In today’s roundup of regional news headlines, Singaporean giant GIC invests a further $51 million in its Indian joint venture with Phoenix Mills, Hong Kong transit operator MTR opens another round of bids for a large residential site on more favourable terms, and China’s president calls on the new Hong Kong government to build bigger homes.
Singapore sovereign wealth fund GIC has invested INR 4 billion ($50.6 million) in three subsidiaries of Phoenix Mills by acquiring equity stakes in these entities on a private placement basis, taking its total investment to INR 1,511 crore.
The investment is the second tranche under a strategic partnership between GIC and Phoenix Mills to set up a joint venture to develop, own and operate retail-led, mixed-use developments across India. Read more>>
MTR Corporation has invited developers to submit bids for a large residential site in Tung Chung again after slashing the land premium by over 25 percent to HK$3.5 billion ($450 million) and scrapping the minimum profit sharing percentage of 15 percent.
The submissions will close at 2pm on 28 July. The railway operator has received 31 expressions of interest. Read more>>
The chain offer for Singapore-listed SPH REIT has closed with valid acceptances in respect of 402.9 million units, representing 14.36 percent of total issued units, according to a Thursday bourse filing.
This will bring Cuscaden Peak and its concert parties’ stake in the REIT to 61.68 percent, or 1.73 billion units. Read more>>
China Merchants Commercial REIT announced that the acquisition and transaction of China Merchants Tower in Beijing and other properties were approved by the unitholders at Thursday’s extraordinary general meeting. The transaction closed on the same day.
CMC REIT will acquire a 46.41 percent stake in Onward Science & Trade Center in the Chaoyang District of Beijing from China Merchants Shekou Industrial Zone Holdings for RMB 1.3 billion ($190 million). Read more>>
Hong Kong’s pricey housing has long been a gripe for many of the city’s residents. President Xi Jinping has now made addressing that issue a priority for John Lee’s new government.
“What the people of Hong Kong desire the most are a better life, a bigger apartment, more business startup opportunities, better education and better elderly care,” Xi said in his speech marking the 25th anniversary of Chinese rule. “What the people call for, we must strive to deliver.” Read more>>
Office rents in Singapore’s central region were hit hard during the last three recessions, with market declines lasting longer than the overall economic downturn and rents falling about 30 percent from pre-recession rates, a new report shows.
Occupancy of offices in the central region also fell by 4.2 to 7 percentage points during the downturns, according to research by the National University of Singapore’s Institute of Real Estate and Urban Studies. Read more>>
China’s home sales slump eased for the first time this year as stepped-up supportive measures by local governments started to attract more buyers.
The 100 biggest real estate developers saw new-home sales slide 43 percent in June from a year earlier to RMB 733 billion ($109 billion), according to preliminary data from China Real Estate Information Corp. Compared with the previous month’s, however, their sales climbed 61.2 percent. Read more>>
Rumours are that liquidators are trying to seize the assets of Singapore-based crypto hedge fund Three Arrows Capital, which became the latest victim of the crash in cryptocurrency. Two partners at advisory and consulting firm Teneo have been appointed to handle 3AC’s liquidation.
3AC was put under liquidation by a court in the British Virgin Islands on Monday after the firm failed to repay creditors. According to property title searches, from 2019 to 2021, co-founder Su Zhu purchased three bungalows in Singapore, in his own name and that of his wife, Tao Yaqiong. The purchases totalled S$83.55 million ($60 million). Read more>>