Adani Group founder and chairman Gautam Adani (Getty Images)
The US securities regulator issues a summons for Asia’s second-richest man as bribery allegations swirl, with that story leading today’s headline roundup. Also in the news, Hong Kong builder Far East Consortium warns of a six-month loss and Korean giant Lotte puts a Busan department store on the market.
US SEC Issues Summons for India’s Adani, Nephew
The US Securities and Exchange Commission has issued a summons to Indian billionaire Gautam Adani, indicted on US bribery allegations related to a bombshell federal indictment against him, a court filing showed.
The SEC is suing the head of the Adani Group and his nephew Sagar Adani, alleging they engaged in hundreds of millions of dollars in bribes to help an Adani company while “falsely touting the company’s compliance with antibribery principles and laws in connection with a $750 million bond offering”. Read more>>
Hong Kong’s FEC Warns of Potential $115M Loss
Hong Kong-listed Far East Consortium has warned of a possible HK$900 million ($115.6 million) loss for the six months to 30 September.
The loss is primarily due to the change in fair value of investment properties and share of impairment loss recognised by an associate and a joint venture, as well as currency exchange losses, and reverses a profit of HK$232.24 million in the same period of the previous year. Read more>>
Lotte Puts Busan Department Store on the Block
Lotte Shopping Co has put one of its core department stores, Lotte Department Store Centum City in Busan, on the market in line with its parent group’s restructuring efforts to improve its financial health, according to people with knowledge of the matter.
The department store is located in Centum City, an affluent commercial and residential neighbourhood in Busan, South Korea’s second-largest city. The property, with 10 above-ground floors and seven below ground, is expected to fetch between KRW 200 billion and KRW 300 billion ($142 million-$213 million). Read more>>
Hong Kong’s MTR Receives 33 Expressions of Interest for Relaunched Site
MTR Corporation received 33 expressions of interest for the relaunched Tung Chung East Station Phase 1 project on Hong Kong’s Lantau Island, one more than a year ago.
Local developers said to have submitted their expressions include Sun Hung Kai Properties, CK Asset, Henderson Land, Wheelock Properties, Chinachem, Emperor International, Far East Consortium, K&K Property and Chun Wo. Read more>>
Hong Kong Residential Rental Yields Hit 12-Year High on Mainlander Influx
Rental yields for Hong Kong residential properties have hit the highest level in more than a dozen years and are set to remain at an elevated level for two or three years, driven by robust demand from newly arrived residents and reduced mortgage costs, according to analysts.
The average rental yield in the city inched up 0.04 percentage points to 3.47 percent at the end of September, the highest reading in nearly 12.5 years on Centaline Property Agency’s Centa City Rental Index Yield. The gauge advanced by 0.38 percentage points in the five months to the end of September. Read more>>
Chow Tai Fook, FEC-Backed Casino Operator Finalises $130M Debt Facility
Australian casino operator The Star Entertainment Group says it has finalised the A$200 million ($130.3 million) debt facility it had announced on 25 September.
A Thursday update to the Australian Securities Exchange confirmed that the loan facility was in two tranches, each of A$100 million, adding that the firm and its lenders were working on arrangements so that the first tranche could be drawn within a period up to 20 December. Read more>>
Singapore’s CDL Racks Up $454M in Q3 Sales
City Developments Ltd and its joint venture associates recorded S$611.1 million ($454.2 million) in sales for the third quarter to the end of September from 321 units sold, up from S$325 million and 183 units in the same period last year.
Sales were primarily bolstered by the launch of Kassia, a 276-unit freehold development near Upper Changi Road North. Launched in July, the project has sold 65 percent of its units to date, CDL said Friday. Read more>>
Hankyu Hanshin, CRE, Sembcorp Break Ground on Vietnam Logistics Project
Tokyo-based Hankyu Hanshin Properties and CRE, together with Singapore’s Sembcorp Development, announced this past week that they had begun building a two-storey logistics warehouse in the VSIP Hai Phong Industrial Park in northern Vietnam.
The project is being built under the Sembcorp Infra Services joint venture of the three companies. The partners expect to complete the warehouse in late 2025, according to the announcement. Read more>>
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