Gaw Capital Said Planning US SPAC and More Asia Real Estate Headlines

Special purpose acquisition companies are in vogue among Hong Kong’s best-known financiers, with a report indicating that Goodwin Gaw’s Gaw Capital Advisors is planning a US SPAC just days after the city’s richest man, Li Ka-shing was said to be putting together a similar listed vehicle.

Also in the headlines today, Singapore’s CDL talks of restructuring its hotel operations and listing European assets on the SGX after reporting a record loss. Adam Neumann is back in the news as well with the ousted WeWork boss said to be nearing a settlement with Softbank and CPPIB’s Mark Machin has become more controversial than your average Canadian.

Gaw Capital Said Planning $200M SPAC in the US

Gaw Capital Advisors is considering raising at least $200 million through a special purpose acquisition company in the U.S., according to people familiar with the matter.

The buyout firm plans to set its sights on technology firms in Asia for targets of the proposed blank-check company, said the people, who asked not to be identified as the information is private. Deliberations are at an early stage and details including size and strategy could still change, the people said. Read more>>

CDL Talks About the Future After Sincere Deal Propels $1.4B Loss

City Developments Limited (CityDev: C09 -2%) is focusing on a new chapter of growth and transformation, having booked substantial impairment losses on Sincere Property Group, hotels and investment properties.

The road ahead for the Singapore-based real estate giant may include unlocking “deep value” in its London subsidiary’s hotel portfolio, nursing Sincere back to health, a potential Singapore listing of a new real estate investment trust (REIT) with UK commercial assets, and growing its presence in the private rented sector. Read more>>

Neumann Said Leaving WeWork Board as Settlement With Softbank Nears

WeWork cofounder Adam Neumann stepped down as CEO in 2019 following intense public scrutiny — and now he’s reportedly set to leave its board, too, under a proposed settlement deal with WeWork owner SoftBank.

The deal would end a bitter legal battle between Neumann and SoftBank, WeWork’s biggest investor, who swooped in to save the shared-workspace company from bankruptcy when its IPO plans crumbled in 2019. Read more>>

CPPIB Boss Steps Down After Jumping the COVID Jab Queue with UAE Jaunt

Canada Pension Plan Investment Board (CPPIB) said on Friday Mark Machin had stepped down as CEO of the country’s largest pension fund after disclosing he recently traveled to the United Arab Emirates where he arranged to be vaccinated against COVID-19.

CPPIB said it had accepted Machin’s resignation and appointed John Graham as chief executive officer. Read more>>

SHK, Hysan, Sino Land See Hotel Units Drag Down Earnings

There is still no light at the end of the tunnel for Hong Kong’s major property developers after a painful year in which their hotel and retail businesses took a particular drubbing, according to analysts and industry figures.

Three of the city’s biggest commercial property landlords revealed sizeable falls in profit for 2020 as travel restrictions kept visitors at bay and brought the city’s economy to a virtual standstill. Read more>>

Shapoorji Pallonji Signs Deal with State Bank of India for Faster Mortgages

Shapoorji Pallonji Real Estate and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to enable an improved and more seamless experience for homebuyers across India.

As part of the agreement, customers of Shapoorji Pallonji Real Estate and SBI will be able to avail the benefits of faster home loan processing and approvals, and other unique value add schemes, the company said. Read more>>

Singapore Govt Cuts Charges for Commercial Development

The Singapore government has cut the development charge (DC) rates for the commercial use group by an average of 1.5 per cent for the period March 1, 2021 to Aug 31, 2021.

However, on average, DC rates have been raised by 1.5 per cent for landed residential use and 0.3 per cent for non-landed residential use. Read more>>

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