New World chairman Henry Cheng needs commitments from dozens of banks (Image: New World Development)
New World Development leads this edition of Mingtiandi’s headline roundup, with the Hong Kong heavyweight testing banker nerves with its high-wire act over an $11 billion loan refinancing. Also making the list, Singapore’s Perennial plans a new hospital in China and US builder Panattoni announces growth plans for India.
Hong Kong Bankers on Edge Over New World’s $11B Loan Deal
Hong Kong bankers have become fixated on an $11 billion loan deal with unusually high stakes for the financial hub.
New World Development, an embattled developer controlled by one of Hong Kong’s richest families, is aiming to complete one of the city’s largest-ever corporate refinancing deals with more than 50 banks by the end of June after pushing back an initial deadline for this month. So far, at least 12 banks have agreed to terms while the rest are still talking, according to people familiar with the matter. Read more>>
Singapore’s Perennial Signs Deal for Guangzhou Hospital
Singapore-based Perennial Holdings on Tuesday announced that it has entered into an agreement with Guangzhou Metro Group to establish a tertiary general hospital in Guangzhou.
This will be Perennial’s second wholly foreign-owned hospital in China, after it opened the 500-bed Perennial General Hospital Tianjin earlier this year. Read more>>
Panattoni Unveils Second Industrial Project in India
Panattoni has announced its growth plan for Panattoni Park Hosur I, a 25 acre (10 hectare) development in Tamil Nadu, marking the US-based developer’s expansion across southern India.
The project cost is INR 2.1 billion ($25 million). This is Panattoni’s second project in India, following Park NH71 in Delhi NCR, with a 360,000 square foot (33,445 square metre) facility currently under construction. Read more>>
Singapore Land Authority Launches Moulmein Road Tender
The Singapore Land Authority on Wednesday launched a tender for the master tenancy of a cluster of state properties at 2 Moulmein Road. The tender, which closes on 6 August, is for an allowable tenure for an initial period of five years, with an option to extend it for an additional four years.
Under the drive to repurpose state-managed buildings into vibrant spaces for Singaporeans to enjoy, the historic site is to be turned into a contemporary lifestyle destination, the SLA said. Read more>>
C&W, Avison Young Marketing Seoul Office Tower
Cushman & Wakefield and Avison Young have been appointed to oversee the sale of Orange Center, a prime office tower in Seoul’s central business district that serves as the headquarters of retail giant E-Mart, according to industry sources on Tuesday.
NH-Amundi Asset Management, the owner of the office building, is set to distribute information memoranda to potential bidders through the two real estate advisory firms. A formal auction is slated for the second half of this year. Read more>>
China’s CITIC Takes on Dubai Joint Venture
Chinese state-owned conglomerate CITIC signed a memorandum of understanding to help finance the development of a planned $6 billion development in Dubai that’s set to add thousands of homes to the city’s booming market.
Dubai’s MAG Group and CITIC will develop Keturah Ardh, which spans 18.5 million square feet (1.7 million square metres) in Dubai’s Al Rowaiyah First District, according to a statement. The development will include low-rise towers, villas, offices, retail space, an AI university and a school, according to Talal Al Gaddah, senior executive vice chairman of MAG Lifestyle Development. He said the plan was for CITIC to provide some of the construction financing. Read more>>
China’s AIIB Scouting Offices in Hong Kong, Singapore
The Asian Infrastructure Investment Bank is looking to open new offices in Hong Kong and Singapore, according to people familiar with the matter, in a plan that would mark its biggest expansion since beginning operations in Beijing almost a decade ago.
The multilateral lender, which had more than $57 billion in assets at the end of last year, is currently negotiating with relevant parties in the cities to open the offices, the people said, asking not to be named discussing non-public information. The bank may announce the move at its annual meeting in June if it can finalise the host member agreements with their respective governments, according to one person. Read more>>
Hong Kong’s Gale Well Sells Stanley Asset at a Loss
Hong Kong property investor Gale Well Group put a luxury residential site in Stanley on the block for HK$520 million ($66.3 million), as it continues its campaign to divest and deleverage amid a prolonged downturn in the city’s real estate market.
The 26,600 square foot (2,471 square metre) site, located at 8 Stanley Beach Road, has three blocks of flats that are three stories each, with a total of nine units and 10 car parking spaces. Some flats are vacant, some have tenants and the property will be sold on an “as is” basis, said Savills, the sole agent for the sale. Read more>>
Goodman Ramps Up Data Centre Efforts
Australia’s biggest property company, Goodman Group, has turned over more than half of its $13.7 billion global workbook to building data centres, fuelled by surging demand for cloud computing and artificial intelligence uses.
Nevertheless, the pickup in data centre delivery at the ASX-listed group comes as CEO Greg Goodman sounded a warning that global trade concerns and economic uncertainty is causing big warehouse tenants and investors to delay their investment decisions. 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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