China’s love for KFC goes back a few years
Fast food could turn a quick book for the company behind China’s thousands of Burger King and KFC locations as Yum China looks set to join a growing movement among major mainland corporates to establish secondary listings in Hong Kong.
Also in the news, Frasers Centrepoint Trust is seeking to sell fresh units to buy out its sponsor’s stake in a set of suburban Singapore shopping malls and Blackstone’s first India office REIT will join a FTSE index later this month.
Yum China Headed for $2.2 for Secondary Listing in HK
Yum China is set to raise $2.22 billion in its secondary Hong Kong listing after indicating that its shares would be priced at HK$412 each, according to two sources with direct knowledge of the matter.
The company had flagged it would sell 41.91 million shares in the deal and the price is a 4.8% discount to the stock’s Thursday closing price of $55.92 in the U.S. Read more>>
Frasers Trust to Raise S$1.39B to Buy Retail Fund Stake From Sponsor
Frasers Centrepoint Trust (FCT) is proposing to raise up to S$1.39 billion in equity to fund its acquisition of the remaining 63.1 per cent of AsiaRetail Fund for $1.06 billion.
AsiaRetail Fund owns five malls in Singapore – Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines 1 – as well as one office property, Central Plaza. Read more>>
Warburg-Backed Embassy Industrial to Invest $34M in North India Warehouse
Embassy Industrial Park has announced phase II of their 1 million sq ft warehousing project spread across 40 acres of land at Bilaspur, Gurugram with an investment of ₹250-300 crore ($34 to $40 million).
The project features connectivity with National Highway 48 and Western Peripheral Expressway (KMP Expressway), located at a distance of 3 km and 7 km respectively. Good infrastructure and connectivity have made this location as an ideal place for the warehousing facility. Read more>>
Blackstone India Office REIT to Join FTSE Index
Embassy Office Parks REIT, the country’s first listed real estate investment trust and the largest in Asia by area, will be included in the FTSE EPRA Nareit Global Emerging Index with effect from September 21, the company said.
The FTSE EPRA Nareit Global Real Estate Index Series is an international real estate investment index established by FTSE Russell in collaboration with the European Public Real Estate Association and the US-based National Association of Real Estate Investment Trusts. Read more>>
Softbank’s OYO Hotels Offers Severance to India Employees
Hospitality firm OYO India on Friday said it is offering its employees who are on leave with limited benefits, the option to voluntarily separate or extend the leave for another six months.
In April, the company asked some of its staff in India to go on leave with limited benefits from May 4 for four months and also asked all employees in the country to accept a cut in their fixed salaries by 25 per cent due to the impact of the COVID-19 pandemic on the hospitality industry. Read more>>
Singapore Retail Sales Declined 8.5% in July
Singapore’s retail sales continued to slide in July – the first full month that in-store shopping and dining in at restaurants were permitted after their shutdown during the “circuit breaker” in the second quarter.
The total retail sales value was down 8.5% year-on-year in July, making this the metric’s fifth straight month of decline. Still, this is an improvement from the 27.8% contraction registered in June, data released by the Department of Statistics (Singstat) on September 4 revealed. Read more>>
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