The InterContinental Shanghai Wonderland may have put Shimao in a hole
In today’s roundup of regional news headlines, debt-saddled Shimao shops its unique hotel property situated in a mine pit near Shanghai, Abu Dhabi-backed ADIA buys an Indian mall from fellow sovereign investor GIC, and a Zhenro Properties bond sags amid doubts over the developer’s intent to redeem the note.
Shimao Puts Shanghai Quarry Hotel on Market for $354M
Shimao Group Holdings has put its luxurious Intercontinental Shanghai Wonderland hotel, located down an abandoned mine pit and close to the Asia Pacific region’s only Smurfs theme park, up for sale for RMB 2.25 billion ($354 million), Yicai Global has learned from a realtor source.
The hotel is one of 36 real estate projects that the Chinese developer said it intends to sell as the debt-mired firm looks to raise more than RMB 77.1 billion to reduce liabilities. Read more>>
ADIA-Backed Lake Shore Buys India Mall From GIC JV for $251M
In the largest-ever transaction for any retail asset in India, the Abu Dhabi Investment Authority-backed Lake Shore India Advisory has acquired Viviana Mall in Thane from Singaporean sovereign wealth fund GIC and realty developer Ashwin Sheth Group for over INR 1,900 crore ($251 million), said people with direct knowledge of the development.
The acquisition of the operational retail property is also this year’s single-largest real estate transaction in the country. Read more>>
China’s Zhenro Says All Is Well After Stock Drops 70%
Zhenro Properties Group’s spiralling bond prices show just how risky it is to invest in Chinese developer bonds — even when a repayment looks imminent.
The firm’s $200 million perpetual bond was trading at 93 cents on the dollar before it plunged 59.3 cents last Friday, after concerns emerged that the firm may not proceed with a planned redemption of the note in March. The borrower’s dollar bonds extended steep declines Monday, and its shares were poised for a fresh low after falling about 70 percent since last Thursday. Read more>>
MLT Investors Approve Plans to Acquire China, VN Assets
Unitholders of Mapletree Logistics Trust have voted in favour of a plan to acquire 13 logistics assets in China and three properties in Vietnam, as well as the proposed issue of 106 million new units in MLT as partial consideration for the acquisitions in China.
MLT’s manager released the minutes of an extraordinary general meeting held on 13 January in a bourse filing last Friday, indicating that 99.7 percent of unitholders voted in favour of the proposed acquisitions while 0.3 percent voted against. Read more>>
Court Hearing for MNACT Trust Scheme Application Reset to 21 Feb
Mapletree North Asia Commercial Trust’s scheme application for its merger with Mapletree Commercial Trust will now be heard by the court on 21 February instead of 18 February.
The application was filed with the court for leave to convene a trust scheme meeting for MNACT unitholders to cast their votes for the merger. Read more>>
Luxury Brand Turf Wars Boost Retail Rents in Upscale Tokyo Areas
No foreign tourists? No problem. Even in the absence of overseas shoppers, Japan’s luxury boutiques are seeing a surge in demand that’s lifting rents in Tokyo’s most high-class neighbourhoods.
Rates in prime locations in upscale Tokyo shopping districts rose in the last three months of 2021, the first gain since the beginning of the pandemic, according to property services firm Cushman & Wakefield. Read more>>
Singapore’s Young Super-Rich Snap Up Island’s Priciest Homes
They’re the pinnacle of Singapore’s real estate market, houses so elusive they’re beyond the budget of even the island’s regular affluent class.
Known as good-class bungalows, they’re ornate mansions or villas that can date back to colonial times, have plot sizes of at least 15,000 square feet (1,400 square metres) and sit in leafy grounds in the city-state’s primest districts. Read more>>
Oxley Reports Net Profit After Tax Fell 18 Percent
Oxley Holdings reported last Thursday that its net profit after tax for the fiscal first half fell 18 percent year-on-year to S$23.42 million (now $17.4 million) on lower revenue from the Royal Wharf project in London.
The decline was partly offset by higher revenue from Singapore development projects and the sale of land parcels in Australia, Oxley said. Read more>>
Hong Kong-Listed Glorious Sun Offloads Melbourne Office
Hong Kong-listed retail group Glorious Sun has sold a renovated office in Melbourne suburb Burwood East’s Tally Ho business park after three and a half years.
The double-storey building with 110 car parking spaces on 4,867 square metres (52,388 square feet) is collecting A$13 million ($9.2 million) from BFX Family Office, a local investor with other property in the area. Read more>>
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