GIC, Warburg, Temasek Meet With China Regulators and More Asia Real Estate Headlines

GIC, Warburg, Temasek Meet With China Regulators and More Asia Real Estate Headlines

Neil Shen of HongShan, formerly Sequoia Capital China, was said to be at Friday’s meeting

In today’s roundup of regional news headlines, Chinese regulators host global fund managers in a bid to boost market confidence amid a sputtering economy, and Singapore’s GIC agrees to buy a logistics facility in Japan’s Nagoya area. Also making the list, Country Garden’s plunging bonds and HNA’s tussle over a New York property.

China Addresses Investor Concerns in Meeting With Global Funds

Chinese regulators met with global investors on Friday, according to people familiar with the matter, stepping up the government’s bid to boost market confidence as the country’s economic recovery loses steam.

China Securities Regulatory Commission vice chairman Fang Xinghai met with some global venture capital and private equity firms to hear their concerns about investment in the country, said the people, requesting not to be named discussing private matters. Among those present were Neil Shen, founding partner of HongShan — formerly known as Sequoia Capital China — and representatives from GIC and Warburg Pincus. Temasek Holdings’ China head, Wu Yibing, also joined. Read more>>

GIC to Buy Logistics Facility in Japan From Daiwa House

Singapore sovereign wealth fund GIC said it was acquiring a logistics facility in Japan from real estate developer Daiwa House Industry.

GIC did not disclose the value of the transaction in its statement issued Thursday. The warehouse is situated in Yatomi city in the Greater Nagoya metropolitan area, GIC said. Read more>>

Country Garden Latest Chinese Developer to Be Dumped by Investors

Country Garden Holdings became the latest Chinese developer to face investors’ ire, as doubts about its debt-servicing ability sent its shares and bonds tumbling Friday even after it got approvals from financial institutions to refinance part of a loan facility.

Its offshore bond due July 2026 dropped 8 percent to 21.4 US cents, rounding out a 21 percent plunge for the week, while its onshore bond maturing in November tumbled by as much as 32 percent to RMB 50, triggering a trading halt. Read more>>

HNA Ordered to Transfer New York Property to SL Green

The saga and legal battle related to ownership of the HNA Palisades Training Center in lower upstate New York took another turn this week.

SL Green, the New York-based REIT, has a judgement against China’s HNA Group and has been seeking to collect it by forcing HNA Group to transfer its interest in the HNA Training Center in partial satisfaction of the $185 million it is owed. Read more>>

Hong Kong Property Agencies Mulling Branch Closures and Hiring Freeze

Hong Kong’s major property agencies are contemplating branch closures and suspending new hiring due to the slow market conditions resulting in record-low commission income.

Louis Chan, Asia Pacific vice chairman of the residential division at Centaline Property, said the market is facing low trading volume and a gradual recovery period is needed. Read more>>

Hong Kong’s MTR Opens New Shopping Centre in Tai Wai Station

Hong Kong transit operator and developer MTR Corp on Saturday began a soft launch of a new shopping centre atop Tai Wai station, its first since 2020, as the company looks to tap into the city’s post-COVID retail recovery.

The Wai, the 15th shopping centre developed by the firm, occupies four stories and a total floor area of 650,000 square feet (60,387 square metres). It currently houses about 150 merchants ranging from dining to retail and lifestyle. Read more>>

MCL Land, at 60, Presses On With Restocking Residential Land

MCL Land, which turned 60 in March this year, plans to continue focusing on developing Singapore residential projects despite thin profit margins in the sector and a fresh round of cooling measures introduced in April.

The fully owned subsidiary of Hongkong Land is banking on its proven strategy of selectively buying development land in strategic locations, remaining in tune with the needs of end users, and adapting to changing market environments. It is also greening its footprint and supporting the Singapore government’s sustainability initiatives for the built environment sector. Read more>>

Singapore’s Distressed Home Sales Fall Despite Bankruptcy Pressure

Fewer properties in Singapore went under the hammer in the second quarter of 2023, even as interest rates continued to soar and property owners remained under pressure.

According to data crunched for the Business Times by real estate consultancy Edmund Tie, there were a total of 62 auction listings in Q2, down 15.1 percent from 73 in the previous quarter. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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