The Tuas site is currently occupied by a set of single-storey warehouses (Image: Google)
The appeal of Singapore industrial assets with long land leases leads today’s headline roundup today, with a unit of China’s HNA Group teaming up with a pair of companies led by natives of the Chinese port city of Wenzhou to buy a Tuas logistics site. Also making our list, Hong Kong’s Nan Fung lands OpenAI as as London office tenant and Beijing orders the liquidation of a failed trust lender.
FEO Selling Warehouses in Singapore’s Tuas to HPC, CWT, Ding Zhou for $253M
Property heavyweight Far East Organization has inked a deal to sell a logistics complex in Singapore’s Tuas area to a joint venture between HNA Group’s CWT unit, engineering firm HPC and local property investment firm Ding Zhou Group for S$322 million ($253 million).
The complex consists of four single-storey warehouse buildings on a 1.17 million square foot (109,000 square metre) site in Tuas. The site could yield 2.93 million square feet of built area and has about 30 years remaining on its land-use rights. Read more>>
OpenAI to Set Up UK Office in Nan Fung’s Regent Quarter in London
AI research and deployment company OpenAI has chosen Jahn Court & Brassworks, Regent Quarter in King’s Cross as the home of its first permanent London office, in a landmark letting secured by Endurance Land. This pivotal transaction signals a bold new chapter for Regent Quarter as one of the world’s most influential AI pioneers establishes its presence at the heart of London’s innovation district.
The company has signed an 88,500 square foot (8,222 square metre) space spanning Jahn Court and the Brassworks Building and is expected to open in 2027. OpenAI’s arrival not only elevates Jahn Court but powerfully underpins Regent Quarter’s strong locality for global innovation tenants. Read more>>
Beijing Court Orders Liquidation of Chinese Trust Financing Giant Zhongzhi Enterprise
A Beijing court has ordered the liquidation of Zhongzhi Enterprise Group and more than 300 related entities, in a major step towards resolving one of China’s biggest shadow banking collapses and managing systemic financial risks.
Creditors have until June 10 to file their claims with the administrator, Beijing Dacheng Law Offices, according to a court statement dated on Friday evening. The court ruled that Zhongzhi and 316 affiliated firms would undergo a consolidated bankruptcy process. Read more>>
Shenzhen’s Kaisa Seeks US Recognition of Restructuring
Hong Kong-listed property Kaisa Group Holdings Ltd. is seeking recognition of a foreign restructuring proceeding in a US bankruptcy court as it faces significant cash-flow and liquidity constraints, according to a Bloomberg report and official filings.
The Shenzhen-based company – which invests in property development, tourism, health care and international education – filed its Chapter 15 petition April 10 to pause a New York state court proceeding brought by a purported beneficial holder of secured notes worth $90 million overall. Read more>>
Princeton Digital Breaks Ground on 120MW Mumbai Data Centre
Princeton Digital Group said late last week that it has broken ground on its MU2 data center campus in Mumbai, on its way to developing a 120MW hyperscale data centre on the site.
The Warburg Pincus-backed data centre investor and operator pointed to the facility, which occupies a 10 acre (four hectare) site in the Navi Mumbai area as forming a building block in its plans for 1GW India portfolio. Read more>>
Auditors Raise Doubts Over Financial Future of Gordon Tang-Managed Hospitality Trust
Acrophyte Hospitality Trust’s auditors have raised doubts about whether the Singapore-listed hospitality group can refinance a $198.5 million loan that falls due in September, flagging a material uncertainty over its ability to continue operating.
The auditors noted that while the managers of the stapled group have obtained non-binding expressions of interest from lending banks for the refinancing, formal negotiations and due diligence are expected to take place only closer to the loan’s maturity date. Read more>>
Shanghai Home Sales Hit Five-Year High
Shanghai’s secondary housing market surged over the weekend, with 1,632 transactions on Saturday – the highest daily total in five years – as activity in higher-value properties picked up.
Analysts, however, remained cautious about how long the rebound could last, warning that performance was likely to diverge across cities, regions and individual projects. Read more>>
Jardine Matheson Marketing $23M in Hong Kong Properties
Jardine Matheson Group continues to rejig its Hong Kong footprint with the conglomerate putting two commercial properties on the market through CBRE, seeking a combined HK$180 million ($23.2 million) for the pair.
The portfolio comprises a ground-floor retail unit at 36 Leighton Road in Causeway Bay, which was formerly used as a European auto showroom, and an auto repair workshop in the Hoi Yee Shopping Centre in Kwai Chung. The Causeway Bay listing follows Jardine’s sale last month of 172 car park spaces on floors two through six of the same building for HK$130 million. Read more>>
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