Mr Viral
3 Toh Tuck Link in Singapore’s Clementi area (Image: AIMS APAC REIT)
An industrial REIT announces plans to sell a western Singapore shed, with that disposal leading today’s headline roundup. Also making the list, China Evergrande seeks a buyer for founder Xu Jiayin’s private jet and Fosun Tourism bids to take itself private.
AIMS APAC REIT Selling Singapore Warehouse for $18M
AIMS APAC REIT is divesting a warehouse at 3 Toh Tuck Link in Singapore for S$24.4 million ($18.2 million).
The sale price represents a 32.5 percent premium to the property’s valuation of S$18.4 million as of 31 March 2024, the SGX-listed trust’s manager said Tuesday in a bourse filing. Read more>>
China Evergrande Liquidators Put Founder’s Private Jet Up for Sale
Evergrande’s liquidators are trying to sell an Airbus private jet that belonged to the collapsed Chinese developer’s founder, as they attempt to salvage some returns for the overseas investors that bought billions of dollars worth of the company’s bonds.
Alvarez & Marsal specialists Edward Middleton and Tiffany Wong, who were appointed to liquidate Evergrande’s Hong Kong-listed holding company in January, have taken control of the offshore entity that bought Xu Jiayin’s jet and have put the jet up for sale, three people with knowledge of the matter said. Read more>>
China’s Fosun to Take Tourism Unit Private
China’s Fosun Tourism is proposing to buy back the shares not owned by its controlling shareholder, in a bid to take itself private and address concerns about the limited liquidity of its stock.
Under the deal, Fosun Tourism will buy back the outstanding shares at HK$7.80 ($1) each, a 95 percent premium to their last close, the travel and leisure company said Tuesday. It will end up being owned by its controlling shareholder, conglomerate Fosun International and get de-listed. Read more>>
Hysan, Chinachem Unveil Plans for Lee Garden Eight in Hong Kong
Hysan Development and Chinachem Group have named their new Causeway Bay project Lee Garden Eight, with a completion date set for the second quarter of 2026.
The site, spanning over 1 million square feet (92,903 square metres), was formerly occupied by the Electrical and Mechanical Services Department. The project is set to be a new green landmark and a benchmark for future office environments, the developers said. Read more>>
Japan’s Megabanks Are Flush With Cash and Hunting Overseas Deals
Japan’s megabanks are awash in cash and eager to invest. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group are enjoying record earnings. Selling off cross-shareholdings is bringing in even more money. Even as they reward shareholders with buybacks and higher dividends, they are determined to fund overseas expansion.
Their primary focuses are on the US and India, respectively the world’s largest economy and the fastest-growing. While the banks have had a presence in the two countries for decades, this year has seen a fresh push in investment and hiring. Buying stakes in local companies also puts their excess funds to work as the banks are under pressure from the Tokyo Stock Exchange to boost their valuations. Read more>>
Country Garden Pledges to Deliver Homes on Time Amid Debt Workout, Litigation
Country Garden Holdings pledged to deliver homes to buyers on time and maintain good communications with authorities and stakeholders, as the troubled Chinese developer struggles to reorganise RMB 258 billion ($35.4 billion) in debt and shake off legal troubles.
Yang Huiyan, Country Garden’s chairwoman and controlling shareholder, called on top managers to guarantee quality and quantity in the business, according to a statement posted on the company’s official WeChat account. It also promised to pay wages on time, especially to migrant workers, with less than two months before the Lunar New Year festival. Read more>>
Singapore Property Tycoons Plan Abu Dhabi Family Office
Raj Kumar and Kishin RK, the father-and-son duo behind one of Singapore’s biggest property portfolios, are setting up a family office in Abu Dhabi, joining a growing list of rich people helping to cement the Middle East’s status as a haven for the super wealthy.
The entity will be called RB Family Office and will be located in Abu Dhabi Global Market, a free zone on Al Maryah Island in the United Arab Emirates capital, Kishin told Bloomberg. Read more>>
Far East, Perennial to Launch Strata Sales of Singapore’s Golden Mile Project
The consortium behind Singapore’s Golden Mile project is launching 156 strata-titled office units and 19 medical suites in the conserved former Golden Mile Complex along Beach Road for sale this month.
On Tuesday, developer GMC Property — a joint venture of Perennial Holdings and Far East Organization — unveiled a “next-generation commercial hub” comprising strata-titled offices, medical suites, retail units and an architecture centre. Read more>>
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