Hiroyasu Koike, president and chief executive officer of Nomura Asset Management
Japan leads today’s collection of real estate headlines from around the region as local champion Nomura teams up with US private equity majors to market alternative investment strategies in Asia’s second-largest economy. Also in the news, SGX-listed Yanlord Land books a loss amid China’s housing crisis and sustainable data centre specialist Empyrion DC gets its first green loan.
Nomura, KKR, Carlyle Team Up for Japan Alternative Investments
Nomura Asset Management is teaming with overseas alternative asset managers such as KKR and Carlyle Group to offer funds in Japan that invest in non-traditional asset classes.
Other Japanese players such as Sumitomo Mitsui Trust Asset Management are joining the move to offer diversified investments as the government aims to nurture an asset management culture at home on par with overseas rivals. Read more>>
Yanlord Suffers H2 Loss of $277M as China Crisis Hits Returns
Chinese developer Yanlord Land Group sank into the red with a net loss of RMB 2 billion ($277.8 million) in the fiscal second half ended 31 December 2023 reversing from a net profit of RMB 155.6 million posted the same period a year ago.
The group attributed this to a rise in fair value loss on investment properties, the write-down of completed properties for sale and properties under development for sale, and an increase in net impairment losses on financial assets. Read more>>
Empyrion DC Secures Green Loan of $98M for Singapore Data Centre
Empyrion DC, a leading data centre platform in Asia Pacific, announced today that UOB has granted five-year secured green term loan of S$133 million ($98 million) to refinance SG1 Dodid Data Centre.
This marks the first green loan achieved by Empyrion DC for the 12.5 megawatts data centre in Singapore. Proceeds from the loan will go towards supporting its existing operations. Read more>>
Hong Kong Home Prices Fall for Ninth Straight Month
Hong Kong’s lived-in home prices fell for the ninth straight month in January, dropping 1.57 percent and dragging the city’s official home price index down to a level last seen more than seven years ago, the latest government data showed.
The sustained decline strengthen the case for the withdrawal of property cooling measures, on the eve of the government’s budget announcement, developers and industry players said. The government and the monetary authority have introduced a variety of duties and rules to cool the city’s hot property market since 2010. Read more>>
Stonepeak’s Digital Edge Announces Availability of 23 MW Jakarta Data Centre
Digital Edge (Singapore) Holdings Pte Ltd has today announced the availability of its second facility in downtown Jakarta, known as EDGE2, which will be operated by PT Ekagrata Data Gemilang, a subsidiary of PT Indointernet Tbk and a Digital Edge company.
Equipped with advanced technology to cater to increased demand from hyperscale and artificial intelligence deployments, this facility has been designed to redefine standards in data centre connectivity and sustainability, bringing much needed critical data infrastructure capacity to support the growth of Indonesia’s digital economy. Read more>>
Property Sales Pick Up in Shenzhen, Guangzhou as Megacities Ease Curbs
Shenzhen and Guangzhou are seeing a strong rebound in their real estate markets as supportive measures rolled out by the two biggest cities in southern China earlier this year take effect and thanks to lower mortgage rates.
Shenzhen’s sales of pre-owned homes surged more than two-and-a-half-times during the four days from 18 February to 21 February, the first four working days after the eight-day Lunar New Year break, from the same period last year to hit a five-year high. Read more>>
PropertyGuru Cuts 79 Jobs, Closes Unprofitable Units in Strategic Review
Property portal PropertyGuru Group will lay off 79 employees, about 5 percent of its workforce, as part of a strategic review that will also see it closing non-profitable units.
In an open letter to staff on Tuesday, chief executive officer and managing director Hari Krishnan said: “This decision was made after careful and objective identification of the roles for PropertyGuru’s next phase of growth.” Read more>>
Hong Kong Office Rents to Fall Further as New Supply Meets Dwindling Mainland China Demand
Hong Kong’s grade A office rents will decline by another 5 percent this year, as demand from mainland China-based companies has yet to return to pre-pandemic levels and vacancy rates remain high due to new completions, analysts said.
The decline will add to a 6.5 percent drop recorded last year, S&P Global Ratings said. “Hong Kong’s office markets are under strain from weakening capital market activities in the city and less leasing demand from mainland China companies,” the ratings agency said in a report on Monday. Read more>>
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