In today’s roundup of regional news headlines, Singapore’s Empyrion DC bags a loan to fund its first Korean data centre project, and a Vietnam drinks tycoon is the latest to be snared in the country’s graft crackdown.
Empyrion DC on Tuesday announced that it had reached a deal with three Korean financial institutions to finance the construction of its Gangnam Data Centre.
The syndicated loan from KEB Hana Bank, Hana Capital Co Ltd and National Credit Union Federation of Korea was arranged by KEB Hana Bank and Hyundai Asset Management, said Empyrion DC, a portfolio company of Singapore-based Seraya Partners. Read more>>
Vietnamese police have arrested two more high-profile business leaders as the country’s anti-corruption campaign continues to widen.
Tran Qui Thanh, founder and CEO of Tan Hiep Phat Beverage Group, and his daughter Tran Uyen Phuong were arrested Monday on charges of illegally appropriating property, according to a statement on the public security ministry’s website. The allegations relate to real estate projects in Ho Chi Minh City and Dong Nai province. Read more>>
Goldman Sachs Asset Management still sees opportunities for strong returns in Chinese property firms’ high-yield dollar notes as business prospects have improved.
New home sales rose for a second month in March, signalling a recovery could be taking hold after Chinese regulators rolled out a series of measures starting late last year to pull the property sector out of its biggest meltdown. Read more>>
Chinese provinces plan to boost spending on major construction projects by almost a fifth this year as Beijing continues to rely on infrastructure to spur an economy being hindered by consumers still bruised from years of pandemic restrictions.
About two-thirds of China’s regions have announced spending plans for major projects such as transport infrastructure, energy generation and industrial parks this year, adding up to more than RMB 12.2 trillion ($1.8 trillion), according to a Bloomberg analysis of government statements and state media reports. That’s an increase of 17 percent from last year. Read more>>
State-owned developers will remain the main drivers of China’s property market and are seen holding more than half the pie in the coming years, though the sector turnaround will also depend on the more efficient private sector, analysts said.
“State-owned enterprises are taking up a more important role in the property market,” said Raymond Cheng, managing director of CGS-CIMB Securities. “Last year, SOEs accounted for around 40 percent of market share in terms of sales based on our estimate. We expect SOEs to control at least half the market in the next two to three years.” Read more>>
When ultra-wealthy Chinese entrepreneurs started moving to Singapore en masse in 2019, investment firms were salivating at the chance to manage billions in new money. So far, it hasn’t quite happened.
Hedge funds, banks and private equity firms say few of their recent meetings with Chinese tycoons in the city-state have brought in business beyond basic custodian deals, even as the new arrivals spend lavishly on mansions, luxury cars and golf club memberships. Read more>>
Fosun Tourism Group plans to expand its business operations globally and run more resort hotels in China, amid signs of improvements in the tourism industry and with Chinese citizens planning more holiday trips, the company’s chairman said.
In an interview, Xu Xiaoliang heralded a turnaround for the industry that has suffered because of travel and other restrictions imposed during the three years of the COVID-19 pandemic. Read more>>
Sabana Industrial REIT recorded a higher portfolio occupancy rate of 92.6 percent in the first quarter of 2023. Occupancy was 91.2 percent in the preceding three months.
In a bourse filing, the Singapore-listed trust’s manager attributed the increase in portfolio occupancy to the 25 new and renewed leases for the quarter that totalled 336,650 square feet (31,276 square metres). Read more>>