AMK Hub is one of the properties dropped from the deal as the NTUC portfolio shrinks in size
In today’s roundup of regional news headlines, Asian property giant Link REIT reportedly closes in on the acquisition of a Singapore mall portfolio, and China regulators pull out the stops to help the nation’s ailing developers.
Link REIT Is Frontrunner to Buy Singapore Shopping Malls: Sources
Link REIT, Asia’s biggest listed trust, has emerged as the frontrunner to buy a portfolio of assets from Singapore shopping mall owner NTUC Enterprise Co-operative Ltd, multiple sources told Reuters on Monday.
The deal value has been trimmed to about S$2.5 billion ($1.8 billion) from roughly S$3 billion after one more of the Singapore assets was removed from the proposed sale, said two of the sources, who did not wish to be identified due to the confidentiality of the matter. Read more>>
China Offers Equity Financing Lifeline to Cash-Strapped Developers
China’s securities regulator said it will allow property developers to sell shares to raise funds, lifting a years-long ban on equity refinancing as Beijing steps up support for the embattled sector.
The China Securities Regulatory Commission late Monday rolled out five measures to facilitate equity financing for Chinese developers, including allowing mergers and acquisitions, restructuring and private share placements. The rules apply to companies listed on mainland Chinese markets and in Hong Kong. Read more>>
Chinese Property Stocks Surge on Fundraising Support as Protests Cloud Demand
Chinese developers’ shares and bonds soared Tuesday after regulators lifted a ban on equity refinancing for listed firms, the latest support measure for a cash-squeezed sector that has been a key pillar of the world’s second-biggest economy.
The move will make it easier for developers to obtain fresh funding, analysts said, but reviving demand from homebuyers would remain challenging amid persisting COVID-19 curbs that have triggered rare street protests across many Chinese cities. Read more>>
Regulator Says China Real Estate Firms to Get Overseas Chance
China will adjust and improve policies for real estate firms to list overseas, the China Securities Regulatory Commission said Monday, as part of a series of efforts to support property firms in raising funds.
It will also allow resumption of mergers and acquisitions of listed property firms and allow refinancing for these firms as well as property related firms, it said. Read more>>
Evergrande Aims to Win Approval for Restructuring Plans Early Next Year
Embattled developer China Evergrande aims to win creditors’ approval for its debt restructuring proposals by as early as the end of February, the company’s lawyers said Monday.
Once China’s top-selling developer, Evergrande is now at the centre of the country’s property crisis. Its $22.7 billion of offshore debt, including loans and private bonds, is deemed to be in default after missed payments late last year. Read more>>
Singapore Government Faces Parliament Grilling Over FTX Fallout
Singapore’s government faces increased scrutiny over the fallout from the collapse of Sam Bankman-Fried’s FTX crypto empire.
Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong face a raft of parliamentary questions this week over the losses incurred by retail investors and the due diligence undertaken by state-owned investor Temasek Holdings, which wrote down its entire $275 million investment in FTX. Read more>>
India’s Three REITs Deliver Up to 8.1% Annualised Return Since Listing
Of the three REITs registered with the Securities Exchange Board of India, Embassy Office Parks was the first to be listed in April 2019 and has delivered a 2.58 percent annualised return since then.
Mindspace Business Parks and Brookfield India Real Estate Trust were listed in August 2020 and February 2021, respectively, and have delivered 8.11 and 7.30 percent. Read more>>
Beijing Office Tower Singled Out for Honours
Sunshine Financial Center in Beijing recently won an honourable mention at the 2022 International Architecture Awards by The Chicago Athenaeum: Museum of Architecture and Design and The European Centre for Architecture Art Design and Urban Studies.
The architects selected its tapering form for functional, aesthetic and symbolic reasons. Read more>>
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