Fosun’s Guo Guangchang is shopping more assets
Warehouse bargains lead Mingtiandi’s list of real estate headlines today as debt-laden Fosun is said to be looking for a buyer for its stake in Alibaba’s logistics unit. Also in the news, the UK’s Actis buys up more renewables in India and connectivity ratings provider Wiredscore expands into Hong Kong.
Fosun Puts Cainiao Stake on Market at Potential $1B Valuation
Debt-laden Chinese conglomerate Fosun International is seeking to offload a minority stake in Alibaba Group’s logistics arm Cainiao, in a deal that could fetch up to $1 billion, two people with direct knowledge of the matter said.
Fosun has appointed a financial adviser to run the sale of its stake of less than 5% in Cainiao and the plan is at an early stage, said the sources, who declined to be identified as the information is confidential. Read more>>
Actis Unit Buys India Solar Power Assets
Actis Llp’s BluPine Energy has acquired 404 megawatt (MW) solar power assets of Kolkata-based Atha Group, the London-headquartered private equity firm announced on Thursday. Atha’s solar assets’ enterprise value for the deal is around ₹2,100 crore.
Mint reported on 9 August about Actis Llp winning the bid to acquire Atha Group’s solar power projects for an equity value of around $100 million, with the sale purchase agreement being signed. This comes in the backdrop of Actis selling its Indian renewable energy platform Sprng Energy at an enterprise value of $1.55 billion to energy major Shell Plc. Read more>>
Wiredscore Opens Hong Kong Office
Real estate certifications company Wiredscore has expanded its presence in Asia Pacific with a new office in Hong Kong. The international company first launched into Asia Pacific at the start of this year with its regional headquarters in Singapore.
“Hong Kong is one of the top-ranked financial hubs globally, with huge potential to maintain this strong position, supported by progressive landlords and developers providing user-centric offices fit for leading global organisations,” says Thomasin Crowley, global director of APAC at WiredScore. Read more>>
Evergrande Creditors Ask Chairman to Kick in $2B
Debt-laden developer China Evergrande Group has told offshore creditors that it plans to present a restructuring proposal as soon as the first week of December, Bloomberg News reported on Thursday.
The proposal could include swapping debt for shares in the company’s Hong Kong-listed auto and property management units, the report said, citing unnamed sources. Read more>>
Hong Kong Property Shares Jump on Govt Support
Chinese property shares jumped on Thursday after the country’s biggest commercial banks agreed to provide at least $38 billion in fresh credit lines to cash-strapped developers, adding to recent regulatory support measures to revive their business.
The stock prices of China Vanke, Country Garden , China Overseas Land, China Resources Land , CIFI Holdings and Greentown China rose between 3.4% and 11.1% in Hong Kong. Read more>>
More Vietnam Developer Defaults Expected as No Va Land Suffers
The worst may not be over yet for Vietnamese developers besieged by a sweeping regulatory crackdown, as a funding squeeze and a historic stock meltdown show few signs of easing.
Shares in No Va Land Investment Group and Phat Dat Real Estate Development both went limit down on Thursday (Nov 24), marking at least 17 straight days of declines. No Va Land’s 2026 US dollar bond also plunged to a record low this week, Bloomberg-compiled data indicated. Read more>>
Singapore Retail Rents Rebounded in Q3
Overall retail occupancy in Singapore improved in the third quarter of 2022, said the research arm of global real estate agency Savills on Thursday. In a report, Savills Research said it expects rents for prime locations to keep rising amid a recovery in shopper traffic and a tightening of property supply.
This comes as Singapore’s Q3 retail vacancy rate eased to 7.8 percent – the lowest since 2019 – due mainly to a higher take-up in the Central Region. 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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