In today’s roundup of regional news headlines, the newly formed ESR-Logos REIT plans to dispose of three buildings near Sydney, department store operator Wangfujing strikes a deal to acquire an outlet store in Hainan, and more data centres are on the way in Thailand and the Philippines.
Singapore-listed ESR-Logos REIT agreed to sell three interconnected industrial buildings in the suburb of Berkeley Vale near Sydney to the Australasian Conference Association for an aggregate S$53.4 million ($38.9 million) consideration.
The buildings have a collective gross floor area of 27,762 square metres (298,828 square feet) and the sale is expected to be completed in the third quarter of 2022, according to a Wednesday news release. Read more>>
Beijing-based department store operator Wangfujing Group has agreed to acquire an outlet store in Hainan province from Beijing Capital Land subsidiary Juyuan Xincheng Tianjin Investment Management through a RMB 936.6 million ($140.4 million) deal.
As part of the deal disclosed Tuesday, Wangfujing will pay Juyuan Xincheng RMB 160 million for the outlet store and an additional RMB 776.6 million to cover the debts to the seller of Hainan Outlets Tourism Development, the trust that holds the outlet store. Read more>>
Nautilus Data Technologies, best known for its floating data centres, has signed a partnership with Thailand luxury property developer Raimon Land.
The deal will see Raimon use Nautilus’s water-cooled data centre architecture to build facilities in Thailand and other regional markets including the Philippines. The partnership is Raimon’s first move in the data centre sector, with the company expected to announce its first location before the end of 2023. Read more>>
China’s financial regulators have pledged to keep credit growth stable in the property sector and help homebuyers affected by COVID-19 outbreaks to defer their mortgage payments, the central bank said Tuesday.
RMB loan growth tumbled in April as the pandemic jolted the economy and weakened credit demand, official data showed earlier this month. Household loans, including mortgages, contracted by $32.6 billion, pointing to a deep freeze in the property market, a pillar of the economy. Read more>>
Fashion retailer Youngor Group retracted its earlier pledge to donate RMB 1.4 billion ($209.8 million) of hospital assets to the government of its hometown, the Chinese city of Ningbo, after shareholders objected to the gesture.
The company was meant to surrender ownership of the Puji Hospital and other related assets. A representative of the company told Yicai Global on Monday that the donation would impair Youngor’s interests, adding that so far no decision has been made regarding the assets. Read more>>
The National University of Singapore’s Real Estate Sentiment Index for the first quarter of 2022 showed that roughly 71 percent of developers in the city-state expect unit prices of new launches over the next six months to be moderately or substantially higher.
Furthermore, the survey found that 24 percent of the respondents anticipate prices to remain at the same price level, while only 5 percent expect prices to be substantially lower. Read more>>
Chinese authorities on Tuesday rolled out a phased supportive policy on deferring housing provident fund contributions to help enterprises and individuals tide over difficulties amid the epidemic.
Enterprises affected by the epidemic can apply for postponing the payment of housing provident fund contributions under the rules and make the payment afterward, according to a circular. Read more>>