Wheelock Properties vice chairman Stewart Leung Chi-kin discovered a housing shortage in Hong Kong
A charitable loan leads the way in Mingtiandi’s roundup of real estate headlines today with the news that a Hong Kong developer has offered the use of 500,000 square feet of land to the government for social housing for the nominal sum of HK$1 over a period of eight years.
In other news around the region, a REIT backed by a US private equity giant has filed draft papers for a $600 million IPO, as property investment in the subcontinent is expected to hit $6.5 billion in 2020.
Wheelock Hands Over 500,000 Sq Ft of Land for HK$1
Wheelock Properties has announced plans to donate several plots of land to charity for social housing in Hong Kong, following in the footsteps of fellow developers as anti-government protests continue to dog the city.
Hong Kong-based Wheelock will hand over 500,000 square feet (46,452 square metres) of land in the New Territories and Lantau Island to non-government organisations for a nominal sum of HK$1 ($0.13) for each plot. Read more>>
Blackstone-Backed India REIT Files for IPO
Mindspace Business Parks REIT, backed by K Raheja Corp, has filed draft papers with India’s markets regulator, SEBI, for an initial public offer worth up to rupees 4,000 crore ($601 million).
The IPO consists of a fresh issue of up to Rs 1,000 crore in shares, along with a sale of existing equity by current investors in the company, according to documents submitted with the regulatory filings. Certain entities of Blackstone Group are also the selling unit-holders in the initial public offer (IPO). Read more>>
UIC Rebrands Marina Mandarin Singapore
The Marina Mandarin Singapore hotel is now known as Parkroyal Collection Marina Bay, Singapore, having been rebranded by property group United Industrial Corporation (UIC).
The rebranding, which took effect yesterday, comes after Marina Mandarin Singapore and parts of the Marina Square complex changed hands for S$675.3 million ($501 million) in April last year. Read more>>
India Property Investment to Rise 5% to $6.5B in 2020
Investment in India’s real estate sector is likely to rise by 5 percent to $6.5 billion this year, driven mainly by huge demand for commercial office assets from IT firms, according to global property consultant Colliers.
Last year, the real estate sector attracted an investment of $6.2 billion, up 8.7 percent from 2018 as foreign investors bought many office properties. Foreign funds accounted for about 78 percent of the total investments in 2019. Read more>>
China’s Top 4 Developers See Sales Exceed RMB 550B
China’s top four real estate developers saw their sales exceed RMB 550 billion ($79 billion) as of the end of this year, the China Securities Journal reported by citing an industry report.
The four developers’ sales have been expanding at a slower pace compared with the same period in 2018, according to China Real Estate Information Corp., an online industrial information provider. 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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