Hotel Properties Ltd co-founder and managing director Ong Beng Seng
Singaporean tycoon Ong Beng Seng is charged in connection with a bribery scandal, with that story leading today’s headline roundup. Also making news, Blackstone is said to be raising $10 billion for an Asia buyout fund and the former CEO of China Evergrande is targeted by the bankrupt builder’s liquidators.
Ong Beng Seng Handed Two Charges Linked to Dealings With Iswaran
Singaporean billionaire and property tycoon Ong Beng Seng was on Friday handed one charge of abetting the obstruction of justice and one charge of abetting offences under Section 165 of the Penal Code, both in relation to dealings with former transport minister S Iswaran.
Ong entered no plea, and the case has been adjourned to pre-trial conference on 15 November. The hearing came a day after Iswaran, 62, was sentenced to 12 months’ jail, having pleaded guilty to four charges under Section 165 and one for obstruction of justice. Read more>>
Blackstone Aims to Raise $10B for Asia Buyout Fund
Blackstone plans to raise more than $10 billion in its third Asia private equity fund as the firm ramps up deployment in Japan and India, people familiar with the matter said.
The New York-based firm started marketing the fund in mid-September and plans to have a first closing in January, the people said, asking not to be identified discussing a private matter. The firm is eyeing a pool on par with the $11 billion it raised in 2022. Read more>>
Evergrande Liquidators Targeting Ex-CEO
Xia Haijun, the former CEO of China Evergrande, has been thrust back into the limelight as liquidators of the defaulted developer try to claw back money to repay creditors.
This week brought a renewed focus on Xia, who was forced to resign in 2022 after an investigation showed he was involved in arranging undisclosed loan guarantees. Now two years later, Xia’s lawyers found themselves at a Hong Kong court on Wednesday. Read more>>
China Stimulus Draws Investors Back to Developer Bonds
Some Chinese and global institutional investors are revisiting Chinese property bonds, betting on an improvement in outlook as the government accelerates efforts to boost economic growth and revive a property sector in the throes of a debt crisis.
Investors began returning after the announcement on Tuesday of the most aggressive stimulus measures since the pandemic, mostly targeting the property sector and triggering a rally in the offshore bonds of Chinese developers. Read more>>
ESR-Logos REIT Said Marketing Hospitality Element of Changi Business Park
A potential buyer is understood to be doing due diligence on the hotel and convention centre at ESR BizPark@Changi. The complete complex comprises two business park buildings (with some retail space), the 251-room Park Avenue Changi hotel and a convention centre.
Word in the market is that last year ESR-Logos REIT appointed JLL to help it find a buyer for the hotel and convention centre. It makes sense for the trust to dispose of the hospitality portion of the complex, as the group’s focus is on industrial real estate assets. Read more>>
HKU Scales Back Plans for Innovation Centre in Response to Opposition
Hong Kong’s oldest university has bowed to public pressure and will cut back the scale of a landmark project aimed at nurturing IT talent after encountering huge opposition in its upmarket neighbourhood.
The University of Hong Kong plans to build a Global Innovation Centre, where scholars and scientists will carry out transdisciplinary frontier research, in Pok Fu Lam. The university started conducting an ecological impact assessment in 2022. Read more>>
Hong Kong Property Deals Fell to 7-Month Low in September
Property deals in Hong Kong fell to a seven-month low in September as homebuyers and investors stayed on the sidelines awaiting the start of a policy easing cycle, analysts said.
But now that the cycle has commenced — with rate cuts from the US Federal Reserve and the Hong Kong Monetary Authority — property deals are likely to pick up. Read more>>
Mainland Retailers Snatch Up Prime Hong Kong Shops Amid Retail Downturn
Hong Kong’s slumping retail market is forcing landlords to extend deeper discounts to tenants, providing opportunities for brands to snap up prime spaces and expand their footprints in the city.
In particular, brands based in mainland China are finding space in high-street shops for a fraction of what they would have paid a few years ago. Read more>>
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