Blackstone, CapitaLand and more Asia real estate headlines
New World owns assets such as the K11 Art mall in Tsim-Sha-Tsui
Hong Kong’s New World Development tops the list of recent real estate news from Asia. The defaulting developer has been reported to be selling assets to Blackstone and CapitaLand in an attempt to save its balance sheet. Today’s news also includes an Indian developer preparing for an IPO and Swire Properties selling another Miami project.
Blackstone and CapitaLand Said to Be in Talks To Buy New World Assets.
New World Development Co. has been in talks with potential investors, including Blackstone Inc. People familiar with the situation say that the cash-strapped Hong Kong developers is looking to sell assets to improve liquidity. The people who spoke to the media asked not to be named and said that Blackstone was in talks with New World about buying some of its assets. The people said that the world’s largest alternative investment manager, Blackstone, could be open to taking the developer private. However, there is no concrete offer on the table. Read More>>
Data Centre Unit of India’s Sify Heading for $500M IPO.
Sify Technologies Ltd’s data-center division is preparing to file a preliminary filing to the Indian regulator in preparation for an initial public offer that could fetch $500 million.
Sify Infinit Spaces Ltd is planning to file a draft red herring proposal with the Securities and Exchange Board of India within the next few weeks, according to the people. The company, backed up by Kotak Private Equity Group is considering selling new and existing shares in the offering. This would value the company at approximately $3 billion, according to the people. Read More>>
Swire sells Miami Site to Atlantis Resorts For $45M
According to local news reports, citing public records, Swire Properties’ US division has sold another Miami asset. The developer’s Hong Kong-listed US division has disposed of a Brickell area site for $45 million.
Kerzner International is the parent company of the high-end Atlantis Resorts. The new owner plans to build a mixed-use project that will combine condos, rental apartment space, and commercial space. Read More>>
The Chair of Singapore Union Gas Buys Shophouses For $43.2M
Singapore Post sold 10 Housing & Development Board shophouses earlier this year for S$55.5m ($43.2m), after putting them on sale and leaseback.
Teo Kiang An, the founder and nonexecutive chair of Union Gas confirmed to Lianhe Zaobao that he purchased the properties on Monday (4th August). Teo is the founder and chairman of taxi service provider Trans-cab. Read More>>
Naughty Thai Tycoon Charged in Bangkok Collapse
Thai Prosecutors on Thursday indicted a construction tycoon as well as a Chinese SOE for violations which led to a collapse of a Bangkok building during a powerful quake, killing almost a hundred workers.
Only the partially constructed 30-storey State Audit Office Tower in Bangkok collapsed from tremors originating from the powerful 7.7-magnitude quake that struck Myanmar on 28th March. At least 95 people died in the incident. Read More>>
Country Garden Wind Up Hearing Postponed until January
Country Garden Holdings informed the Hong Kong Stock Exchange on Thursday that the City’s High Court had postponed an hearing on a petition for the Chinese developer to be wound up until 5 January.
According to the company headed by heiress Yang Huiyan, the petitioner had indicated to the court its intention to support a proposal to restructure the debt of the financially distressed builder.Read More>>
Daiwa House Logistics Trusts Posts Drop in Distributions
On Friday, August 8, the manager of Daiwa House Logistics Trust posted a distribution of S$0.0224 ($0.017), down 8.6 percent compared to S$0.0245 for its previous corresponding period.
This can be attributed to higher interest costs and lower realized exchange gains. The manager said that the higher interest expenses were primarily due to new borrowings for acquisitions, and a higher rate of interest, as a result, of the refinancing of onshore yen debt in November 2024. Read More>>
The boss of India’s Prestige Group warns about the risks of rising costs
Billionaire Irfan Rasack amassed a $5.5 billion fortune with his two brothers during India’s post pandemic property boom.
The 71-year-old chairman and managing director, Prestige Group, warns that pockets of stress have been building as India’s burgeoning real estate market continues to grow. In the tech hub of Hyderabad, there is an oversupply in office spaces, apartments, and unsold stock. He said that rising costs in residential real estate are putting many people out of the reach of homeownership and reducing demand. Read More>>
Korean Tax Agency Targets Luxury Homebuyers from Foreign Countries for Tax Evasion
According to the National Tax Service, a crackdown has been launched on foreign homeowners suspected of evading tax when purchasing and owning expensive homes in Korea. The tax agency reported that 49 foreign nationals, with two-thirds of them from the United States or China, were under investigation for allegedly exploiting loopholes within Korean housing regulations in order to avoid paying taxes. The amount of suspected tax evasion ranges from KRW 200 billion ($144.2m) to KRW 300billion.Read More>>
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