Sino-Ocean Group chairman and CEO Li Ming
Mainland builder Sino-Ocean’s debt restructuring plan wins the approval of a British court, with that story leading today’s headline roundup. Also making the list, New World scion Adrian Cheng pays a visit to France’s presidential palace and Singapore’s Tan Boon Liat Building goes up for sale.
UK Court Approves $6B Sino-Ocean Restructuring
London’s High Court on Monday approved Chinese developer Sino-Ocean Group’s plan to restructure $6 billion in debt, despite opposition from an ad hoc group of creditors.
State-backed Sino-Ocean is attempting a parallel process in London and Hong Kong to restructure its offshore debt, as other developers have defaulted since the Chinese property sector’s 2021 debt crisis. Read more>>
New World’s Adrian Cheng Re-Emerges in Photo-Op With Macron
Adrian Cheng, founder of the K11 Art Foundation and former CEO of Hong Kong’s New World Development, recently met French President Emmanuel Macron in Cheng’s first high-profile appearance of the new year.
Cheng and Macron had a private discussion at the Elysee Palace on 25 January. During the meeting, Cheng articulated his ambition to foster cultural exchange between France and China through KAF, which he founded in 2010. Read more>>
Singapore Building to Hit the Market at $850M
Singapore’s Tan Boon Liat Building has been put up for collective sale at S$1.15 billion ($850 million), with the Urban Redevelopment Authority expected to support the rezoning of the industrial site for residential with commercial use.
The rezoning could see the prime freehold site at 315 Outram Road gain a 50 percent uplift in allowable gross floor area, with a plot ratio increase from 3.1 to 4.9, said marketing agent Cushman & Wakefield. The 15-storey building sits on a site area of 175,655 square feet (16,319 square metres). Read more>>
India’s Oyo Said Pursuing UK Hotel Acquisitions
Hospitality technology company Oyo on Monday announced an initiative to pursue acquisitions in Britain, with the Indian firm planning to invest £50 million ($62 million) in the country over the next three years.
Oyo said it is looking to buy premium hotel brands, part of a broader strategy to transition from budget accommodation to a more diversified, quality-focused offering. Read more>>
Hong Kong Deals to Remain Rare in Snake Year
In the Year of the Snake, Hong Kong’s property market could see unusual commercial transactions as traditional investors stay on the sidelines while educational and church organisations scoop up assets, according to analysts and dealmakers.
Commercial property transactions in the city fell by more than 11 percent to 3,461 in 2024, according to data tracked by Midland Realty. Read more>>
Lendlease Global Commercial REIT Distributions Fall
Distribution per unit for Lendlease Global Commercial REIT fell 14.3 percent year-on-year to S$0.018 for its first half to the end of December.
The lower DPU was driven by higher finance costs, lower net property income and an enlarged unit base, the Singapore-listed trust’s manager said Monday. Read more>>
SHKP to Start Sales on New Territories Mega-Project
Hong Kong’s biggest builder, Sun Hung Kai Properties, is poised to launch flats in a mega residential project in East New Territories, but poor accessibility could affect the development’s chances of becoming the next Taikoo Shing or Lohas Park, according to an industry observer.
The Sai Sha development in Shap Sze Heung, which sits between Ma On Shan and Sai Kung, will provide a total gross floor area of 5 million square feet (464,515 square metres), including 4.7 million square feet of residential and 288,000 square feet of non-residential space. Read more>>
Thailand’s Minor Hotels Enters Japan Through JV
Thailand-based Minor International and Japan’s Royal Holdings will enter into an equal-share joint venture, Royal Minor Hotels, which will see collaboration with Japanese developers to operate hotels under three Minor Hotels brands: Anantara, Avani and Tivoli.
The hotels will be developed through a combination of management agreements and lease arrangements, with a target of 21 hotels by 2035. Read more>>
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