Eagle Hospitality Trust’s 18-hotel portfolio includes the Westin Sacramento
An SGX-listed real estate investment trust leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that Singapore’s central bank has moved to protect the rights of unitholders after the REIT defaulted on a $341 million loan.
In other news around the region, fund managers are warming to dollar-denominated bonds issued by mainland property developers, while an internet giant is planning to invest $28 billion in next-generation data centres.
Elsewhere, a mainland developer kicks off construction on the world’s largest football stadium.
Singapore Central Bank Moves to Safeguard EH-REIT Unitholders
Monetary Authority of Singapore (MAS) has directed the manager of Eagle Hospitality Real Estate Investment Trust (EH-REIT) and its trustee, DBS Trustee, to take steps to protect the rights and interests of EH-REIT’s unitholders.
MAS and the Singapore Exchange Regulation (SGX RegCo) are also looking into possible breaches of relevant laws and regulations, as well as of listing rules in relation to the issues surrounding the REIT. Read more>>
Fund Managers Warm to Chinese Property Bonds
Some money managers are warming up to dollar-denominated bonds issued by Chinese property developers again, after a sell-off in March pushed corporate debt in Asia to the cheapest in about a decade.
New home sales are recovering, while signs of domestic demand picking up from the depth of the coronavirus-led slump suggest a nascent upturn in the bond market this month has further room to go, according to Fidelity International, which oversees about $480 billion of assets in Asia, Europe, Middle East and South America. Read more>>
Alibaba to Invest $28B in Next-Gen Data Centres
Alibaba Cloud has today announced its commitment to its cloud technology, pledging to invest $28 billion into its cloud infrastructure in the next three years.
The company says it will be focusing on its operating system, servers, chips and network technologies. It will also focus on building ‘the next-generation data centres’, and affirms its commitment to offering enhanced cloud services to its clients across the globe, with the goal to bolster digital transformation both when the world eventually emerges from the COVID-19 pandemic. Read more>>
Mainland Liaison Office Said to Own HK$3.4B Property Empire in Hong Kong
Beijing’s liaison office in Hong Kong has a HK$3.4 billion ($440 million) property portfolio in the city, according to research based on 2019 data from pro-democracy activists who said it offered a glimpse into the expansion of the central government’s local operation.
With a power row intensifying over the agency’s role in Hong Kong affairs, Demosisto on Monday published its findings that the institution owned 757 properties in the city, including residences, offices, car parks and entire buildings, as of February last year. Read more>>
Co-living Could Be the Answer to India’s Unsold Housing Stock Burden
Unsold inventory is turning out to be one of the biggest challenges India’s real estate industry currently faces.
Switching to the co-living model makes perfect monetary sense for investors as the rental yield in this segment is higher as compared to the traditional rental property market. Rental yield from co-living spaces could be as high as 8 to 11 percent compared with an average rental yield of 1 to 3 percent in the case of traditional residential properties. Read more>>
Suning Real Estate Renews Sponsorship of Inter Milan
Italian football club Inter Milan has signed a sponsorship deal with Suning Real Estate, a division of the club’s Chinese owner Suning, according to the club’s official channels in China.
Suning Real Estate uses the Inter brand to promote Italian-style inspired property development in mainland China. Read more>>
Evergrande Kicks Off Construction of World’s Largest Football Stadium
As China slowly sends residents back to work, Chinese Football Association team Guanzhou Evergrande kicked off a $1.7 billion project to construct the largest soccer stadium on the planet, which is expected to be completed by 2022, showing the government’s optimism for the resumption of mass gatherings.
The mega stadium is set to be completed in 2022 in order to serve as the turf of the 2023 Asian Cup, a sign that the league—and China—presume that mass gatherings like sporting events will resume without social distancing restrictions by then. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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