New World Said Marketing $1.9B Hong Kong Airport Mall and More Asia Real Estate Headlines

New World Development is seeking a buyer for its flagship mall at Hong Kong’s international airport, with that report leading today’s headline roundup. Also making the list, ESR nears the sale of a Sydney data centre site and China Vanke hopes to extend some of its onshore bank loans.

New World Said Marketing $1.9B 11 Skies Mall at Hong Kong Airport

New World Development is seeking to sell its flagship 11 Skies airport mall in Hong Kong to address liquidity constraints, according to people familiar with the matter.

The property has been evaluated at a price range of HK$15 billion ($1.9 billion) to HK$17 billion, one of the people said. That means selling at a loss considering New World invested HK$20 billion in the project, billed as Hong Kong’s largest shopping mall. Read more>>

ESR Said Close to Selling Sydney Data Centre Site

Australian developer Coronation is stepping up its ambitions of becoming one of the country’s largest developers of rental homes and is circling an ESR data centre site in Sydney’s Macquarie Park for about A$85 million ($55 million).

The private builder is targeting a site that was put on the block by the Singapore-based industrial giant last year as ESR sought to cash in on the boom in the fast-growing build-to-rent sector. Read more>>

China Vanke Said Seeking to Extend Bank Loans by 10 Years

China Vanke is seeking to extend some of its domestic bank loans by as much as 10 years, according to people familiar with the matter, a move that could help the state-backed developer reduce liquidity risks.

The Shenzhen-based builder, one of China’s largest by contracted sales, has made a preliminary proposal to several major Chinese banks in recent weeks for the extension, according to the people, who asked not to be identified discussing private matters. Read more>>

Singapore’s UOL Prices S$225M in Notes

UOL Treasury Services has issued S$225 million ($174.8 million) in notes at a 2.78 percent yield, developer UOL said Tuesday.

The notes are expected to be listed on the Singapore Exchange on Wednesday. They are issued as the first tranche of the fifth series of notes under a S$2 billion multicurrency medium-term note programme established by UTS in November 2014. Read more>>

Frasers Centrepoint Trust Extends Management of Northern Singapore Mall

The manager of Frasers Centrepoint Trust announced Monday an automatic 12-month extension of its management of the South Wing of the Northpoint City shopping mall in northern Singapore.

The renewal, which took effect from Monday, will yield economies of scale and ensure continuity as FCT also manages the adjoining North Wing of the mall. Read more>>

Patek Philippe Hong Kong Retail Space Taken Over by Sneaker Shop

Skechers, an American footwear and apparel company, is taking advantage of a slump in Hong Kong’s retail market by filling a space previously occupied by high-end Swiss watchmaker Patek Philippe on Causeway Bay’s Russell Street, one of the city’s most expensive shopping strips.

A 1,036 square foot (96 square metre) shop on the ground floor of 50-52 Russell Street was leased to Skechers for three years at a monthly rent of HK$360,000 ($45,860) or HK$347 per square foot, according to Rickey Chan, managing director of Dorbo Realty. Read more>>

Chinese Purchases of US Homes Jump 83% Despite Tensions

Chinese buyers remained the largest group of foreign investors in US residential real estate by both dollar value and number of purchases.

They acquired $13.7 billion worth of homes in the US from April 2024 through March, representing an 83 percent jump from a year earlier, according to a report by the National Association of Realtors. Read more>>

Shares in Singapore’s CDL Jump After Director’s Retirement Announced

Shares of City Development Ltd rose more than 6 percent on Wednesday after the property conglomerate said Tuesday evening that Philip Yeo will be retiring.

Yeo had served on CDL’s board for 16 years since May 2009 and will retire from his position as a non-independent non-executive director on 31 July. He had backed executive chairman Kwek Leng Beng in his boardroom battle against his son, CEO Sherman Kwek, earlier this year. Read more>>

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