Shopping leads the way in Mingtiandi’s roundup of Asia real estate headlines today with news that a major US private equity firm is entering what is planned as a $1 billion shopping mall JV in India, while in China, a cash-strapped automotive group is giving bargain hunters a chance at 400 real estate assets that weren’t even driven to church on Sunday.
In other news around the region, the mainland government has ordered cities to put the brakes on escalating house prices, and changes in lending conditions are creating opportunities for a top Chinese insurer.
Elsewhere, a recent home launch flops in Hong Kong, and a copper house sells for $23 million in Singapore.
Mumbai-based real estate player Runwal Group and global private equity firm Warburg Pincus have formed a $1 billion joint venture for a retail mall platform.
Both partners will commit $200 million each in the form of equity and shall raise another $600 million in the form of debt to create a corpus of $1 billion, the developer said in a statement. This will be to invest and develop high quality shopping malls across tier I, II, and III cities in India which have a sizeable population and growing disposable incomes, it added. Read more>>
Chinese insurers are benefiting from Beijing’s deleveraging drive, as a scarcity of long-term funds helps them seal commercial property deals.
Chinese commercial banks’ funding of the property sector has been clipped by the central government’s debt-reduction campaign, which has given insurers an upper hand when it comes to premier assets. Read more>>
China’s Haima Automotive Group Co Ltd said the company planned to sell over 400 units of real estate to revitalise its corporate assets and boost liquidity, stock exchange filings showed.
The unusual property sell-off is another sign of struggles faced by small- and mid-sized automobile manufacturers as car sales dropped in the world’s largest auto market. Read more>>
Mainboard-listed First Sponsor’s wholly-owned subsidiary, Wenjiang (BVI), has completed its acquisition of 60 per cent of the shares in Concord Focus Development, the Singapore-based property developer said on Monday night.
Concord owns a mixed-use development site in China’s Guangdong province comprising three land parcels with a total site area of 36,405 square metres. Read more>>
China’s housing regulator has urged four more cities to prevent their residential property markets from overheating in the latest sign that authorities are not about to relax their grip on the real estate business in order to spur the economy.
The cities of Suzhou, Foshan, Dalian and Nanning have been told by the Ministry of Housing and Urban-Rural Development to stabilize land and housing prices as well as market expectations, the official Xinhua news agency reported late on Saturday. Read more>>
The bull run in Hong Kong’s residential property market took an unexpected break on Saturday when a weekend launch by the city’s biggest developer failed to sell out.
Sun Hung Kai Properties (SHKP) sold 20 of the 144 flats at the Park Yoho Napoli project on Castle Peak Road in Yuen Long, according to sales agents, adding that very few more are likely to find buyers. Prices started from HK$17,307 per square foot before discounts of up to 21 per cent. Read more>>
A Seafront bungalow in Cove Drive on Sentosa, dubbed the Copper House, changed hands last month for S$32 million.
Covering an area of 18,053 sqft, this translates to S$1,773 psf. The property with a 99-year lease tenure – which commenced in Nov 2006 – offers views of the Southern Islands. Read more>>