China Vanke sells Shenzhen land plot at 27 percent below the purchase price
China Vanke completes the sale of a plot of land in Shenzhen at 27 percent below the purchase price, with that story leading Mingtiandi’s headline roundup today. Also in the news, the AI boom drives first-quarter acquisitions of APAC data centre assets totalling more than $1.6 billion and a Hong Kong court adjourns Kaisa Group’s winding-up hearing until 24 June.
Vanke Backers Complete Purchase of Developer’s Headquarters Site
Embattled Chinese developer China Vanke said Monday that it had completed the sale of a plot of land in Shenzhen for RMB 2.24 billion ($309.2 million), more than 27 percent below the price it paid for the block nearly seven years ago.
Vanke’s largest shareholder, state-owned Shenzhen Metro, and Shenzhen Baishuo Yinghai Investment jointly bought the plot at the reserve price, according to an online filing uploaded to a trading centre in Shenzhen on Monday. Read more>>
AI a Key Driver as Q1 APAC Data Centre Investment Hits $1.6B
A fresh wave of AI-directed investments is driving money into data centre real estate in Asia Pacific, with most markets seeing record levels of construction activity and strong deal flow.
In the first quarter of 2024, acquisitions of APAC data centre assets totalled more than $1.6 billion, surpassing investment volumes recorded in both the first and second halves of 2023, according to MSCI’s Asia Pacific Capital Trends report. Read more>>
Kaisa Wins More Time for Restructuring Deal at Wind-Up Hearing
A Hong Kong court adjourned to 24 June a hearing on a winding-up petition against Chinese developer Kaisa Group Holdings on Monday, giving the struggling firm more time to work on a debt agreement.
The hearing was the second held since the original petitioner asked to quit, and a key group of creditors with more than a third of Kaisa’s offshore borrowings sought to take its place. The ad hoc group of creditors and the company have made progress on in-principle agreements, subject to conditions, the group’s lawyer said during the previous court hearing in April. Read more>>
Shanghai Relaxes Homebuying Restrictions
Shanghai, mainland China’s commercial and financial hub, will relax home purchase restrictions and grant subsidies to people buying new flats in a move designed to bolster the city’s real estate sector.
The measures are effective from Tuesday and come less than two weeks after the central government rolled out a rescue package to avoid a property bust in the world’s second-largest economy. Read more>>
Equinix Opens Pair of Malaysia Data Centres
Equinix has opened two International Business Exchange data centres in Johor and Kuala Lumpur.
NASDAQ-listed Equinix said the carrier-neutral facilities establish a robust digital infrastructure in Malaysia to support its digital economy ambition, particularly as a regional digital hub. Malaysian-based businesses will gain access to a global ecosystem of over 10,000 enterprises, networks and cloud service providers, while global businesses can seize the digital opportunities presented by the nation, the US company said. Read more>>
S&P Says China Policy Moves Pose Risk to Banks
China’s latest steps to revive its struggling property market could pose risks to banks operating in lower-tier cities, S&P Global said Monday.
The measures announced earlier this month, such as cutting down payment requirements and removing the floor for mortgage rates, are expected to temporarily increase property demand, but the increased leverage could also cause an uptick in mortgage defaults, according to a S&P Global report. Read more>>
Singapore Condo Resale Prices Climb 1.5%, Volume Hits 13-Month High
Condominium resale prices in Singapore rose 1.5 percent in April after trending sideways for the past six months. This came as volume reached a 13-month high.
Flash data from real estate portals SRX and 99.co released Monday showed that 1,122 condo units changed hands for the month, up from 911 resold in March. Read more>>
Hyatt Expands in Japan With Chain of Traditional Inns
It takes a particular kind of traveller to experience Japan’s most traditional hotel: the ryokan. Luxurious as these small, typically family-run inns can be, they’re often tucked into secluded mountainous areas with natural hot springs (and communal baths), without much English-speaking staff, and with sleeping arrangements on futons rather than beds.
Now, Hyatt Hotels hopes to take the ryokan concept mainstream with Atona, a new luxury boutique brand it’s launching with Kyoto-based developer Kiraku. The first three locations, scheduled to start opening in 2026, include the well-trod town of Hakone (two hours southwest of Tokyo by train), the hot springs valley area of Yufu in southwestern Japan, and Yakushima, a remote and mountainous island near Okinawa. Read more>>
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