In today’s roundup of regional headlines, Singapore’s GIC completes its acquisition of a Hyderabad office complex, and Chinese state-owned builder Greenland readies its virtual asset trading platform in Hong Kong. Also in the news, Fitch plans to pull its rating of a defaulting mainland developer and GuocoLand reports higher profits.
GIC Buys Phoenix Group’s Hyderabad IT Park for $127M
Singapore sovereign wealth fund GIC has acquired an 1.1 million square feet (102,193 square metres) tech office park in Hyderabad’s Gachibowli locality from the Phoenix Group for INR 1,050 crore ($127 million), according to people with direct knowledge of the development.
The entire development, Phoenix Aquila, has two towers spread over 1.8 million sq ft, and the first tower with 700,000 sq ft has already been completed and leased. Both the towers, next to Amazon’s operational campus, are separate and independent parks. Read more>>
State-Owned Greenland to Apply for Hong Kong Virtual Asset Trading Licence
A Greenland Holdings subsidiary is applying for a virtual asset trading licence in Hong Kong, the South China Morning Post reported. It is the first state-owned Chinese company to do so.
Greenland Financial Technology Group CEO James Geng Jing told the newspaper that a new company dedicated to virtual asset trading would be set up and apply for licensing in Hong Kong. Virtual asset trading platforms will need a licence to operate or market themselves in that region under rules that take effect on 1 June. Read more>>
Fitch Plans to Withdraw Ratings on Guangzhou R&F Properties
Fitch Ratings plans to withdraw its ratings on Guangzhou R&F Properties for commercial reasons.
Fitch is providing 30 days’ notice of the mainland developer’s rating withdrawal, which will take place on or around 17 June, the agency said. Read more>>
GuocoLand’s Q3 Earnings Rise 29% on Higher Profits From JVs
GuocoLand’s net profit for its third quarter ended 31 March jumped 29.4 percent year-on-year to MYR 8.7 million (now $1.9 million) on higher profits from associates and joint ventures, as well as better gross profit margins following the finalisation of the development cost of various projects.
Revenue, however, fell 7.4 percent to MYR 112.4 million, owing to reduced revenue from the Malaysian firm’s property development division. Read more>>
Singapore Luxury Developers Start Dangling Discounts
At least eight new condominium projects, most in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.
A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million for a 1,345 sq ft unit. Read more>>
Cushman & Wakefield Facilitates $400M Mixed-Use Deal in Beijing
Cushman & Wakefield’s Greater China capital markets team recently facilitated the acquisition by CapitaLand Investment Private Fund of the Beijing Suning Life Plaza mixed-use development from Suning for $400 million.
Located in the Chaoyang central business district, the property has a total gross floor area of 714,000 square feet (66,333 square metres), comprising both office and retail space. Read more>>
Actis to Acquire 11 Data Centres in the Americas
Actis has agreed to acquire 11 data centres across six countries in Latin America and the US from Nabiax, a European data centre operator owned by Asterion Industrial Partners and Telefonica.
At the close of the deal, London-based Actis will become the sole owner of the data centres. Read more>>
Hong Kong Home Prices ‘Likely Back in a Downtrend’ as Slump Resumes
A first-quarter rally in Hong Kong’s home market turned out to be remarkably “short-lived”, as sales have now slumped and sellers are slashing prices to get deals done amid a “downward trend” that will last through the year, according to property agents and analysts.
Since the last week of March, the city’s property market has recorded fewer than 80 transactions per week, and in one case only 35, according to Midland Realty data. The downturn follows a 7 percent increase in home prices in the first quarter, Citi property analyst Ken Yeung wrote in a research note. Read more>>
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