Lendlease boss Tony Lombardo is getting fresh investment from HMC Capital
Australia’s Lendlease leads Mingtiandi’s look at real estate headlines from around the region today as the developer gets some fresh investment amid challenges to its management plans. Also in the news, regional data centre platform NextDC plans to raise cash to expand its network and China’s Zhenro Properties asks to postpone a hearing on its restructuring plan after being hit with a lawsuit.
Lendlease Gets Backing From Aussie Fund Manager to Avoid Restructuring
Investment house HMC Capital has become a substantial shareholder in embattled developer Lendlease and is pushing for it to take a more focused approach to lifting returns but is not backing the push for a dramatic split of the business.
HMC’s flagship wholesale fund lifted its holding in the developer in the wake of its dramatic profit warning in February and has taken its stake, along with HMC’s own stake, to 5.01 percent, making it one of the developer’s largest shareholders. Read more>>
Data Centre Operator NextDC Seeks to Raise $846M for Expansion
NextDC says it needs at least A$1.3 billion ($846.7 million) to build out the digital needs of the future, and is seeking the new funds via a 1-for-6 entitlement offer of 85 million shares at a 7.8 percent discount.
Trading in the A$8 billion listed data centre operator was halted on Thursday as it announced the capital raising plans, driven by a surge in demand for its centres. The company is offering 85,784,633 shares at A$15.40. They last traded at A$16.71. Read more>>
China’s Zhenro Asks to Vacate Restructuring Hearing After Being Sued by Ping An
Troubled mainland developer Zhenro Properties Group on Thursday filed a statement with the Hong Kong stock exchange asking to delay a hearing on adoption of a plan for restructuring its debt, blaming market conditions and lawsuit by a trust unit of Ping An insurance.
The hearing is currently scheduled for 2 May, with Zhenro saying that it needs more time to consider whether the restructuring agreement previously agreed to with its credtiors continues to be the appropriate solution to its financial challenges. Read more>>
Van Thinh Phat Conviction Leaves Prime Vietnam Assets in Limbo
The mastermind of Vietnam’s largest-ever financial fraud, Van Thinh Phat Holdings Group Chairwoman Truong My Lan, was sentenced to death on Thursday after a month-long trial.
Lan and dozens of other defendants were found guilty of involvement in a real estate scam that siphoned off more than $12 billion from large private lender Saigon Joint Stock Commercial Bank through loans to shell companies. Read more>>
Chinese Buyer Picks Up 165 Sydney Apartments From Local Builder Meriton
After 60 years developing apartments on the east coast, multi-billionaire developer Harry Triguboff has found his largest ever buyer, with a Chinese-born entrepreneur purchasing 165 units across four residential towers.
The buyer, who has permanent Australian residency, has tipped the entire lot of 165 apartments – mainly two bedroom units – into Meriton’s rental pool, after paying around A$1 million ($651 million) for each unit since he began acquiring them three years ago. Read more>>
Japanese Property Stocks Rise as Mitsui Fudosan Sets Targets
Japanese real estate giant Mitsui Fudosan surged, leading its peers higher after announcing business plans that included a buyback, a return-on-equity target and payout ratio.
Shares jumped as much as 8.6 percent in Tokyo after the company set an ROE target of at least 10 percent for around 2030 and aimed for annual earnings-per-share growth of at least 8 percent. The company will also target a total payout ratio of 50 percent or more, and look to accelerate efforts to cut strategic holdings and reduce them by about half. It plans to buy back up to 1.43 percennt of shares. Read more>>
China’s Largest Property Agency Opens Coffee Shop in Office to Lure Buyers
Lianjia, mainland China’s largest real estate brokerage, has teamed up with coffee chain operator Manner to open a cafe in one of its outlets in Shanghai, launching a crossover marketing campaign to drive transactions amid lack of homebuying interest.
The property agency opened the Manner coffee shop in its Zhongtan Road outlet in northwestern Putuo district last weekend and is inviting other consumer brands to form tie-ups as a way of expanding their customer bases, Lianjia said on its official WeChat social-media account. Read more>>
Indonesia Plans Sentosa-Style Project to Lure F1 Track
Indonesian conglomerate Agung Sedayu Group’s multibillion-dollar project, inspired by Singapore’s Sentosa Island and set to revitalise Jakarta’s north coast in three years, will feature a 27-hole golf course, a Formula 1 racetrack and a sports complex.
The grand project called Tropical Coastland – one of Indonesia’s recently unveiled 14 national projects to galvanise activity across key sectors – is hoping to woo tourists from neighbouring countries Singapore and Malaysia, amid growing demand for the sport. Read more>>
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