China’s Dalian Wanda transferred its stake in a Foshan Mall to JV partner Midea Real Estate
Financially troubled Chinese developer Dalian Wanda has transferred its stake in a Foshan Mall to JV partner Midea Real Estate, with that story leading Mingtiandi’s collection of real estate headlines today. Also making the news, the founder of Korea’s Taeyoung Engineering & Construction has proposed a new self-rescue offer and Singapore’s GIC has been identified as a buyer of Signa’s equity-linked instruments in an insolvency filing.
Midea Real Estate Takes Over Foshan Mall Stake From China’s Wanda
Troubled Chinese commercial developer Dalian Wanda has transferred its stake in a company holding its Shunde Midea Wanda Plaza in the city of Foshan to its joint venture partner, Midea Real Estate.
The transfer of the Guangdong province mall comes after Wanda last month gave up ownership of malls in Shanghai, Guangzhou, Taicang and Huzhou to Beijing-based REIT manager GSUM Fund Management. Read more>>
Founder of Ailing Korean Builder Taeyoung Offers Fresh Self-Rescue Measure
The founder of debt-ridden Taeyoung Engineering & Construction on Tuesday drew up a fresh self-rescue measure, repeating his appeal for creditors to allow the ailing builder to enter a debt restructuring program.
Yoon Se-young, founder and honorary chairman of Taeyoung, told a televised press conference that he would put shares of terrestrial TV network SBS and TY Holdings up as collateral if needed under the new measures. Read more>>
GIC Among Funds that Bought Signa’s Equity-Like Securities
Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s GIC are among the investors listed as holders of riskier equity-like instruments issued by Signa’s luxury real estate unit, which is now caught up in insolvency proceedings in Austria.
PIF owns €287 million ($314 million) of the profit participation securities, known as genussrechte or genussscheine, while the Singapore sovereign wealth fund owns €85 million, according to the insolvency filing from Signa Prime Selection, dated 28 December, seen by Bloomberg News. Read more>>
EQT’s Infrastructure VI Fund Invests in EdgeConneX
Investment firm EQT’s Infrastructure VI fund has invested in EdgeConneX to further move the data centre company into hyperscale data centre development.
EQT last week announced that the EQT Infrastructure VI fund is partnering with EdgeConneX to build and operate purpose-built data centres for hyperscale customers around the world, expanding the company into new markets. Read more>>
Yanlord Land Issues Profit Warning for 2023
Yanlord Land Group has issued a profit warning ahead of the release of its full-year financial results for 2023.
In a bourse filing on 8 January, Yanlord’s board of directors said it expects a net loss due to “softer” demand for real estate in China. In a statement last week, Yanlord indicated that its contracted pre-sales for 2023 were approximately RMB 32.352 billion ($4.56 billion), which was down 52.5 percent from a year earlier. Read more>>
Ascott Signs Eight New Lyf Properties to Expand Brand into City Hotels and Resorts
CapitaLand Investment’s lodging unit Ascott Limited on Tuesday announced the expansion of its Lyf brand with eight new property signings, expanding what had been positioned as a co-living operator into resort and city destinations such as Bali, Penang, Sydney and Frankfurt.
The Singapore real estate giant said Lyf is capitalising on growing demand for experience-led social living and has now broadened into a multifaceted hospitality experience with flexible typologies, ranging from coliving accommodation and city hotels to full-service resorts. The brand’s presence is spread across 21 cities worldwide, with over 5,500 units both operating and in the pipeline. Read more>>
China Leaders Sought Quick Zhongzhi Resolution to Shield Markets
Chinese leaders pushed for an unusually speedy resolution for Zhongzhi Enterprise Group Co after the shadow banking giant collapsed, underscoring the government’s increased focus on containing financial risks as the economy struggles.
Top officials concluded in October that bankruptcy would be the most effective approach in limiting the impact on financial markets, less than three months after Zhongzhi and its units defaulted on dozens of wealth products sold to the public, people familiar with the situation said, asking not to be identified discussing internal matters. Authorities approved the bankruptcy in late December, they added, before a court disclosed it last week. Read more>>
Some HK Employees Demand Raises to Return to the Office
Some Hong Kong workers say they would need a raise to give up hybrid work arrangements, a dilemma that’s expected to prompt more companies to reduce space and dampen office rents, according to a survey.
Based on a Bloomberg Intelligence survey of 350 people in Hong Kong, 27 percent asked for a raise with the majority demanding a pay increase of 6 percent or more, if their employers require them to work in the office five days a week. Another 24 percent said they would change jobs to secure flexible work arrangements. Read more>>
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