IKEA Opens $1B Shanghai Shopping Mall and More Asia Real Estate Headlines

Swedish furniture giant IKEA cuts the ribbon on its new Shanghai mall, with that story leading today’s headline roundup. Also making the list, WeWork’s India exit plan goes awry and a tender for Singapore’s Roxy Square ends with no bids.

IKEA Braves China Retail Drought With $1B Shanghai Mall Opening

IKEA’s shopping mall business Ingka Centres opened a mixed-use project in Shanghai on Friday, costing over RMB 8 billion ($1.1 billion) and representing the group’s largest single investment in China.

Shanghai Livat, in downtown Changning district, includes the city’s fourth IKEA store, over 300 branded shopping-mall tenants, five office buildings and community facilities — including a treehouse playground and “Scandi Village” in a nod to the group’s Swedish heritage. Read more>>

WeWork Plan to Sell Stake in India Unit Collapses

WeWork’s plan to sell the 27 percent it holds in its Indian unit and exit the country has collapsed, according to three people aware of the matter. This comes after the Competition Commission of India had approved the proposal.

Along with the bankruptcy-hit WeWork, the co-working firm’s local partner WeWork India, promoted by Bangalore-based Embassy Group, was also slated to divest a 13 percent stake to a consortium of investors including the Enam group family office, A91 Partners and CaratLane founder Mithun Sacheti in a INR 12 billion ($140 million) secondary transaction. The Indian real estate group holds 73 percent in the India unit while WeWork owns the rest. Read more>>

Tender for Singapore’s Roxy Square Ends Without a Deal

Roxy Square’s collective sale tender closed Thursday with no bids, after the freehold mixed-use development in Singapore’s Katong area was launched for sale in July at a guide price of S$1.25 billion ($970 million).

“At the close of tender today, no bids were received,” JLL executive director of capital markets Tan Hong Boon told the Business Times. “The collective sale is now moving into a 10-week private treaty process, in which negotiations will be taking place during this period with a few interested parties.” Read more>>

Adrian Cheng Exit at New World Upsets Family Succession

Even by the standards of big-money Hong Kong, K11 Musea, a glittering marvel dubbed the “Silicon Valley of Culture”, stands apart for its lavishness.

It took Adrian Cheng, scion of one of the city’s richest families, 10 years and $2.6 billion to bring to life his vision for the ornate art-and-luxury-retail galleria on harbourfront property passed down from his grandfather to his father and finally to him. Read more>>

CTFE, FEC-Backed Star Sees Stock Plummet After Suspension Lifted

Shares of Australian gaming operator Star Entertainment plummeted as much as 51 percent after it came out of a four-week trading suspension following the release of its delayed annual results on Thursday.

Star’s shares had been suspended by the ASX since 2 September after it failed to lodge its annual results by the required time in late August. The stock was down 44 percent at 25 cents as of 12.15pm in Sydney. Read more>>

Country Garden Bondholders Approve Payment Extension

Country Garden Holdings has won bondholders’ approval to push back payments on its nine renminbi bonds by six months, according to people familiar with the matter, giving the Chinese developer more time to map out an onshore debt overhaul.

Bondholders approved a payment extension on Country Garden’s 4.5 percent note due in 2026 late Wednesday after its main onshore unit delayed the voting deadline multiple times. Payment delays on eight other bonds were granted earlier this month, the people said, citing private conversations. Read more>>

CapitaLand’s CICT Closes Equity Offering With $590M in Gross Proceeds

CapitaLand Integrated Commercial Trust received valid acceptances of 82 percent at the close of its preferential offering on Tuesday.

In a filing on Thursday, the manager of the Singapore-listed REIT said it had received valid acceptances of 309.5 million new units and excess applications of 183 million units. Read more>>

China Property Stocks Surge on Stimulus Promises

Chinese property stocks soared after the country’s top policymakers pledged to offer more stimulus for the sector, including further easing homebuying curbs and controlling new housing projects.

Shares of Chinese developers rose sharply on the mainland and Hong Kong markets. The Hang Seng Mainland Properties Index, which tracks Chinese developers listed in Hong Kong, rose 15 percent in Thursday afternoon trading. Read more>>

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