Sun Hung Kai Takes Hong Kong Site With $78M Bid and More Asia Real Estate Headlines

Sun Hung Kai Properties chairman Raymond Kwok (Image: SHKP)

Hong Kong builder Sun Hung Kai Properties wins a New Territories residential site, with that successful bid leading today’s headline roundup. Also making the list, SGX-listed Keppel REIT’s distribution dips despite higher income and China Vanke’s bonds rise on restructuring hopes.

Sun Hung Kai Wins Hong Kong Residential Site With $78M Bid
Sun Hung Kai Properties has won a residential site in Sha Tin for HK$606 million ($77.8 million) through tender, in line with expectations. The amount translates to HK$3,100 per buildable square foot.

SHKP deputy managing director Victor Lui said he was “very pleased” with the acquisition, noting the site’s tranquil surroundings, convenient transport links, proximity to an MTR station and well-established community amenities. SHKP plans to build small and medium-sized homes on the site with an estimated total investment of HK$2.3 billion, Lui said. Read more>>

Keppel REIT Confident in Singapore Office Demand as Distributions Fall 3.5%
Singapore-listed Keppel REIT reported a distribution per unit of S$0.028 for the second half to the end of December, down 3.4 percent year-on-year.

The distribution will be paid on 17 March, the trust’s manager said Monday. Revenue for the period was S$136.5 million ($100.9 million), up 15.5 percent year-on-year, while net property income rose 13.6 percent to S$105.1 million. Read more>>

China Vanke Bonds Jump as Restructuring Plan Emerges
China Vanke’s bonds gained Monday after the state-backed developer said it would redeem its 2027 notes worth RMB 1 billion ($140 million) early in March.

The announcement boosted investor confidence in Vanke’s ability to repay its near-term financial debt, including a RMB 3 billion onshore bond due Monday. Unlike the redemption of the 2027 notes, the company is not required to make a disclosure on Monday’s repayment. Read more>>

Hong Kong Gym Chain Physical Heads to Liquidation Amid Retail Meltdown
Hong Kong gym chain Physical Beauty & Fitness Holdings received a liquidation order in Hong Kong after the judge said the company is insolvent.

The company’s assets, mainly gym and beauty equipment after adjustments, are worth just over HK$15 million ($1.9 million), Judge Linda Chan said at a court hearing on Monday. That isn’t enough to pay the petitioning creditors, she said. Read more>>

Developer Hang Lung Vows to Improve After Earnings Fall 46%
Weak consumer confidence in mainland China and Hong Kong is unlikely to improve any time soon, but Hang Lung Properties aims to emerge as a winner amid industry consolidation by providing better ambience and more diverse choices for its tenants and shoppers, according to its CEO.

The developer reported Friday that 2024 earnings fell 46 percent to HK$2.1 billion ($270 million), owing to lower operating leasing profits, higher finance costs and valuation losses on some properties. Overall rental revenue declined 6 percent to HK$9.52 billion, falling 4 percent in mainland China and 9 percent in Hong Kong. Read more>>

Melbourne’s Perri Projects Plans $620M Data Centre
A company connected to developer Perri Projects has filed plans for a data centre in Melbourne’s west.

The plans for the PMDC data centre are now before the Victorian Department of Transport and Planning through its fast-track option, the Development Facilitation Program. The proposal is for a 2.7 hectare (6.7 acre) site at 1 McArthur Street and 63 Sunshine Road, West Footscray. Read more>>

Singapore-Listed US Office REITs Jump on In-Person Work Expectations
Singapore-listed office REITs have surged in the past week after US President Donald Trump signed an executive order mandating federal employees to return to in-person work.

As of last Friday’s close, Keppel Pacific Oak US REIT was up 16.3 percent, Manulife US REIT gained 12.6 percent and Prime US REIT advanced 10.7 percent. Read more>>

Vietnam’s Novaland Declares First Annual Loss Since 2016 Listing
Vietnam developer Novaland reported a yearly loss for the first time since its listing in late 2016 as the firm struggles with financial distress.

Novaland recorded a 2024 loss of VND 4.35 trillion ($173.4 million), which the company attributed to provisions made by the auditor for the semi-annual reporting period. Despite the loss, the firm posted net revenue of VND 9 trillion ($358.8 million), nearly double that of 2023. Read more>>

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