancy rate of CK Asset’s current investment property portfolio in Hong Kong is around 86 percent, Li said. Read more>>
Singapore Bungalow on the Market for $64M
A two-storey bungalow in Singapore’s Lornie Road with seven bedrooms, formerly owned by the late property tycoon Chng Gim Huat, is on the market. The guide price of S$82 million ($63.6 million) works out to S$1,586 per square foot on the freehold land area of 51,700 square feet (4,803 square metres).
The site is part of an area designated for two-storey semi-detached housing under the Urban Redevelopment Authority’s master plan. This allows for the site to be redeveloped into a mix of semi-detached and bungalow housing. Read more>>
SGX-Listed Metro Holdings Falls to $174M Loss on China Impairment
Singapore’s Metro Holdings, weighed down by impairment losses from its investments in China’s real estate sector, has reported a loss of S$224.7 million ($174.3 million) for its fiscal 2025, versus earnings of S$14.6 million a year earlier.
Specifically, Metro booked a loss of S$105.4 million from its 20.5 percent-held associate Top Spring International Holdings, which is listed in Hong Kong. On the other hand, the losses were partly mitigated by a share of net operating profit of S$14.9 million and fair value gains of S$11.5 million from Metro’s associates and joint ventures in Britain, Australia and Singapore. Read more>>
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