An Amer Group affiliate sold the top three floors of 20 Collyer Quay (Image: Google)
Chinese tycoon Wang Wenyin’s Amer Group sells the top three floors at a prime Singapore office building, with that disposal leading today’s headline roundup. Also making the list, South Korea’s NPS seeks to double its fund size and Japan’s Nomura explores UK rental housing.
Troubled Mainland Tycoon Sells Singapore Office Floors to GuocoLand
A Singapore-based commodities trader linked to troubled Chinese copper tycoon Wang Wenyin has sold the top three floors of a prime office building in the city’s business district for S$91.8 million ($69 million), according to property transaction documents.
Awin Resources International, a trading affiliate of Wang’s Amer International Group, sold the office at 20 Collyer Quay to a subsidiary of developer GuocoLand earlier this month, according to official records seen by Bloomberg. Awin was founded by Wang’s family in 2011, and his son is currently listed as the company’s sole director. Read more>>
Korea’s NPS to Double Fund Size by 2050, Pursue More Risk
South Korea’s National Pension Service is projected to nearly double its fund size to KRW 3.5 quadrillion ($2.38 trillion) by 2050, following a recent reform designed to strengthen its operational strategy and delay the fund’s depletion.
The government is also considering increasing the portion of riskier assets in the state-run pension fund’s investment portfolio to maximise returns, sources said Monday. Read more>>
Nomura Real Estate to Enter UK Market in 1,000-Home JV With L&G
One of Japan’s largest developers has struck a deal with Legal & General to build more than 1,000 homes in Britain’s rental housing market, where demand for properties far exceeds supply.
It’s Nomura Real Estate’s first foray into the UK rental home market, which has seen increasing foreign interest in recent years, with US firms Blackstone and PGIM among those that have been pouring in cash. Britain’s rental market offers the prospect of long-term returns, and institutional investment is playing catch-up compared with markets like Germany and the US where bigger landlords are more common. Read more>>
Korea’s Shinhan REIT Set to Acquire Gangnam Tower for $311M
Shinhan REITs Management is expected to acquire BNK Digital Tower, an office building in the affluent neighborhood of Gangnam in southern Seoul, after offering KRW 457 billion ($311.4 million).
According to sources in the investment banking industry on Thursday, BNK Asset Management has chosen the real estate investment firm wholly owned by Shihan Financial Group as the preferred bidder for BNK Digital Tower. Read more>>
Tishman Speyer Follows Blackstone in Opening Office Near Korea’s NPS
Tishman Speyer on Monday announced its opening of a liaison office in the South Korean city of Jeonju, home of the country’s National Pension Service.
The New York-based developer and fund manager said in a statement that the milestone signals its commitment to strengthening its long-term partnership with the pension fund giant, as well as its capabilities in South Korea and the Asia Pacific region. The opening came after Blackstone became the first international fund manager to establish an office in the NPS’s hometown in 2023. Read more>>
China Cinda Tells Court That Sunac Has Not Yet Offered Restructuring Terms
A key creditor of defaulted Chinese builder Sunac China Holdings told a Hong Kong court that the company hasn’t offered any terms for a new offshore restructuring, despite saying that it intended to pursue such a plan.
Lawyers for China Cinda HK Asset Management, which has filed a petition seeking the developer’s liquidation, asked the court on Monday to issue an immediate winding-up order against Sunac. Sunac’s lawyers said the company needed more time to develop its plans and asked the judge to grant a four-month adjournment. Read more>>
Kaisa Wins Court Approval for Offshore Debt Plan
Defaulted Chinese developer Kaisa Group Holdings won a Hong Kong court’s approval for its offshore restructuring, according to people familiar with the matter, clearing the way for it to proceed with its debt plan.
The development comes after Hong Kong High Court Judge Linda Chan reserved a decision on the restructuring on Friday, saying she needed to check on some matters, without elaborating. Companies often receive approval for such plans as the hearings wrap up. Read more>>
Bain & Co Says Japan, Korea Deals Set to Boost Buyout Activity
Private equity deals in Asia Pacific are showing signs of recovery, with transaction volumes in the region climbing 11 percent to $176 billion last year and looking set to pick up further, according to global consultancy Bain & Co.
Deals in 2024 were larger, with buyout transactions accounting for more than half, Bain said in a report released Tuesday. The share of buyout deals rose in markets that are traditionally more focused on growth transactions such as India, Southeast Asia and Greater China, the report showed. Read more>>
Indonesia Taps Ray Dalio, Jeffrey Sachs, Thaksin to Advise Sovereign Fund
Indonesia has named billionaire investor Ray Dalio and economist Jeffrey Sachs as advisors to its new sovereign wealth fund, Danantara, amid growing investor concerns over governance at a fund that is expected to manage state assets worth about $900 billion.
The fund on Monday also appointed Chapman Taylor, former equity portfolio manager at Capital Group, and former Thai prime minister Thaksin Shinawatra to its advisory council. Former Indonesian presidents Joko Widodo and Susilo Bambang Yudhoyono have also been appointed to the fund’s steering committee. Read more>>
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