“King of Cassettes” David Chan is reducing his homeownership footprint in Hong Kong
Hong Kong tycoons selling their assets to pay creditors leads Mingtiandi’s look at the region’s property news again today, with a veteran investor selling his family home to keep the bankers at bay and a fashion magnate disposing of an office floor at a bargain rate. Also making the list is a failed commercial deal in Shanghai and a bet on big-box retail in Australia.
Hong Kong Cassette King Sells Pok Fu Lam Home, Marketing Another Mansion
Veteran Hong Kong investor David Chan found a buyer for his family home of more than four decades after it had been seized by creditors.
Known locally as the “King of Cassettes”, Chan sold the Pok Fu Lam home for HK$315 million ($40.4 million) and is reported by the South China Morning Post to be marketing a three-storey mansion at 51 Mount Davis Road on Hong Kong island to raise cash. Read more>>
Boss of Hong Kong Fashion Brand Sells Floor in Sheung Wan Tower at Record Low
Moiselle chairman Chan Yum Kit has sold a floor in Hong Kong’s Grand Millennium Plaza project in Sheung Wan for a record low price, according to a report in the Hong Kong Economic Times citing market sources.
The apparel entrepreneur sold the 23rd floor of the Cosco Tower for HK$220 million ($28.2 million) according to the media account, with the HK$11,141 per square foot rate marking the lowest for the B-grade office building since 2010. Read more>>
Gaw, PAG Sale of Shanghai’s Ciro’s Plaza Said to Fall Short
Talks to sell the Ciro’s Plaza commercial complex near Shanghai’s People’s Square have failed to result in a sale, according to local media reports.
Gaw Capital Partners, PAG and the merchant banking arm of Goldman Sachs had been in talks to sell the office and retail property to state-owned conglomerate Xiangyu Group for a price reported to be around RMB 1.8 billion ($251 million), but the deal has now fallen apart, according to a report by Guandian.cn. Read more>>
Australia’s Wesfarmers Sells Big-Box Retail Portfolio to Charter Hall for $190M
Aussie conglomerate Wesfarmers has confirmed that it reaped a hefty profit from the sale of six Bunnings home improvement stores to Charter Hall, as analysts bet that the strong result will lead to it bringing more assets to market.
Charter Hall unveiled the purchase in its financial results. The A$290 million ($189.5 million) deal is part of a broader push into the convenience retail sector, where it had set up a new vehicle with an investment capacity of A$2.5 billion. Read more>>
Keppel DC REIT Buys Remaining Stakes in Pair of Singapore Data Centres
The manager of Keppel DC REIT announced to the Singapore Exchange on Wednesday that it has acquired the remaining 0.51 percent economic interest in a pair of Singapore data centres from its sponsor, Keppel Ltd.
The deal, which was priced at up to S$8.4 million ($6.5 million), gives Keppel DC REIT the remaining ownership in Keppel DC SGP 7 and 8 after the SGX-listed trust had acquired the two properties in a S$1.4 billion transaction in November last year. Read more>>
Frasers Hospitality Trust Wins Court Approval for Privatisation Scheme
The manager of Frasers Hospitality Trust declared to the Singapore Exchange on Wednesday that it has received court approval to move forward with its effort to privatise the hotel REIT.
With court approval in hand, FHT is set to cease trading on the SGX on 11 September, concluding a $1.1 billion buyout. Read more>>
Morgan Stanley Says China Housing Market to Improve in H2 2025
China’s major developers can expect their businesses to pick up in the remaining six months of this year as a disappointing first half fades in the rear-view mirror, according to an analysis by Morgan Stanley.
Sales and profitability are expected to decline at a slower pace, Morgan Stanley said, predicting that sales would fall 2 percent for the rest of the year, adding up to a 10 percent decrease for the whole year. Sales could even pick up in the fourth quarter, “backed by a rich saleable (stock of completed homes) in the higher tier cities”, the bank said, as the US Federal Reserve’s rate cut cycle begins. Read more>>
Singapore’s Temasek Backs Nuveen Private Credit Strategy
Investment manager Nuveen’s private debt arm has partnered with Temasek and Hunter Point Capital, the company said Wednesday, as it furthers its push into the fast-growing slice of the corporate financing market.
Under the agreement, Temasek and Hunter Point will make minority investments in Nuveen Private Capital. Singapore-based Temasek will also provide long-term capital commitments to Nuveen’s new and existing strategies. 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.
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